investment opportunities for our china clients · pdf fileinvestment opportunities for our...

161
INVESTMENT OPPORTUNITIES FOR OUR CHINA CLIENTS IN CEE/SEE

Upload: truongdieu

Post on 18-Mar-2018

215 views

Category:

Documents


1 download

TRANSCRIPT

INVESTMENT OPPORTUNITIES FOR OUR CHINA CLIENTS IN CEE/SEE

2

CONTENT

CLOSER TO OUR CLIENTS – AND CLOSER TO THE ACTION ................................ 3

OPPORTUNITIES IN CEE/SEE ................................................................................. 4

COUNTRY GUIDE ................................................................................................... 13

1. Albania ................................................................................................... 13

2. Austria .................................................................................................... 14

3. Belarus ................................................................................................... 15

4. Bosnia & Herzegovina ............................................................................ 16

5. Bulgaria .................................................................................................. 17

6. Croatia .................................................................................................... 18

7. Czech Republic ...................................................................................... 20

8. Estonia ................................................................................................... 22

9. Hungary .................................................................................................. 23

10. Latvia ..................................................................................................... 24

11. Lithuania ................................................................................................. 25

12. Romania ................................................................................................. 26

13. Serbia ..................................................................................................... 27

14. Slovak Republic ...................................................................................... 28

15. Slovenia ................................................................................................. 29

16. Ukraine ................................................................................................... 30

PROJECT GUIDE.................................................................................................... 31

1. Agribusiness ........................................................................................... 31

2. Banking .................................................................................................. 52

3. Construction ........................................................................................... 53

4. Energy Projects ...................................................................................... 61

5. Infrastructure .......................................................................................... 95

6. Information Technology ........................................................................ 119

7. Leisure ................................................................................................. 120

8. Natural Resources ................................................................................ 122

9. Real Estate ........................................................................................... 124

10. Telecommunications ............................................................................. 155

11. Transport & Logistics ............................................................................ 157

12. Wholesale ............................................................................................. 159

REGIONAL INSIGHTS & RELATIONSHIPS ........................................................... 160

REGIONAL CONTACT WOLF THEISS .................................................................. 160

REGIONAL CONTACT SORAINEN ....................................................................... 160

CONTACT ............................................................................................................. 161

CLOSER TO OUR CLIENTS – AND CLOSER TO THE ACTION

It is a true honor for our firm, Wolf Theiss, to be given the opportunity to present our credentials to some of the largest and most prestigious companies in all of China. We have watched with great interest the growth and great achievements of your country and would be delighted to assist you in your future endeavors abroad.

Since the opening of our first office in Vienna over 50 years ago, Wolf Theiss has grown to become one of the leading international law firms in Central, Eastern and Southeastern Europe (CEE/SEE), with over 300 lawyers in 12 offices in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Romania, Serbia, the Slovak Republic, Slovenia and Ukraine. Our firm has appeared in the top rankings of all major legal directories on a global basis and, in 2009 and 2010 respectively, was named "Law firm of

the Year for Central Europe" and “Law Firm of the Year for Eastern Europe & the Balkans" by The Lawyer in London. We received the award as Austria's "Client Service Law Firm of the Year 2011" by Chambers Europe and were awarded in March 2012 "Best Law Firm in Austria" for the fifth time at the IFLR European Awards.

We pride ourselves on having a true presence in the region that leads to closer client relationships and a better working knowledge of local customs, politics and cultures, which is so important when you're working in such a constantly evolving part of the world: the complex, fast-developing markets of the CEE/ SEE region.

Fundamental to our business is obviously the success of our most valued clients. Clients from diverse provinces throughout China have entrusted our firm to help them successfully navigate the political, regulatory and legal landscape in order for their businesses to succeed and to leave a lasting impact on our region.

Most importantly, our commitment to our clients has made us the first law firm in the region to have instituted a comprehensive client service program, in which we work hard to not only meet, but exceed client expectations wherever possible. We truly believe in "service excellence," just like you.

4

OPPORTUNITIES IN CEE/SEE

With a population of 135 million people, CEE/SEE is among the world’s most rapidly advancing economic regions. The region is currently growing at a faster pace than the more mature Western European markets and therefore offers a bright future for foreign investors interested in opportunities and unique challenges.

Infrastructure

Large parts of the existing infrastructure in this region have reached the end of their life. Some countries have already begun to invest heavily in local infrastructure projects in order to boost the local economy and to lay the foundation for future growth. Numerous projects are currently being advertised publicly and governments are increasingly offering incentives to attract domestic and foreign investors. Some countries even offer special programs in which the government contributes one euro from the treasury for every one euro invested privately. Public-private partnerships also continue to provide governments with a valuable option for project financing. Infrastructure projects such as highways, airports, seaports and railway lines and stations are therefore some of the largest investment sectors in the region.

Energy

The energy industry also offers numerous investment opportunities ranging from the development and expansion of renewable energies (such as solar, wind, biomass) to the construction of traditional power plants and pipelines.

Real Estate & Construction

The financial crisis brought all phases of real estate and construction projects to a standstill throughout the region. At present, there are numerous office buildings, shopping centers and distribution facilities on the market that were stalled due to the lack of investments. Very favorable investment conditions have been implemented in order to attract and entice investors to revive these projects.

Automotive industry

Europe is the world's largest manufacturer of motor vehicles. The automotive industry is particularly visible in Austria, Slovakia, the Czech Republic and Poland. These jurisdictions are primarily active in the development of new technologies to improve the safety of vehicles, exhaust and noise emission levels and driving comfort. This innovative research and development environment stimulates investments and provides a steady flow of opportunities for investors to enter the market.

5

Agriculture & Natural Resources

With the global population continuously growing, natural resources and agricultural products play an important role in the industrial development of emerging markets. Many countries in the CEE/SEE region, particularly the Ukraine and Romania, are not at a level of development that yields optimal production and uses all of their arable land. There is a considerable amount of potential in countries rich in natural resources, particularly in Albania, Ukraine, Poland and Romania.

Consumer Goods & Intermediate Products

As one of the world's leading exporting regions, CEE/SEE provides Chinese companies with an expanding and developing market. In addition to being a developing market, the region is positioned geographically to become a strategic distribution hub to enter the developed markets of Western Europe.

CHINESE COMPANIES ARE AMONG THOSE WITH THE FORESIGHT TO SEIZE THESE

OPPORTUNITIES.

Based on our local presence in 12 countries, our Wolf Theiss attorneys can help you expand in a single country or throughout the entire region. We can tailor our advice to meet your specific requirements, country by country. This means that we can put together specialist teams in the right location at the right time, working alongside you to tackle specific political, legal or regulatory hurdles and to help you bridge any unforeseen cultural gaps.

Our significant experience enables us to deliver proactive advice to leverage the efficiency, smoothness and profitability of your business and investment strategies and to ensure that you can stay one step ahead of the competition at all times. Our attorneys are able to serve you in every aspect from groundbreaking through to completion and beyond.

It would be an honor and privilege for us to assist you with the highest quality knowledge and service and to help ensure your project's success.

6

Our Services

We can provide you with a wealth of knowledge and expertise in the following legal areas:

� Arbitration � Intellectual Property � Banking & Finance � International Trade � Capital Markets � Joint Ventures � Competition & Antitrust � Labor & Employment � Compliance � Licensing Agreements � Corporate � Litigation � Customs and Tariffs � Market Entry � Data Protection � Mergers & Acquisitions � Dispute Resolutions � Products Liability � Due Diligence � Project & Infrastructure Development � Energy law � Project Finance � Environmental law � Real Estate � Foreign Corrupt Practices Act � Regulatory & Procurement � Information Technology � Securitization � Insolvency & Restructuring � Tax � Insurance � Telecommunication

Our Industry Experience

� Agribusiness � Infrastructure � Automotive � Insurance � Aviation � Manufacturing � Banking and Financial Services � Media / PR � Biotechnology � Mining � Chemical � Natural Resources � Construction � Paper � Consumer Products � Pharmaceutical � Cosmetics � Private Clients � Electronics � Private Equity/Venture Capital � Energy � Real Estate � Engineering � Retail � Environmental/Waste Management � Services � Food, Beverages and Tobacco � Sports and Entertainment � Forestry � Technology and Electronics � Government � Telecommunication � Health Care � Trade � Hospitality � Transportation

7

Some of Our Most Valued Clients

We are privileged to have the possibility to represent some of the largest regional and international companies, including:

� 3M � Computer Sciences Corp. � McGraw-Hill � Abbot Laboratories � Danaher � McKesson � Allergan � Deere & Company � Medtronic � Amazon.com � EganaGoldpfeil Ltd � Merck � Amgen � Eli Lilly � Microsoft � AON � EMC � Morgan Stanley � Apple � Emerson Electric Co. � Motorola � AT&T � Exxon Mobil � Nike � Baker Hughes � Fedex � Northrop Grumman � Beijing Automotive � Ford Motor Company � Oracle

Industry Holding Co., Ltd � General Electric � Parker Hannifin Corp. (北京汽车工业控股有限责任 � Genzyme � Pfizer

公司) � Gold Huasheng Paper � Philip Morris

� Bank of America Corp. (Suzhou Industrial Park) Co. � PPG Industries

� Baxter 金华盛纸业(苏州工业园区) � Praxair � Berkshire Hathaway 有限公司 � Procter & Gamble � Biogen Idec � Goldman Sachs Group � Raytheon � Boeing � H.J. Heinz � Sara Lee � Bristol-Myers Squibb � Hartford Financial Services � Stryker � Caterpillar � Henry Schein � Symantec � Chevron � Hewlett-Packard � Texas Instruments

� China International Marine � Honeywell International � Thermo Fisher

Containers (Group) Co � Huawei Technologies Co., Ltd Scientific Inc. (中国国际海运集装箱 (华为技术有限公司) � Time Warner (集团)股份有限公司) � IBM � United Technologies

� China Investment � Illinois Tool Works � Verizon Communications

Corporation � ITT � Visa (中国投资有限责任公司) � J.P. Morgan Chase & Co. � Western Union

� Cisco Systems � Johnson Controls, Inc. � Xerox

� Citigroup � Johnson Electric Group � ZTE Corporation

� The Coca-Cola Company � Kimberly-Clark (中兴通讯股份有限公司)

� Colgate-Palmolive � Kraft Foods

8

Some of Our High-Profile Representations

� Largest real estate transaction ever in Hungary.

� Largest real estate transaction in Prague in 2009.

� Largest real estate transaction in Austria in 2008.

� Largest private equity investment in a European institution to date.

� First joint venture between the government of Bosnia & Herzegovina and a foreign investor.

� One of the largest privatizations ever in CEE/SEE.

� Largest M&A transaction in Slovenia to date.

� First merger of two privately-owned banks in Romania.

� First concession-based highway PPP project in Serbia.

� Largest office space transaction ever in Romania.

� Largest complex multi-party real property transaction ever in Slovenia.

� Largest infrastructure/energy project pending in Hungary: the design, construction, and operation of the South Stream gas pipeline.

� Largest privatization transaction in Serbia concerning the state-owned oil production and distribution monopoly.

� Largest private equity M&A deal in Austria in 2009: the acquisition of Futurelab by UK private equity firm BC Partners.

� Largest insolvency case in Slovenia.

� Sale of the largest office building in Vienna, the IZD Tower, adjacent to the United Nations headquarters.

� First at-market equity offering of bank shares since the onset of the financial crisis in Austria, Hungary and the Czech Republic.

� Largest construction project in Austria: the terminal expansion at the Vienna airport.

� Largest highway PPP project in the Slovak Republic: construction of the D1.

� Largest investment in the Albanian energy sector to date and one of the largest privatizations ever in SEE: CEZ purchase of OSSH Albania.

� First incorporation of a publicly-owned company in Kosovo.

� First single-tier corporate governance structure in Croatia.

� First coal (lignite) fueled power plant construction in Hungary.

� First Eurobond issue in Bulgaria for the buyout of a leading mobile operator.

� Largest foreign direct investment in Macedonia for the construction of a production facility in the Free Trade Zone Skopje.

� Largest capital market transaction in Hungary, also handling the energy regulatory aspects.

9

Our Awards Speak for Themselves

"Law Firm of the Year 2010: Central Europe" "Law Firm of the Year 2009: Eastern Europe & The Balkans"

"Austrian Client Service Law Firm of the Year" 2011 "Austrian Law Firm of the Year" 2008 & 2009 "Eastern European Law Firm of the Year" 2006

"Hungarian Law Firm of the Year" 2009 "Czech Republic Law Firm of the Year" 2007 & 2010 "Austrian Law Firm of the Year" 2003, 2006, 2007, 2011 & 2012

"Austrian Law Firm of the Year" 2009 & 2010

"Austrian Tax Law Firm of the Year" 2006, 2007, 2009, 2010 & 2011

"Worldwide Entertainment & Media Law Team of the Year" 2009 Special Award for "Excellence in IP Litigation" 2007 and for "Excellence in Trademark Litigation" 2008

SEE Real Estate Award "Law Firm of the Year" 2007, 2008 & 2010

"Czech Law Firm of the Year" 2008 & 2009 "CEE Commercial Legal Advisory Firm of the Year" 2009

"Best Law Firm in Austria for White Collar Law Work" 2009

"ILO (International Law Office) Client Choice Awards 2010 – Country Winner for Austria” "Romanian Capital Markets transaction of the year" for 2010

10

What Others Say About Us

"One client put it simply: 'Wolf Theiss is the best law firm in Austria. They are flexible, they understand our business and they have a regional network that corresponds to ours – so we only have to deal with one firm which is convenient'. Clients and competitors alike are impressed with the firm's ability to consistently deliver at a regional level". (International Financial Law Review 2008)

"This 'regional tiger' continues to show its teeth, commentators say. The firm has offices in every corner of the region, and its strength in banking, corporate and capital markets work makes it a popular choice for clients with challenging, multi-jurisdictional instructions". (Chambers Europe 2011, Austria)

"Bryan Jardine is head of renewable energy across Wolf Theiss and is well respected in the Romanian legal market. Ancuta Leach is noted for her hands-on involvement in recent work". (Chambers Europe 2011, Romania)

"Offering diverse knowledge and impressive experience, this firm has positioned itself as a respected specialist and a market leader. The team stands out for its comprehensive knowledge of electricity, gas and steel supply work, representing many top industry clients". (Chambers Europe 2011, Hungary)

"Taras Dumych recently joined Wolf Theiss from BC Toms & Co and is quickly establishing a reputation in real estate, with notable work in the agribusiness sector". (Chambers Europe 2011, Ukraine)

Austrian giant Wolf Theiss is one of the most prominent names in the region and, according to one client, 'offers a consistently high level of service regardless of where we are doing business'. (Legal 500, Austria, 2011)

"Wolf Theiss has extensive experience in real estate, energy and logistics matters. Clients report that the firm has ‘good knowledge of the industries it works in and awareness of client needs’. Managing partner Bryan Jardine is recommended, while Ancuta Leach is very committed". (The European Legal 500, 2011 edition, Romania)

"Wolf Theiss benefitted from the recruitment of the highly experienced Taras Dumych from B C Toms & Co in 2010. Dumych heads the three-partner team, whose clients include Icon Private Equity, SIV Holdings and Dakor Agro Holding". (The European Legal 500, 2011 edition, Ukraine)

"Wolf Theiss has been ranked as one of the 50 most innovative firms in Europe and No. 9 among Continental European firms by the Financial Times Innovative Lawyers award panel with special recognition given to the firm's anti-fraud work". (Financial Times, 2009)

11

SORAINEN is a leading regional business law firm with fully integrated offices in

Estonia, Latvia, Lithuania and Belarus. Established in 1995, today SORAINEN numbers

more than 120 lawyers and tax consultants advising international and local

organizations on all business law and tax issues involving the Baltic States and Belarus.

Widely recognized as the leading law firm in the Baltics, SORAINEN has recently received

seven international legal awards from four publications:

“Baltic Legal Adviser of the Year” at the European M&A Awards

2008 organized by The Financial Times & Mergermarket in

December 2008 for advising on the largest number of M&A

transactions and for the largest total value in the Baltics.

”Baltic Law Firm of the Year” at the International Financial Law

Review European Awards for two consecutive years – 2009,

2010 and 2012 – for advising on the most complex and

innovative international transactions in the areas of debt, equity

and capital markets, project financing, restructuring and mergers

& acquisitions (M&A).

”Baltic Law Firm of the Year” at the PLC Which lawyer? Law

Firm Awards for two consecutive years – 2009 and 2010 – based

on online voting open to over 5,500 in-house counsel from

companies across the globe.

“Baltic States Tax Firm of the Year” at the International Tax

Review European Tax Awards for two consecutive years – 2010

and 2011 – for the most innovative, international and cross-

border tax advice in the region. 2010 was the first year when the

Baltics were evaluated.

Additionally the Belarus Ministry of Justice awarded

SORAINEN the title of “Best Provider of Legal

Services in Belarus” in June 2011: SORAINEN is the

only law firm from abroad ever to receive this kind of Ministry recognition.

SORAINEN is the only fully integrated regional law firm with offices in Estonia, Latvia,

Lithuania and Belarus. Uniquely, the firm boasts integrated regional teams covering all

practice areas, a unified practice and quality management system and shared know-how

base. Full integration and combining the resource of all four offices enables SORAINEN to

provide seamless service to clients in local and cross-border assignments. For these

reasons, SORAINEN is usually the first choice not only for complex domestic transactions,

but especially for regional projects and for clients with operations in several Baltic States

or Belarus.

12

SORAINEN’s quality policy aims to meet or exceed client expectations for excellent

work and to offer consistent, integrated, high-quality legal services across different

jurisdictions. SORAINEN is the first law firm in the Baltics and the only one in Belarus to

implement a quality management system under ISO 9001 standards (certified by Lloyd’s

Register Quality Assurance). Additionally to quality management, the firm’s focus is

increasingly on regional knowledge management. This means that SORAINEN lawyers

and tax consultants can with each case draw on the firm’s vast experience from all

jurisdictions in the Baltics and Belarus, spend less time researching and focus more on

creating legal solutions according to client needs.

SORAINEN advises clients in the following practice areas:

� Banking

� Capital Markets

� Corporate

� Competition

� Construction

� Dispute Resolution

� Distribution & Trade

� Employment

� Energy & Utilities

� Environmental

� Financial Services & Regulation

� Information Technology & Data

Protection

� Infrastructure & Regulatory

� Insurance

� Intellectual Property

� Investment Funds, Structures &

Pensions

� Investment Incentives

� Mergers & Acquisitions

� Pharmaceuticals & Life Sciences

� Private Equity

� Privatization

� Project Finance & PPP

� Public Procurement

� Real Estate

� Restructuring & Insolvency

� Tax & Customs

� Telecommunications

� Transport & Maritime

Since 1995, SORAINEN has serviced more than 7,500 corporate clients in the Baltics

and Belarus. SORAINEN is proud to be trusted by such world renowned companies as

ABB, AGA, AIG, Barclays, British American Tobacco, Canon, Christian Dior, Coca-Cola,

Coopernic Alliance, Credit Suisse, DHL, DZ Bank, eBay, ERGO, Genworth, Google,

Hewlett-Packard, Hitachi, HSBC, HSH Nordbank, Intel, Nordea, Nordic Investment Bank,

PKN Orlen, Royal Bank of Canada, SEB, Siemens, Statoil, Sun Microsystems, Swedbank,

Toyota, UniCredit Bank, Western Union and many others.

You may find more information about SORAINEN at www.sorainen.com.

Estonia

Pärnu mnt 15

10141 Tallinn

phone +372 6 400 900

fax +372 6 400 901

[email protected]

Latvia

Kr. Valdemāra iela 21

LV-1010 Riga

phone +371 67 365 000

fax +371 67 365 001

[email protected]

Lithuania

Jogailos 4

LT-01116 Vilnius

phone +370 52 685 040

fax +370 52 685 041

[email protected]

Belarus

ul Nemiga 40

220004 Minsk

phone +375 17 306 2102

fax +375 17 306 2079

[email protected]

13

COUNTRY GUIDE

1. ALBANIA

Opportunities: As a developing country with an import-based economy, Albania offers opportunities in the agribusiness, energy, infrastructure, mining, transportation, telecommunications and insurance sectors. In addition, Albania has many natural resources, including oil, gas, coal, iron, copper, chrome, and water/hydroelectric and wind potential. Due to poor transportation infrastructure in general, investments in roads, new ports, terminals and railways are in high demand.

Investment Incentives: Albania is an excellent launching pad for sales into the EU and the entire Western Balkans. No sector in Albania is closed to foreign investors and there are no legal barriers to market entry. The government has made significant reforms, particularly in administrative matters such as business registration, licensing, e-procurement, e-taxes, and a reduction and simplification in taxes. However, several major challenges still remain regarding business procedures, such as corruption, property issues, lack of proper infrastructure and a weak judicial system. In order to attract FDI, the Government of Albania has applied a set of liberal fiscal policies and has developed some incentives for investors that include: reduction of corporate tax from 20% to 10%; reduction of the fiscal burden of social security contributions payable by employers to 15%; and tax exempt dividends designated for investments. Importers of machinery and equipment are eligible for VAT deferral if the machinery and equipment will solely serve its taxable economic activity (Instruction of the Minister of Finances No.3, dated 30.01.2006.). Apparel producers are exempt from VAT on raw materials as long as the finished product is exported and subsidizes leases of state-owned premises, where investors are eligible to lease state-owned property such as land or buildings at rents below market rates (Decree of the Council

of Ministers, No. 315, dated April 24, 2006 – On the leasing of state enterprises and

institution’s property). Incentives are regulated by Law 9374, dated April 21, 2005.

Regulations and Factors to Consider: A variety of legal structures for businesses are recognized in Albania, and can be applied for at the National Registration Center for Businesses (NRC). One key piece of legislation is Law No. 9901 – (On

Entrepreneurs and Commercial Companies). Provisions on franchising can be found in the Civil Code, but Albania has not yet embraced the concept. Existing legislation permits joint ventures, which are overseen by the provisions of the Civil Code (Articles 1074-1112), mixed ownership investment, and both foreign and domestic investment. Intellectual Property Rights must be registered and enforced in Albania, under local laws.

14

2. AUSTRIA

Opportunities: Austria is at an international crossroad, bordering on eight European countries. This gives it a logistical advantage over other countries in the region. As a member of the EU and the Schengen agreement, Austria is the gateway to growing markets in Eastern and Southeastern Europe, which makes partnerships with Austrian firms who have a presence in regional markets an attractive option for companies, as well as for export, joint ventures and investments. Foreign investment opportunities exist in high-potential industries such as telecommunications, non-agricultural biotechnology, medical and pharmaceutical research, and electronics.

Investment Incentives: Austria welcomes foreign direct investment that does not have a negative impact on the environment. Authorities particularly welcome new job creation in high technology fields, promotion of capital-intensive industries and links to R&D activities, for which special tax incentives are available. Although Austria nominally is a high-tax country with a 25% corporate income tax rate, due to comprehensive exemptions from tax, inter alia, for dividends and capital gains, the effective corporate income tax burden may be a lot lower, which is why Austria has become increasingly attractive as a headquarters location. Austria also offers a highly favorable framework for group taxation, unique in Europe, which allows businesses to offset profits and losses of group operations in Austria and abroad. Austrian federal, state and local governments also provide financial incentives within EU guidelines, equally available to domestic and foreign investors, ranging from tax incentives to preferential loans, guarantees and grants. Most of these are available only if the investment meets specified criteria. Tax allowances for advanced employee training and R&D expenditures are also available.

Regulations and Factors to Consider: Separate applications must be made for gaining a business license (Gewerbeschein) and for registration in the commercial register (Firmenbuch) when establishing a new business in Austria. Depending on the business activity, the business license can be granted automatically upon registration of the business. At the moment, franchising is a minor business model in Austria, but one that is expected to grow yearly at around 10% by the number of franchise systems and 16% by the number of new franchise units. Licensing arrangements, especially for technology, are frequent in Austria. Intellectual Property Rights are well respected and protected due to the fact that Austria is a member of all international intellectual property rights agreements. Data protection is highly regulated by the EU's General Data Protection Directive (95/46/EC) and supplemented by the "Directive on the processing of personal data and the protection of privacy in the electronic communications sector" (2002/58/EC).

15

3. BELARUS

Opportunities: Competition in almost every segment of the 9.5-million market is still limited and therefore margins on investments in the country can be attractive. Belarus has a clear strategic vision to be a transit hub between the Customs Union (Belarus, Kazakhstan and Russia) and the EU. The investment climate in itself is quite surprising, in a positive way. The World Bank’s “Doing Business 2012” report ranked Belarus 69th among 183 countries for ease of doing business, higher than Russia and Ukraine. The international assessments of “Doing Business 2012” are a definite recognition of the efforts of the Belarusian Government to liberalize economic relations within the country and create a favorable investment climate. The main focus is on modernizing the national economy with an emphasis on large-scale development of highly innovative industries. Many opportunities can arise simply from improving organizational efficiency or increasing marketing efforts.

Investment Incentives: The new revision of the country’s law on privatization, which came into force at the beginning of 2011, allows foreigners to be directly involved in the privatization process, while the rules for setting the initial process of privatization have been relaxed. In March 2011, the Belarusian Council of Ministers announced a list of 244 state-owned enterprises to be privatized before the end of 2013, while an additional 134 are to be transformed into joint stock companies by 2013. The companies open for tender or auction span a variety of business activities, ranging from manufacturing and construction to transportation. One is not to miss the opportunities offered by the Belarus’ six Free Economic Zones, small towns with free economic zone regime, Minsk High Technology Park as well as Simplified Taxation System and customs union with Russia.

Regulations and Factors to Consider: There are three main ways for foreign investors to establish themselves in Belarus: by establishing a legal entity, by having a representative office, or through an agent. Of these options, using an agent is probably the most restrictive; this is because agents are often prohibited from being granted licenses, which are needed in a considerable number of activities (anything to do with drugs or telecoms, for instance). And while some foreign businesses have set up legal entities, most have taken the representative office route.

The main legislative document that regulates investment business activity in Belarus is the Investment Code. Another important legal act expected by the business community is the law on public private partnerships (PPPs).

Although PPPs may be a new concept for Belarusian legislators, international property protection and arbitration is not. Belarus is a member of the Multilateral Investment Guarantee Agency and International Centre for the Settlement of Investment Disputes and a party to the New York Convention on Recognition and Enforcement of Foreign Arbitral Awards of 1958.

16

4. BOSNIA & HERZEGOVINA

Opportunities: Bosnia & Herzegovina (BiH), although a small market, offers opportunities in the energy sector, especially in the planning, construction and upgrade of thermal power plants, hydro plants and electrical power distribution projects. The telecommunication sector will be further privatized and the existing networks need to be expanded. Road, railroad and airport infrastructure needs to be upgraded in the transportation sector. The still-to-come privatizations of state-owned enterprises offer additional significant opportunities for investors.

Investment Incentives: BiH is divided into two main entities with significant autonomy: the Federation of Bosnia and Herzegovina and the Republika Srpska. A smaller third jurisdiction, the Brcko District, is administered separately. This multi-tiered structure creates a confusing array of regulations, fees, tax systems and standards requirements. In the past several years, BiH has made considerable efforts to open its economy to more foreign investment (FDI); however, the global economic crisis, coupled with increasing internal political struggles, has led to a significant slowdown in necessary reforms since 2008. Foreign investors face several serious obstacles, including a complex legal and regulatory framework, non-transparent business procedures and weak judicial structures. Although some government authorities have begun to address these obstacles as part of the transition to a market economy, FDI, particularly Greenfield investment, has shown only limited gains. There are several incentives for FDI, including exemptions from payment of customs duties and fees. BiH is divided into three jurisdictions for direct tax purposes: the Federation of BiH, the Republika Srpska and the Brčko District. The corporate income tax in the Federation allows tax relief for foreign investors who invest KM 20 million (approx. EUR 10.8 million) over a five-year period. In the Brčko District, corporate income tax allows offsetting of profits against losses over a five-year period. Tax rates on labor are high, discouraging hiring of new workers and increasing incentives for unregistered employment. A rigid wage determination system also inhibits job creation and worker mobility. This is a result of a collective bargaining system that retains most of its socialist era characteristics.

Regulations and Factors to Consider: According to World Bank estimates, the establishment of a new business in BiH takes approximately 12 procedures and 54 days to complete. Franchising is not a significant business model, but is expected to increase as the business environment improves. Joint ventures are rare and regulated by the Law on the Policy of Foreign Direct Investment and the Law on

Companies, which includes the main rules for investment in companies with mixed ownership and other types of foreign or domestic investment. The Law on Obligations ("Commercial Code"), which addresses contract law, is the main source for setting up a licensing contract covering intellectual property rights issues (such as trademark, model, patent or copyright), payments/royalties, the term of the contract, restrictions on using trademarks, etc. The establishment of a legal and institutional framework for the protection and enforcement of Intellectual Property in BiH is currently in progress.

17

5. BULGARIA

Opportunities: Bulgaria's EU membership has improved prospects for exports and investments in the automotive, aerospace and defense, agriculture, environmental technologies, information and communication technology, as well as in the power generation and energy efficiency industries. Recently, the realization of major infrastructure projects has been an important driver for the country’s economy.

Investment Incentives: Bulgaria has put in place a liberal foreign investment regime, including flat, low-rate corporate and income taxes. The Investment Promotion Act

(IPA) sets forth preferential treatment measures for foreign and local investors. The measures differ depending on scale of the investment (“investment class”) and include incentives such as shorter terms for administrative procedures, specially appointed official representatives to represent the investor before public authorities, state aids for development of the infrastructure which is necessary for the qualified investment, etc. The minimum qualifying investment varies between EUR 1 million and EUR 10 million depending on the type and place of the investment

Bulgaria applies a flat tax rate of 10% to corporate profits and personal income tax. Other tax incentives include: (i) subject to certain condition, up to 100% reduction of the corporate income tax for companies engaged in manufacturing in areas with high level of unemployment, (ii) 2-year VAT exemption for imports of equipment for approved investment projects which, are over EUR 5.1 million and are creating at least 50 jobs, (iii) tax depreciation for 2 years for computers and new manufacturing equipment and (iv) 5% withholding tax on dividends and liquidation quotas (0% for EU/EEA tax resident entities).

Other benefits: Bulgaria remains competitive in terms of labor and operational cost levels compared with other CEE countries.

Regulations and Factors to Consider: A representative office is not a legal entity and is not allowed to carry out commercial activity; however, the Commercial Act allows the registration of a branch of a foreign entity. The establishment of a limited liability company (OOD) or a one-person owned limited liability company (EOOD) follows a simple procedure as the required initial capital is only BGN 2 (EUR 1). Franchising is common in Bulgaria and accommodated by the legal system. Joint ventures between private companies are subject to the provisions of the Law on

Protection of Competition, regulating concentrations of economic activity. New legal entities must be registered in the Commercial Register. Intellectual Property Rights (in their industrial section) must be registered and enforced in Bulgaria under local laws.

18

6. CROATIA

Opportunities: The Croatian government has recently presented details on investment projects for revitalization of the economy valued at approximately EUR 1.1 billion. The investments will cover four development areas: energy, railway and ports, tourism and environment. It is expected that the national railway company and the national electric energy company will play main roles in that process. Many wind and solar power projects are ready, but traditional power plants will also be built or renewed in order to ensure the stability of the system for periods in which there is no wind or sun. The government is also aiming to rebuild hundreds of public buildings in order to ensure energy efficiency. All of these measures are expected to give a significant boost to the economy. The EU accession is expected in 2013 and will make Croatia an integral part of the European common market.

Investment Incentives: The Investment Promotion Law provides significant incentives for both foreign and domestic investors. The minimum qualifying investment is EUR 300,000. Tax incentives include substantially lower profit tax obligations and are as follows:

� 10% corporate tax for ten years for companies that invest from EUR 300,000 to EUR 1.5 million and create 10 new jobs

� 7% corporate tax for ten years for companies that invest from EUR 1.5 million to EUR 4 million and create 30 new jobs

� 3% corporate tax for ten years for companies that invest from EUR 4 million to EUR 8 million and create 50 new jobs

� 0% corporate tax for ten years for companies that invest over EUR 8 million and create at least 75 new jobs

Other categories of the incentives include duties reductions, financial support for creating new working positions, government assistance to offset costs of employee re-training, various stimulations for incorporation and development of business in research and technology intensive sectors, and special incentives for major investments of special economic interest. Last but not least, the government may offer real estate (or permits or infrastructure) to an investment either cost-free or on a preferential basis.

19

Regulations and Factors to Consider: The Croatian Companies Act is the main statute for the establishment, organization and operation of business entities. Licensing contracts are addressed in the Commercial Code and also cover intellectual property rights issues (such as trademark, model, patent or copyright). Intellectual property rights must be registered and are enforced under local laws. Intellectual property rights regulation is completely harmonized with the EU regulation. In addition to that, Croatia is a party of all major international and regional treaties for intellectual property rights protection and enforcement. Arbitration as a means of dispute settlement has a long tradition in Croatia. Croatia is a party of all major international and regional treaties governing enforcement of arbitral awards. Croatia also has a network of approximately 50 bilateral investment treaties offering additional protection to foreign investors, including a bilateral investment treaty with the People's Republic of China. The Public Procurement rules have been amended in order to speed up public procurement procedures and to make them less formal, more efficient and more transparent. Effective 1 March 2012 all dividends and profit participation payments (other than those made from profits earned prior to 31 December 2000) made to a non-resident corporation by a Croatian subsidiary will be subject to a domestic withholding tax of 12% of the gross amount of the payment. These new rules will be subject to the provisions mitigating taxation of dividends in Croatia’s double taxation agreements.

20

7. CZECH REPUBLIC

Opportunities: The Czech Republic continues to offer a variety of possibilities for foreign investors, mainly in the areas of mechanical engineering, power generation equipment (including renewable energy), automotive parts and equipment, electric and electronics, medical products and services, telecommunications and computer equipment and green technologies and services. Although the Czech Republic has an open investment climate, certain licensing requirements apply for investors in the banking, financial services, insurance, energy and telecommunication sectors and broadcasting.

The Czech Republic has one of the most advanced transport networks in Central and Eastern Europe. Its geographical position makes it a natural crossroads for major transit corridors. The Czech Republic is ranked among the world's most advanced countries in terms of transport-network density. Furthermore the Czech Republic combines an outstanding level of general education with strong science and engineering disciplines. Technical education in the Czech Republic has a long tradition and enjoys a strong reputation around the world. The availability of technically educated graduates at a fraction of the cost of western labor creates a perfect environment for both manufacturing and R&D-oriented companies.

Investment Incentives: The Czech government continues to offer incentives for certain types of foreign direct investment in accordance with the Act No. 72/2000 Coll., on Investment Incentives, as amended, which was also discussed with the European Commission and should be, in principle, in compliance with European regulation on state aid. Incentives are offered to foreign and domestic firms that invest in the manufacturing sector. The incentives are available individually or collectively and are designed to have maximum impact in the early stages of the given project.

Incentives listed in the Act on Investment Incentives for manufacturing projects include relief from corporate taxes for up to five years for new companies, job creation grants, training/retraining grants and opportunities to obtain site support (transfer of public land at a favorable price). Financial grants for job creation and/or retraining are provided to those firms operating in regions where the annual unemployment rate exceeds the national average by at least 50%. A partial tax incentive is also available for expansion of an existing manufacturing investment.

Each application for investment incentives must pass an evaluation by the Czech Ministry of Industry and Trade, which also decides on the total amount of state aid available to each project. The actual aid available to each project is calculated as a percentage of the total value of the actual investment (that is, capital expenditure on land, buildings and machinery, including limited expenditure on intangible assets). Once the limit of state aid available to the project has been reached, the tax break is terminated and the company has to start paying corporate tax.

21

Regulations and Factors to Consider: In 2004, the Czech Republic became a member of the European Union and the body of EU law was implemented in principle into the Czech law. The Czech Republic is also a party to various investment protection treaties, such as number of bilateral investment treaties and the Energy Charter Treaty. There are no foreign exchange restrictions and no restrictions on ownership of businesses currently in place. The Czech law stands on the principle that foreign entities may engage in business activities within the territory of the Czech Republic under the same conditions and to the same extent as Czech entities. Data protection is regulated by the Act No. 101/2000 Coll., on Personal Data Protection, as amended, which implements the EU's General Data Protection Directive (95/46/EC) and the Directive on the processing of personal data and the protection of privacy in the electronic communications sector (2002/58/EC). In certain situations the Czech Act on Personal Data Protection applies a stricter test than the EU Directives. In addition, certain industries are also regulated, such as energy, telecommunications and financial services sectors.

22

8. ESTONIA

Opportunities: Estonia's economy offers key opportunities for companies in a number of sectors including information and communication technologies (ICT), electronics, machinery and metalworking, wood processing, logistics/transport and food. Since 2000, there have been remarkable developments in the Estonian ICT sector, which have led Estonia to be one of the most advanced countries in ICT, both in CEE and Western Europe. Estonia boasts one of Europe's most modern telecommunications networks and a high degree of IT literacy and technology penetration. Due to geographic proximity, the vibrant Scandinavia IT sector has had a positive impact on Estonia which has developed expertise in specialized markets such as office machinery assembly services and electronic equipment manufacture. Additionally, Estonia is involved in some important developments in biotechnology whereas there are more than 300 biotech researchers at the country's key universities and institutes. (based on www.investinestonia.com)

Investment Incentives: Estonia provides a unique CIT system as resident companies do not pay tax on retained or reinvested earnings. The tax obligation is deferred to the moment of distributing profits. CIT is levied at a gross rate of 21% (down to 20% in 2015) on company profit distributions, dividends, gifts, fringe benefits, non-business expenditure and excessive capital reductions. Interest (not exceeding market interest rate) and royalties (payments within the EU and 25% participation) are not subject to withholding tax. No traditional thin capitalization rules, ie substantial debt financing at market rate interest is tax neutral. Buildings are not subject to real estate tax (only the land is).

Regulations and Factors to Consider: There are a few types of companies in Estonia, however, the simplest option for starting a business is a limited liability company which can be registered within a day at the Estonian Electronic Commercial. Although e-registration is easy, it sets certain limitations to the set-up of the structure of the company. Natural persons as founders can also register a company without paying in the share capital. Estonian, Belgian, Finnish, Portuguese or Lithuanian ID card owners can register the company online. Only one management board member is required for a limited liability company (no supervisory boards, councils or secretaries need to be appointed). There are no citizenship or residency requirements for management board members. Furthermore meetings of shareholders as well as certain corporate changes can be organized online (registered within 1-5 days).

More and more international chains are set up as franchises, however expansion by greenfield investment and acquisitions are still more popular. Joint ventures with Estonian professional entrepreneurs are also becoming more and more common due to sound legal framework and transparent business practices.

23

9. HUNGARY

Opportunities: Hungary is an attractive market for investment and exports. Huge foreign investment opportunities lie in the improvement of telecommunications, the environmental sector, and especially in energy and transport infrastructure projects, and the agricultural sector. Other important investment sectors are automotive components, IT equipment and computer hard- and software, and logistics. Hungary became very attractive among Chinese companies in the past few years, which has been demonstrated by the investments of Wanhua and Huawei. Wanhua Industrial Group raised its stake in Hungarian chemical company BorsodChem in a €1.23 billion transaction in 2011. The other large Chinese group, Huawei Technologies opened a unit in Cserkút.

Investment Incentives: Hungary has a well-developed incentive program for investors, the cornerstone of which is a special package for investments over a certain value (typically EUR 10 million). The incentives are focused on a great variety of fields ranging from establishing manufacturing or logistics facilities, through regional service centers and R&D, to bio-energy and tourist facilities. Incentive packages may consist of cash subsidies, development tax allowance, training and job creation subsidies. The system is compliant with EU regulations on state aid and is administered by the Hungarian Investment and Trade Agency, which is managed by the Ministry for National Economy. Hungary's corporate tax rate, even if topped with local municipality taxes, makes the total corporate tax rate for businesses one of the most preferential in Europe. In 2009, the government enacted tax reforms aimed at encouraging employment and growth by reducing the tax burden on labor, while remaining revenue neutral by offsetting tax cuts with increases in consumption and wealth-based taxes. As several newly acceded EU members decreased both their corporate and personal income tax rates and/or switched to a one-tier tax system, Hungary faces strict competition in the region. Under a special law, projects can be granted an accentuated status offering even less cumbersome and a much speedier administrative proceedings. Additionally, the new government puts stronger emphasis on the Chinese relationships: in August 2011 the Hungarian business association VOSZ (National Association of Entrepreneurs and Employers) and the Chinese Foreign Trade Development Council agreed to establish the Chinese-Hungarian Business Council to foster bilateral business ties.

Regulations and Factors to Consider: Registering a company in Hungary is efficient as regulated by the Act on the Registration of Companies (Act V of 2006) and can be achieved as quickly as within a single business day. It is also possible for foreign businesses to act through branch offices or commercial representation offices, the latter being restricted to mediating and preparing trade contracts and promoting goods and services of the foreign company. No additional legal requirements exist for franchises, and half of the 400 franchises are foreign-owned. Hungary’s Foreign

Investment Act of 1988 applies to joint ventures, protects foreign investment, provides national treatment and enables profit repatriation. Intellectual property rights must be registered and enforced locally. Data protection is regulated by a local law in compliance with the EU's General Data Protection Directive (95/46/EC). Work and residence permits are relatively easy to achieve.

24

10. LATVIA

Opportunities: One of the current country’s key objectives is the attraction of foreign direct investment, recognized by the Latvian Government as an important tool for successful economic recovery. The country is business friendly – has minor bureaucratic obstacles, transparent legal and judicial system, has low taxes, competitive labor costs, high productivity and different business incentives. It is also a gateway to EU and Russian/CIS. Since 2011, an incentive package for investors in form of income tax is renewed. The most popular industries for investments are financial, real-estate, M&A and telecommunication markets. Interest is shown also in food production, wood-processing and publishing industry.

Investment Incentives: In Special Economic Zones in Rezekne and Liepaja or Free Ports in Riga and Ventspils, rebates can be obtained (after investing in production for exports) on: property tax (80% to 100%), corporate tax (80%) and VAT (0%). Reduction of CIT payable equal to 25% of the amount invested in large projects in specified industry categories between LVL 3 million (approx. EUR 4.3 million) and LVL 35 million (approx. EUR 49.8 million) and reduction of tax payable equal to 15% of the amount invested over LVL 35 million. Allowable tax savings must be claimed within a 16 year period, to be invested within five years. Gains derived from the sale of fixed assets can be deducted from the taxable income, if the fixed asset is replaced by new functionally similar fixed asset within one year. A deemed interest amount can be calculated from undistributed profit and deducted from the taxable income. This is an incentive that profits are kept (reinvested) within the company, not distributed. As of 2013, Latvia will introduce a holding regime. It means there will be no tax on 1) dividends (in and out); 2) capital gains from sale of shares; 3) interest (as of 2014); 4) royalties (as of 2014). This applies to transactions with any jurisdictions without any limitations, but does not apply to Black-listed offshores.

Regulations and Factors to Consider: There are two main forms of business entities available in Latvia: public limited liability company (AS) and private limited liability company (SIA). SIA is the most popular legal form with a requirement for the minimal share capital of LVL 2,000 (approx. EUR 2,860). A foreign company may carry out the business in Latvia by opening a branch of a foreign company in Latvia. It is also allowed to open representative offices; however they may not be used for carrying the commercial activity. New legal entities as well as the branches or the representative offices of foreign companies must be registered with the Commercial Register run by the Register of Enterprises of the Republic of Latvia. For performing certain types of business activities a license may be required. Franchising is regulated by the Commercial Law. It is possible to organize the business in Latvia through the Joint Venture, however in such case compliance with the provisions of the Competition Law must be considered. Protection of intellectual property (IP) rights is well regulated because Latvia is party to all international IP rights agreements.

25

11. LITHUANIA

Opportunities: The combination of dynamic economic growth, liberal tax code, a strong legal framework to protect investors presents a solid platform for successful business in Lithuania. However foreign investors especially value its’ world-class business infrastructure (ICT, transport etc) as well as highly educated and skilled workforce, where 90% of the population speak at least one foreign language. Therefore investment in to shared services, business process outsourcing and call centers as well as logistics services are the most promising investment opportunities in Lithuania. Other important investment sectors are high tech, R&D, medical services, energy supply.

Investment Incentives: Free Economic Zones (FEZ) in Klaipeda and Kaunas. A company with investments of EUR 1 million or more operating in FEZ is exempt from CIT for six years and enjoys a 50% reduction of CIT in the next ten years. For entities running investment projects (under defined conditions) taxable profit is reduced by up to 50%. Reduced rate of 5% applies to small companies (income lower than LTL 1 million (approx. EUR 289,500), less than ten employees).

Regulations and Factors to Consider: The most common method of investment in the Republic of Lithuania is through the incorporation of a private or public limited liability company (UAB or AB) under the Law on Companies of the Republic of Lithuania. New legal entities must be registered in the Commercial Register. Foreign companies are also allowed to register branch offices in Lithuania, which are defined as a division of a foreign company with a registered address in Lithuania. Lithuanian laws do not restrict in any way the participation of foreigners in the management of Lithuanian companies. However, if foreign citizens are employed in the company (employment is mandatory only for the CEO), they must obtain temporary residence permits that are normally valid for up to one year. Franchising is common thing in Lithuania and franchising agreements are commercial contracts regulated by the Lithuanian Civil Code (CK 6.766–6.779), while Lithuanian rules related to joint ventures have some specifics in comparison with the EU rules. Creation of a joint venture resulting in acquisition of joint control triggers application of the Lithuanian concentration control rules (if the turnover thresholds are met). However, if a joint venture does not qualify as a concentration, it may be scrutinized under the rules governing prohibited agreements. EU data protection laws apply in Lithuania.

26

12. ROMANIA

Opportunities: The most significant areas of opportunity for exports and investment in Romania include agricultural machinery and equipment, energy, environmental technologies, IT, telecommunications and the automotive industry. Roads, rail, airports and water and wastewater systems also need to be developed and upgraded and therefore hold additional investment possibilities. Romania's natural resources, like its rich agricultural land, coal, oil, natural gas and hydro, offer further opportunities for foreigner investments in the agribusiness and renewable energy sectors.

Investment Incentives: Romania actively seeks foreign direct investment. Romania's marketplace offers 21 million consumers, a well-educated workforce, a strategic geographic location and abundant natural resources, making it an increasingly attractive destination for investment. Romania has taken steps to strengthen tax administration, enhance transparency and create more effective legal means to resolve contractual disputes expeditiously. However, judicial and legislative unpredictability continues to negatively affect the investment climate.

Currently, customs and tax incentives are available for investors in six free trade zones and 36 regions of the country designated as economically disadvantaged. State aid is available for investments in free trade zones under EU regional development assistance rules. Large companies may receive aid up to 50% of their eligible costs (limited to 40% in Bucharest and surrounding Ilfov County), while small- and medium-sized enterprises (SMEs) may receive assistance up to 65% of their eligible costs.

Regulations and Factors to Consider: New companies can be established by the One Stop Office (which falls under the National Trade Register Office) of the Ministry of Justice. Franchising regulations are similar to the rules in other countries, and cities outside of Bucharest remain the best places for potential growth of franchises. Foreign companies involved in local manufacturing typicaly start their business with joint ventures. Local partners offer advantages, including faster market access, due to their knowledge, relationships and existing capabilities, which far outweigh the potential disadvantages of partnering with a local firm. All relevant EU directives related to Intellectual Property are implemented, and Romania, as a founding member of the World Intellectual Property Organization (WIPO), has adhered to almost all enactments on intellectual property binding the World Trade Organization member states. The competent authorities are the Romanian Office for Patents and Trademarks (OSIM) and the Romanian Copyright Office (ORDA). The strict EU laws governing the protection of personal data are also in force in Romania.

27

13. SERBIA

Opportunities: Short-, medium- and long-term investment opportunities in Serbia include infrastructure, agribusiness, construction, telecommunication, IT, and the energy sector. The improvement of the overhaul road infrastructure, regional highway routes, transportations links, and the reconstruction of railway capacities offer additional room for investments. Significant opportunities are also available by privatization of the telecom industry and the modernization of their equipment. Serbia's natural resources include copper, lead, and other non-ferrous metals, but foreign investments are needed to repair or modernize their mining equipment.

Investment Incentives: Serbia is open to foreign direct investment (FDI). Attracting FDI is increasingly a priority for the Government of Serbia (GoS). Serbia developed a range of incentives for investors in 2006, including cash grants to investors that create significant new jobs, and incentives in the form of credits, cuts in payroll contributions and reduced corporate tax rates. The government expanded these programs in July 2008.

In order to provide further financial incentives for foreign and domestic greenfield and brownfield investment in specific industries, the Serbian government adopted a decree in 2006 to permit cash grants to investment projects in all areas except for trade, tourism, hospitality and agriculture. Eligible companies must establish new ventures in manufacturing, services or R&D. Serbia's tax law offers several tax incentives to new investors. In addition, the tax law offers incentives for employing new workers.

The tax law also provides for accelerated depreciation of fixed assets, tax exemptions for concession-related investments and exemptions from social insurance contributions, income tax credits, and customs duty exemptions for certain goods and equipment imports.

In addition, in July 2008 the government expanded its 2006 Investment Incentives. The GoS will refund up to 20% of investments to each greenfield investor that invests at least EUR 200 million and creates at least 1,000 jobs in the automotive, electronics, information and telecommunications technology industries.

Regulations and Factors to Consider: The Serbian Agency for Business Entities (BRA) is the competent authority for establishing a company and regulated in the Company Law and Law on Registering a Company in Serbia. The Law on Contracts

and Torts includes the rules for franchising and licensing contracts. Joint ventures are regulated in the Foreign Investment Law of Serbia and the Company Law. Several general principles are important for effective management of intellectual property rights (IPR) in Serbia. Intellectual property rights must be registered and enforced locally.

28

14. SLOVAK REPUBLIC

Opportunities: Nuclear equipment and services, biomass, biofuel, waste-to-energy and hydro technologies are excellent investment opportunities in Slovakia's energy sector. Infrastructure projects in a number of key sectors (such as environmental, transportation, telecommunications, tourism and public health), offer additional chances to invest in Slovakia.

Investment Incentives: As of January 2008, the Slovakian government enacted the Act on Investment Assistance, which provides varying levels of aid to domestic and foreign investors for the period 2007 – 2013 depending on a number of factors including level of unemployment in the proposed region of investment, business sector, size of investment and the type of employment that will be provided. Assistance levels range from 10% to 50% of eligible costs. The rules lay out the types of aid available, the responsibilities and decision-making processes of the state institutions and the maximum amount of aid available to an individual investment. In general, the new rules were structured to encourage investments into less-developed regions with high unemployment, more sophisticated production, and research and development. There are four priority areas identified in the new rules: industrial production, technology centers, centers of strategic services and tourism. According to amendments of Act on Investment Assistance enacted in August 2011, the investment aid shall not apply to activities in agriculture, activities in coal sector, steel sector and shipbuilding sector.

The major changes in Slovakia include a reduction in the ceiling of support that can be issued in western Slovakia and the districts of the city of Bratislava. Several forms of state aid are available: discounted prices for land and financial subsidies for acquiring tangible and intangible assets related to the investment, tax credits and grants for the creation of new jobs.

Slovakia currently offers one of the most advantageous tax environments for corporations among all OECD and EU states. In 2004, the country imposed a flat income tax rate of 19%, both for corporations and individuals, and eliminated virtually all exemptions and deductions. The government eliminated withholding taxes on dividends, permitting foreign firms to pay parent companies without being taxed.

Regulations and Factors to Consider: The Slovak Commercial Code provides the rules for the establishment of a company. The obligatory registration in the Slovak Commercial Register takes approximately five days. Franchising in Slovakia is growing. Franchising agreements are commercial contracts regulated by the Slovak Commercial Code, which also permits joint ventures and licensing. Strict EU data protection laws also apply in Slovakia.

29

15. SLOVENIA

Opportunities: The major industries in Slovenia with investment opportunities are computer hard- and software, information technology, biotechnology, automotive, telecommunication, electronics and agribusiness. The metalworking and mining industry in Slovenia still offers substantial investment opportunities for foreign companies. Alternatively, foreigners have the ability to invest in environmental equipment. An 80% stake of the major electricity producer in Slovenia is still held by the government, which has indicated an interest in a partial privatization and its associated distribution companies in the coming years. Additionally, significant investments will take place over the next 10 years in the hydroelectric power generation, wind-operated power plants and the upgrading of power plants. Slovenia has recently developed new industrial zones designed for local and foreign greenfield investments.

Investment Incentives: Today, Slovenia is faced with growing challenges. Much of the economy remains in state hands and foreign direct investment (FDI) in Slovenia is one of the lowest in the EU on a per capita basis. Taxes are relatively high, the labor market is often seen as inflexible, and legacy industries are showing signs of increasing competitive pressure from China, India, and elsewhere. However, the investment climate in Slovenia is a stable one, with excellent infrastructure, a well-educated workforce, and an excellent central location between Western and Eastern Europe.

Slovenia welcomes FDI that does not have a negative impact on the environment. Slovenia particularly welcomes those investments that create jobs in the high-tech sector and have links to R&D activities, for which special tax incentives are available. There are no formal sectorial or geographic restrictions to foreign investment. In some regions, Slovenia offers special facilities and services to foreign investors. Slovenia offers financial and tax incentives within EU parameters to firms undertaking projects in economically depressed and underdeveloped areas.

Regulations and Factors to Consider: Foreigners can establish any legal organizational form described in the Companies Act with the exception that for local tax reporting purposes, a legal entity must be the holder of a franchise license. Agency contracts, distribution contracts, and license contracts, etc. may be freely concluded between contractual parties as Slovenian legislation does not stipulate different administrative procedures. The legal framework for Intellectual Property Rights is comprehensive as Slovenia signed and implemented the commitments of the WTO Uruguay Round Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs). Data protection is regulated by the EU's General Data

Protection Directive (95/46/EC) and supplemented by the "Directive on the processing of personal data and the protection of privacy in the electronic communications sector" (2002/58/EC).

30

16. UKRAINE

Opportunities: The European Football Championship 2012 taking place in Ukraine holds substantial investment opportunities in transportation and hospitality infrastructure. In the energy industry, foreign investments will be needed for the modernization of power plants, the upgrading of energy efficiency and domestic oil and gas production. Additionally, there is potential in the agricultural, computer and software, engineering, telecommunications, automotive, pollution control equipment, airport and aircraft industries.

Investment Incentives: Ukraine encourages foreign trade and investment. Foreigners have the right to purchase businesses and property, to repatriate revenue and profits, and to receive compensation in the event that property was to be nationalized by a future government. However, complex laws and regulations, poor corporate governance practices, and weak enforcement of contract law by courts have discouraged broad foreign direct investment in Ukraine.

In recent official meetings between the political leaders of China and Ukraine, the leaders of Ukraine emphasized the welcoming of Chinese investments in Ukraine and pledged the promotion of these investments in various sectors of Ukrainian economy.

Superficially, taxes appear quite low: 23% for corporations and 15 – 17% for individuals, while value-added tax (VAT) is 20%. However, one should bear in mind that tax administration and reporting is rather burdensome as there are many restrictions on deductions. Especially for companies, the effective rate of the corporate profict tax will be higher.

Although Ukraine has extensive human capital, natural resources and industrial potential, it is clear that the country still faces significant challenges. The 2012 World

Bank Doing Business Study ranked Ukraine number 181 as the third most difficult country in which to pay taxes out of 183 countries surveyed. However, it is also notized that Ukraine has made taxes payment easier and less costly for firms by revising and unifying tax laws as well as reducing the rate of the corporate profit tax and unifying the social security contributions.

Regulations and Factors to Consider: Ukraine's Ministry of Economy handles the registration of representative offices of foreign companies which may take up to 60 days to submit all required documents. In comparison Ukrainian companies including those established by foreign shareholders, can be incorporated, within two weeks. Franchising is growing in Ukraine, and the increasing protection of intellectual property rights is helping this growth.

It is recommended that joint ventures and joint venture companies for Ukrainian projects are structured in foreign jurisdictions where foreign law governed sharholders and joint venture agreements will be recognized. Still, control over the corporate governance of Ukrainian companies (such as operational companies or assets holding companies) should not be disregarded.

31

PROJECT GUIDE

1. AGRIBUSINESS

Country Bosnia & Herzegovina

Region Federation of BiH, Živinice

Project name Share purchase of wood industry company

Project description Share purchase of the majority share of the local wood industry company or strategic partnership: A joint stock company for furniture production and trade needs a reconstruction due to its organizational and management problems. The company has a rich offer of finished products of standard quality, functionality, high ergonomic qualities and good prices. The company is trying to meet the needs of the widest segment of customers in South eastern Europe and prove that it is a good supplier of large export customers in other European countries.

Field of Industry Agribusiness

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment aiming for profitability and stability of the company

Amount of Investment Estimated investment: EUR 1 million in purchase of shares and approx. EUR 3 million for reorganization and reconstruction of the company

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

32

Country Bosnia & Herzegovina

Region Federation of BiH, Živinice

Project name Equity investor for milk production and biogas plant

Project description Milkos d.d. Sarajevska mljekara, the private Bosnian dairy, is looking for an equity investor for Farm Spreca, a milk production, greenhouse and biogas plant. Milkos has already invested EUR 7.5 million into Farm Spreca and the potential investor would need to invest a further EUR 10.5 million. A separate Joint Venture would be established for the project and the investor would acquire a stake in proportion to the amount invested. The company has already received a EUR 5.5 million loan from the Bosnian Razvojna Banka, raising debt financing for the project. Milkos would welcome advisers that could assist it in raising funds for the Spreca farm project. Farm Spreca is co-owned by Milkos and Teloptic, which are privately owned by Nedim Causevic, an individual investor. Sarajevo-based Milkos has equity of EUR 8m and some 60 employees. Its 2010 revenue was in the EUR 12.5 – 13 million range.

Field of Industry Agribusiness

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment aiming for profitability and stability of the company

Amount of Investment Estimated investment: EUR 10 million

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

33

Country Ukraine

Region Central-West Ukraine

Project name Acquisition of an agricultural business

Project description

Acquisition of 30,000 ha (450,000 MU) Holding with own storage,grain and oilseed producer.

Field of Industry Agribusinees

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Acquisition of an equity stake

Amount of Investment Negotiable

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

34

Country Ukraine

Region Central Ukraine

Project name Acquisition of an agricultural business

Project description

Acquisition of 35,000 ha (525,000 MU) Holding with own storage,grain and oilseed producer.

Field of Industry Agribusinees

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Acquisition of an equity stake

Amount of Investment Negotiable

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

35

Country Ukraine

Region Central Ukraine

Project name Acquisition of an agricultural business

Project description

Acquisition of 40,000 ha (600,000 MU) Holding with own storage,grain and oilseed producer.

Field of Industry Agribusinees

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Acquisition of an equity stake

Amount of Investment Negotiable

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

36

Country Ukraine

Region East and Central Ukraine

Project name Acquisition of an agricultural business

Project description

Acquisition of 40,000 ha (600,000 MU) Holding with own grain storage, grain and oilseed producer, commodity trader.

Field of Industry Agribusinees

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Acquisition of an equity stake

Amount of Investment Negotiable

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

37

Country Ukraine

Region Diverse locations

Project name Acquisition of an agricultural business

Project description

Acquisition of 100,000 ha (1,5 million MU) Holding with own storage,grain and oilseed producer.

Field of Industry Agribusinees

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Acquisition of equity

Amount of Investment Negotiable

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

38

Country Ukraine

Region Diverse locations

Project name Acquisition of an agricultural business

Project description

Acquisition of 240,000 ha (3,6 million MU) Holding with limited storage, grain and oilseed producers.

Field of Industry Agribusinees

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Acquisition of an equity stake

Amount of Investment Negotiable

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

39

Country Ukraine

Region Diverse locations

Project name Acquisition of an agricultural business

Project description

Acquisition of 300,000 ha (4,5 million MU) Holding with limited storage, grain and oilseed producers.

Field of Industry Agribusinees

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Acquisition of an equity stake

Amount of Investment Negotiable

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

40

Country Ukraine

Region Southern Ukraine

Project name Acquisition of an agricultural business

Project description

Acquisition of 7,000 ha (105,000 MU) vegetable producer located adjacent to 100 000 ha of land (1,5 million MU) with idle irrigation infrastructure

Field of Industry Agribusinees

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Acquisition of an equity stake

Amount of Investment Negotiable

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

41

Country Ukraine

Region Southern Ukraine

Project name Acquisition of an agricultural business

Project description

Acquisition of 50 000 ha (750,000 MU) top soya producer (over 20 000 ha irrigated) with own storage and port facility

Field of Industry Agribusinees

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Acquisition of an equity stake

Amount of Investment Negotiable

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

42

Country Ukraine

Region Southern Ukraine

Project name Acquisition of agricultural business

Project description Acquisition of 40,000 ha of well-managed, profitable farm land

� Produces primarily soybean and wheat � Processes some of its crops to produce animal feed. � Company has already disposed of lesser performing land to

consolidate operations for maximum efficiency. � 90% of company’s production is sold through Glencore and

Cargill. � 100% owned by a Western organization that founded the

company in 1994.

Field of Industry Agribusiness

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Acquisition of an equity stake

Amount of Investment Negotiable

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

43

Country Ukraine

Region Northern Ukraine

Project name Acquisition of agricultural business

Project description Acquisition of 92,000 ha of well-managed, profitable farm land

� Produces primarily corn and wheat. � Milk complex with 5,000 heads of cattle. � One of the most profitable agricultural companies in Ukraine with

an EBITDA per ha of USD 376 in 2011. � Company is run by its owners who established it in 2001.

Field of Industry Agribusiness

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Acquisition of an equity stake

Amount of Investment Negotiable

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

44

Country Ukraine

Region Central Ukraine

Project name Acquisition of agricultural business

Project description Acquisition of 10,000 ha of land focusing on crop and livestock farming and value added processing.

� Produces primarily soybean and corn. � Crop farming business consistently delivers high yields and

margins. � 3,000-4.000 heads of cattle. � Owns number one market position in Ukrainian retail bagged

feed business. � Company was founded in 1994 and is currently owned 50% by

its American founders and 50% by a financial group from Denmark.

� Company employs roughly 900 people.

Field of Industry Agribusiness

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Acquisition of an equity stake

Amount of Investment Negotiable

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

45

Country Ukraine

Region Central Ukraine

Project name Acquisition of agricultural business

Project description Acquisition of 28,000 ha farm.

� Produces primarily corn. � Business consistently delivers high yields and margins. � Production grew from 52K tons in 2008 to a forecasted 125K

tons in 2011, generating a CAGR of 34%. � Company also has small animal husbandry business with 1,500-

2,000 heads of cattle for diary and meat. � 90% of company’s production is sold through Glencore. � Company was founded in 2002 and is currently owned 100% by

its founders. � Company employs roughly 180 people.

Field of Industry Agribusiness

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Acquisition of an equity stake

Amount of Investment Negotiable

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

46

Country Ukraine

Region Eight oblasts of Ukraine, including central, eastern, western, southern Ukraine and Crimea)

Project name Acquisition of agricultural business and deepwater port

Project description Agricultural holding with 114,000 ha and deep water port.

� Company is a top 15 agricultural player with diversified holdings throughout Ukraine.

� Produces grains, oilseeds, beef and dairy, pork, and sheep. � Company has two seed production plants and a biodiesel plant. � Total storage capacity of 85,000 tons. � The company’s holdings include two agricultural machinery

distributors, one of which also provides spare parts and repairs. � The company also owns a large port facility with total capacity of

2 million tons per year. � 100% owned by a large Ukrainian business group.

The company owns a large agricultural port facility in Yuzyhniy Port.

� Total capacity of 2 million tons per year. � Dock length of 280 meters. � Deep draft – 15 meters. � Location already zoned for port usage and fully operational since

2009. � Excellent infrastructure with rail and automobile loading stations. � Onsite storage in place. � Additional land available for construction of grain and oil

terminals. � Location already zoned for port usage and fully operational since

2009.

Field of Industry Agribusiness

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Acquisition of an equity stake

Amount of Investment Negotiable

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

47

Country Estonia

Region Central Estonia

Project name Share purchase of a dairy

Project description Opportunity to acquire the leading dairy in Estonia. The company has been active since the early 1990's and holds a 30% share of the Estonian dairy production market. A large part of the products are exported mainly to Russia.

Field of Industry Agribusiness (diary)

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment, acquisition

Amount of Investment Over EUR 100 million

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

48

Country Estonia

Region n.a.

Project name United Farms is looking to raise over EUR 10 million to fuel growth in Estonia

Project description United Farms, the private Estonian raw milk producer, would like to raise EUR 10 million or more to accelerate growth in Estonia. Looking for a partner with a strategic interest in the sector.

Field of Industry Agriculture

Owner (private or public)

Private (Austrian Investment company)

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment

Amount of Investment EUR 10 million

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

49

Country Estonia

Region n.a.

Project name Purchase of forest land

Project description Opportunity to acquire forest land in Estonia in smaller and larger portfolios. The forests are located in the eastern, southern and northern parts of the country. Estonian wood processing industry is very developed and the local wood is highly valued across the world due to its strength characteristics.

Field of Industry Agribusiness (forest land)

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment, acquisition

Amount of Investment Approx EUR 5 – 10 million

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

50

Country Estonia

Region South Estonia

Project name Share purchase of a wood industry company

Project description Opportunity to acquire a shareholding in a successful Estonian wood processing company. The company is engaged in production of wooden components for doors and windows with majority of the products being exported to Scandinavian partners.

Field of Industry Agribusiness (wood processing)

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment, acquisition

Amount of Investment Approx EUR 20 million

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

51

Country Lithuania

Region Marijampolė

Project name Investment into wood processing company

Project description Juodeliai, a family-owned Lithuanian wood processing company, is interested in raising over EUR 10 million to finance its growth. The company is interested in opportunities to expand its business by adding supplementary activities in Lithuania. Projects using wooden blanks produced by Juodeliai for pallet manufacturing or using wooden waste for producing biofuel, heat or electricity production are a few possible examples. Juodeliai would provide land and infrastructure, raw material, knowledge of Central and Eastern European markets, but would expect the partner to provide financing.

Field of Industry Agribusiness (wood processing)

Owner (private or public)

Private (Zimnickai family)

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment

Amount of Investment Over EUR 10 million

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

52

2. BANKING

Country Latvia

Region n.a.

Project name Share purchase of Citadele banka

Project description Citadele banka is a Top 5 retail bank in Latvia. It has been formed as a result of restructuring Parex banka, which was bailed out by the Latvian government at the end of 2008. Pursuant to the restructuring plan Citadele banka received the good assets of Parex banka. Citadele banka is owned by the Latvian Privatization Agency (75%) and the European Bank for Reconstruction and Development (25%). The Latvian government intends to sell all of its shares in Citadele banka. Depending on the buyer, also the shares owned by the EBRD may be offered for sale.

Field of Industry Banking/Capital markets

Owner (private or public)

Latvian Privatization Agency (75%) and the European Bank for Reconstruction and Development (25%)

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment

Amount of Investment n.a.

Profit Ratio n.a.

Start Date Expected to start in October 2012

End Date n.a.

53

3. CONSTRUCTION

Country Hungary

Region Pécs – South Hungary

Project name Underground car park project

Project description Szigeti Garázs Kft. (the subsidiary of Öresund Holding) and the Municipality of Pécs are looking for investors for the construction of underground car parks in Pécs. The garage is planned to be built within 4 years, using HUF 2 – 6 billion. The construction work will include the following: Underground car park construction work, ancillary works for water pipelines, structures construction work, building construction work, drainage construction works, roadrepair works and surface work for roads.

Field of Industry Construction

Owner (private or public)

Private

Other (contracting) party (private or public)

Not yet known

Type of Investment Financial

Amount of Investment n.a.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

54

Country Romania

Region n.a.

Project name Emergency hospitals

Project description Six regional emergency hospitals to be built in Timisoara, Cluj Napoca, Targu Mures, Iasi, Craiova and Bucharest. The winners are already announced for the rehabilitation of both the Academic Emergency Hospital & St. Pantelimon Emergency Hospital in Bucharest (February 2011).

Timisoara: start of construction for new private emergency hospital announced in March 2011.

Discussions regarding the transfer of public property from the County Councils to the Health Ministry for the beginning of public auctions for the regional emergency hospitals in said counties, March 2011.

Field of Industry Construction / Life Science

Owner (private or public)

Health Ministry

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment n.a.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

55

Country Romania

Region n.a.

Project name “Ana Aslan” Healthcare Center

Project description Enhancement of “Ana Aslan” Healthcare Center.

November 2011: former Tourism & Development minister Elena Udrea announced intention of said rehabilitation.

Field of Industry Construction / Life Science

Owner (private or public)

Health Ministry in partnership with the Ministry of Regional Development.

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment n.a.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

56

Country Slovak Republic

Region Western Slovakia

Project name Reconstruction of railway Bratislava suburb Bratislava Filiálka

Project description Within the Operational Programme Transport of the Ministry of Transport does want to reconstruct the railway Bratislava suburb – Bratislava Filiálka. Whole project is designated to connect railway corridor TEN-T with airport and railway network in Bratislava. First part of this project starts with connection of railway station Bratislava Filiálka and railway station Bratislava suburb through tunnel link (2.5 km long). It will be constructed underground in depth of 16 metres. On this station, trains from several directions should stop. In first phase it should be trains from Trnava, Galanta, Senec and Pezinok.

Field of Industry Construction

Owner (private or public)

Railway of the Slovak Republic

Other (contracting) party (private or public)

Not yet known

Type of Investment Public Procurement

Amount of Investment EUR 424.000.000,00 exclusive of VAT

Profit Ratio n.a.

Start Date 21 February 2012

End Date 17 April 2012

57

Country Estonia

Region Northen Estonia

Project name Jägala Military campus

Project description Jägala campus will be an up-to-date military training centre to consolidate various military units currently situated in separate locations. The total planned area of the centre will cover:

- 54.7 ha of total territory; - 38,000 m2 (gross) of building space; - 230,000 m2 of territorial infrastructure (parking lots, roads, stadium); - all facilities except for the officers' club which is going to be refurbished from an old manor house will be new buildings; - the barracks are planned to accommodate approx 1,300 soldiers and the headquarters – 200 working places.

Field of Industry Construction

Owner (private or public)

Public (Estonian Ministry of Defence)

Other (contracting) party (private or public)

n.a.

Type of Investment PPP

Amount of Investment EUR 70 – 80 million

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

58

Country Estonia

Region Tallinn

Project name Tallinn prison

Project description The Tallinn Prison will be an up-to-date prison facility servicing mainly the north- and west-Estonian region. It is expected to be the largest in Estonia, accommodating approx. 1,200 prisoners. The prison will include approx. 74,000 m2 of building area and 35,000 m2 of infrastructure on the prison’s territory (parking lots, roads, stadium etc).

Field of Industry Construction/Penitentiary

Owner (private or public)

Public (Estonian Ministry of Justice)

Other (contracting) party (private or public)

n.a.

Type of Investment PPP

Amount of Investment EUR 80 million

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

59

Country Lithuania

Region Vilnius, Klaipėda, Šiauliai and Panevėžys

Project name Construction of four new prison buildings

Project description The project aims at construction and further maintenance of four new prisons in four biggest cities of Lithuania: Vilnius, Klaipėda, Šiauliai and Panevėžys. They will replace the old prisons in Vilnius, Šiauliai, Panevėžys and Marijampolė which are in poor condition and are currently located in the central parts of those towns. It is likely that construction and maintenance of the four prisons will be structured as a public private partnership project for each of those four prisons separately. Therefore, there will be announced four separate tenders for selection of the private partner. The estimated total amount of investment for construction of all four prisons is approx EUR 130 million. However, since there will be four separate tenders, the amount of investment for each project will be lower. The private partner should undertake to construct and maintain a respective prison building (DBFO model) for 25 years.

Field of Industry Construction/Penitentiary

Owner (private or public)

Public (Prison Department of Lithuania)

Other (contracting) party (private or public)

n.a.

Type of Investment PPP/Financial

Amount of Investment Approx EUR 130 million

Profit Ratio n.a.

Start Date 2013

End Date n.a.

60

Country Belarus

Region Gomel region

Project name Construction of Rolled Steel Plant

Project description Production of rolled steel of high quality. Implementation of know-how technology and progressive equipment to reach the best technical and economic parameters of green and wasteless production. Construction of subsidiary and infrastructure objects in minimum necessary proportion.

Field of Industry Machinery and Metalworking Production

Owner (private or public)

Public

Other (contracting) party (private or public)

Government of Belarus

Type of Investment Financial investment

Amount of Investment Approx EUR 930 million

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

61

4. ENERGY PROJECTS

4.1 Geothermal Energy

Country Bosnia & Herzegovina

Region n.a.

Project name Thermal Power Plants - Unit 7 "Tuzla", Unit 8 at TE "Kakanj"

Project description For these projects JP Elektroprivreda BiH has obtained environment permits, compliances and certificates relating to connection to EESystem. Negotiation and contract based on preparation of geotechnical research work that is underway.

Field of Industry Energy

Owner (private or public)

JP Elektroprivreda BiH

Other (contracting) party (private or public)

n.a.

Type of Investment Financial

Amount of Investment Unit 7 at TPP "Tuzla" � Installed capacity 450 MW; � Potential annual electricity generation 2756 GWh; � Investment to construction, including also investment to be

increased capacity of mines has been estimated to be 1,647 billion KM.

Unit 8 at TPP "Kakanj" � Installed capacity 300 MW; � Potential annual electricity generation 1755 GWh; � Investment to construction involving also investment to be

increased capacity of mines has been estimated to be 1,224 billion KM.

Profit Ratio n.a.

Start Date n.a.

End Date It is planned that Unit 7 be into operation until 2018 and Unit 8 until end of 2019

62

Country Croatia

Region Istria

Project name PLOMIN C Thermal Power Plant

Project description PLOMIN C-500 PROJECT includes maximizing the usage of existing infrastructure, closing of system of delivery and storage of coal, usage of reconstructed chimney, reducing the heat load, reducing site occupancy by SF6 switchyard, transporting solid waste from site and reserving the space for the subsequent construction of CCS facility

Field of Industry Energy

Owner (private or public)

Republic of Croatia (Public)

Other (contracting) party (private or public)

n.a.

Type of Investment PPP / joint venture

Amount of Investment EUR 800 million

Profit Ratio n.a.

Start Date Anticipated start date during the first half of 2012

End Date Up to 5 years after the start of the construction

63

Country Hungary

Region Southeastern Hungary

Project name Fábiánsebestyén

Project description Development of a power plant based on geothermal fluid resources for electricity generation and a related cascade system. The total installed capacity of the power plant will be 65 MW (in the first phase 49,9 MW)

Field of Industry Energy

Owner (private or public)

Private

Other (contracting) party (private or public)

Not yet known

Type of Investment Either financial or professional

Amount of Investment EUR 230 million

Profit Ratio n.a.

Start Date Drilling may start immediately

End Date In the case of immediate commencement of drilling, the project may be completed by the end of 2013

64

4.2 Hydro Energy

Country Albania

Region n.a.

Project name Cangonj and Malind hydropower plant

Project description Albania’s economy ministry will grant concessionary contracts for the construction of two new small hydropower plants under a government decision. The concessions include hydropower plants Cangonj and Malind in southern Albania. The projects will be implemented under build, operate and transfer (BOT) terms. It has been made known that two companies have been awarded with two bonus points towards their assessment in the tenders: Favina 1 for the Cangonj plant and Al-Can Hidropower Energy for the Malind plant.

Field of Industry Energy

Owner (private or public)

Albanian Ministry of Economy

Other (contracting) party (private or public)

Not yet known

Type of Investment Concession

Amount of Investment n.a

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

65

Country Bosnia & Herzegovina

Region n.a.

Project name HPP Vranduk

Project description Construction of HPP Vranduk has more beneficiary effects, among them are electricity generation from renewable resources, which will have significant impact from the view of environment protection and international standards duties that Bosnia and Herzegovina has taken over. Construction of such an energy facility is a big chance for local community in sense of launching employment and developing the economy and contributing to a safe supply of electricity for a region with large consumers (Željezara Zenica). A feasibility study with focusing on environmental impact has been completed and was important for the environment permission. It is a procedure of issuing urban compliance by the Federal Ministry for physical planning. The Federation BiH government has issued compliance for signing the contract on concession.

Field of Industry Energy

Owner (private or public)

n.a.

Other (contracting) party (private or public)

n.a.

Type of Investment Concession

Amount of Investment HPP construction is planned on Bosna river, located 10 km downstream to Zenica.

� Projected installed capacity is 19,63 MW; � Potential annual electricity generation is 96 GWh; � Estimated investment value amounts 126 million KM.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

66

Country Bosnia & Herzegovina

Region n.a.

Project name HPP Ustikolina

Project description A feasibility study referring to environment impact study is on the way. After the completion of the feasibility study the activities will be intensified to on the implementation.

Field of Industry Energy

Owner (private or public)

n.a.

Other (contracting) party (private or public)

n.a.

Type of Investment n.a.

Amount of Investment Construction of HPP Ustikolina on Drina river, located 15km downstream to Goražde.

� Projected installed capacity is 58,4 MW; � Potential annual l electricity generation 237 GWh; � Estimated investment value amounts 236 million KM.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

67

Country Bosnia & Herzegovina

Region n.a.

Project name Cangonj and Malind hydropower plant

Project description Construction of HPP Janjići is planned on the Bosna river, located 8 km upstream of Zenica. JP Elektroprivreda BiH has received grant funds for making a feasibility study for HPP Janjići from Deutche Bank and KfW. A study for geologic-geotechnical researches works and laboratory is in elaboration. If the project would be sustainable, bank KfW has expressed its readiness for crediting construction of the facility.

Field of Industry Energy

Owner (private or public)

JP Elektroprivreda BiH

Other (contracting) party (private or public)

Not yet known

Type of Investment n.a.

Amount of Investment As per preliminary estimations installed capacity of HPP Janjići is approx. 13 MW;

� Potential annual electricity generation is approx. 65 GWh; � Estimated investment values amounts 55 miliona KM.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

68

Country Bosnia & Herzegovina

Region n.a.

Project name Small hydro power plants on the Neretvica river

Project description At the catchment area of the Neretvica river and its tributaries in the Konjic municipality, construction of 15 small hydro power plants is planned. The project involves three phases and hydro power plants from the first phase are to be in operation in 2013. Referent Ministary has issued environment permits for facilities with completed feasibility design and procedure of collecting of urban compliances.

Contract on awarding concession has been signed with Konjic municipality. Announcing a tender for equipment delivery and construction of 2 small hydro power plants is forthcoming.

Field of Industry Energy

Owner (private or public)

n.a.

Other (contracting) party (private or public)

n.a.

Type of Investment Concession

Amount of Investment Total installed capacity of hydro power plants on the Neretvica river is 26,4 MW;

� Potential annual electricity generation 103 GWh; � Total investment is estimated to 97 million KM.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

69

Country Croatia

Region Dubrovnik Neretva County

Project name HPP Ombla

Project description Underground Hydro Power Plant and multipurpose project in addition to electricity generation: the project will triple the capacity of water supply to the town of Dubrovnik.

Field of Industry Energy

Owner (private or public)

Republic of Croatia (Public)

Other (contracting) party (private or public)

n.a.

Type of Investment PPP

Amount of Investment EUR 130 million

Profit Ratio n.a.

Start Date In the second half of 2012

End Date 5-year construction period

70

Country Croatia

Region Continental Croatia

Project name HPPs on the Sava River

Project description Multipurpose project consisting of four hydro power plants: Podsused HPP (41MW), Prečko HPP (23 MW) with Lučko water gate and a relief canal Odra, Zagreb HPP (19 MW) and Drenje HPP (39 MW).

Field of Industry Energy

Owner (private or public)

Republic of Croatia (Public) / City of Zagreb

Other (contracting) party (private or public)

n.a.

Type of Investment PPP

Amount of Investment n.a.

Profit Ratio n.a.

Start Date In course of 2013

End Date 8 to 15 years construction period

71

Country Republika Srpska

Region n.a.

Project name Gornji horizonti

Project description Gornji Horizonti is a non-constructed part of the hydro-system Trebisnjica. The project includes construction of 4 hydro power plants.

Field of Industry Energy

Owner (private or public)

n.a.

Other (contracting) party (private or public)

n.a.

Type of Investment Investment

Amount of Investment HE DABAR / DABAR HPP � Investor: MHERSMP a.d. Trebinje and ZPHE na Trebišnjici

a.d. Trebinje � Investment value: EUR 179.9 million � Basic project characteristics: installed power 159,15 МW;

total annual production 251,8 GWh

HE NEVESINJE / HPP NEVESINJE � Estimated investment: EUR 99.5 million. � Basic project characteristics: installed power 60.0 МW; total

annual production 100.6 GWh.

HE NEVESINJE / HPP NEVESINJE � Estimated investment: EUR 99.5 million. � Basic project characteristics: installed power 60.0 МW; total

annual production 100.6 GWh.

HE BILEĆA / HPP BILEĆA � Estimated investment: EUR 48.1million � Basic project characteristics: installed power 33 МW; total

annual production 116.4 GWh.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

72

Country Serbia

Region n.a.

Project name Bistrica reversible hydroelectric power plant

Project description Electric Power Company of Serbia (EPS) is planning to build a new reversible hydroelectric power plant: Bistrica with 4x170 MW generators.

Field of Industry Energy

Owner (private or public)

Electric Power Company of Serbia (EPS)

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment

Amount of Investment EUR 500 million and that part of the funds might be provided by EPS.

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

Latest news According to EPS, there is a preparation for investments with foreign partners in reversible Hydro Power Plant Bistrica, worth EUR 553 million, which should begin 2014.

73

4.3 Photovoltaic Energy

Country Romania

Nominal Power 20 MW

CAPEX EUR 3 million

Region Constanta

Development Phase Fully permitted, ready to construct

Data about a 1.001,88 kWp photovoltaic park project in Contstanta county (by EcoApaSol Sibiu).

74

4.4 Wind Energy

Country Bosnia & Herzegovina

Region n.a.

Project name Podveležje Windpark

Project description After the measurements of wind potential, relevant investment and technical documentations have been made, which are the base for signing the concession concession with the government Hercegovačko- Neretvanska. Environment permits and urban compliance were issued. Tender on preparing geological – geotechnical researches works is underway. There are intensified activities on negotiation with international finance institutions referring to credit funds for the project implementation.

Field of Industry Energy

Owner (private or public)

n.a.

Other (contracting) party (private or public)

n.a.

Type of Investment n.a.

Amount of Investment At locality of Podveležje near Mostar, has been designed windpark with 16 wind turbines

� Installed capacity of the wind park is to 48 MW; � Estimated investment value amounts 125 million KM.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

75

Country Bulgaria

Region Kavarna

Project name Wind power plant St. Nikola

Project description Operational 156 MW wind power plant project in Bulgaria

Field of Industry Energy

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Consolidated loan

Amount of Investment The total turn-key Price is EUR 30 million excl. 20% VAT

Profit Ratio n.a.

Start Date Operational since year 2008

End Date n.a.

76

Country Bulgaria

Region West

Project name Wind power plant Jordan

Project description Three wind power plants with acquired permits with total installed capacity of 168 MW located in west Bulgaria

Field of Industry Energy

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment

Amount of Investment On request

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

77

Country Bulgaria

Region East

Project name Wind power plant Rakovo

Project description Two wind power plant turbines Vestas V90 by 2 MW each located in east Bulgaria

Field of Industry Energy

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment

Amount of Investment On request

Profit Ratio n.a.

Start Date October 2011

End Date n.a.

Country Romania

Project 40 MW Wind Farm Project for sale in Dobrogea (Sea Side area)

Full Load Hrs. >3000

Capacity 40 MW

Asking Price P.O.A. per MW

Status Ready for construction, all permits available, valid connection contract

Supplier VESTAS

Notes Available as turn-key project

78

Country Romania

Project 126 MW wind farm project for sale in Dobrogea

Full Load Hrs. >2800

Capacity 126 MW

Asking Price P.O.A. per MW

Status UNDER OFFER: Ready for construction, all permits available, valid connection Contract

Supplier VESTAS

Notes Very well documented project with high ROI

Country Romania

Project 60 MW wind farm project for sale in Dobrogea

Full Load Hrs. >2800

Capacity 60 MW

Asking Price P.O.A. per MW

Status UNDER OFFER: Ready for construction, all permits available, valid connection contract

Supplier VESTAS

Notes Very well documented project with high ROI

79

Country Romania

Project 8 MW wind farm project for sale in Dobrogea area (Romania)

Full Load Hrs. >2700

Capacity 8 MW

Asking Price P.O.A. per MW

Status Valid connection contract

Country Romania

Project 28 MW wind farm project for sale in Dobrogea area (Romania)

Full Load Hrs. >2700

Capacity 28 MW

Asking Price P.O.A. per MW

Status Valid connection contract

Notes Ready to construct

80

Country Republic of Moldova

Project Investors wanted for pilot wind farm project in the Republic of Moldavia. Excellent conditions offered.

Full Load Hrs. Estimated over 3000

Capacity from 15 MW up

Asking Price P.O.A. per MW

Status Greenfield project; ready for development

Notes Developer is looking for early stage investment to set up wind masts and for land acquisition

Country Ukraine

Project 18 MW wind farm for sale near Odessa

Full Load Hrs. Over 3200 (full wind data disclosed after NDA)

Capacity from 18 MW

Asking Price P.O.A. per MW

Status Ready to construct

Notes 30 years of wind data available; feed in tariff at fixed rate (indexed) until 2030

81

Country Ukraine

Project 60 MW wind farm for sale near Odessa

Full Load Hrs. > 2800

Capacity 60 MW

Asking Price P.O.A. per MW

Status Ready to construct

Notes Feed in tariff at fixed rate (indexed) until 2030

Country Ukraine

Project 200 MW wind farm for sale near Odessa

Full Load Hrs. > 2800

Capacity 200 MW

Asking Price P.O.A. per MW

Status Ready to construct

Notes Feed in tariff at fixed rate (indexed) until 2030

82

Country Ukraine

Project 250 MW wind farm for sale

Full Load Hrs. > 3000

Capacity 250 MW

Asking Price P.O.A. per MW

Status Ready to construct; available as turn-key

Notes Feed in tariff at fixed rate (indexed) until 2030

Country Ukraine

Project 330 MW wind farm for sale

Full Load Hrs. > 2800

Capacity 200 MW

Asking Price P.O.A. per MW

Status Ready to construct; available as turn-key

Notes Feed in tariff at fixed rate (indexed) until 2030

Country Ukraine

Project 100 MW wind farm for sale in Crimea, owned by a foreign investor

Capacity 100 MW

Status Ready to construct

Notes Feed In Tariff at fixed rate (indexed) until 2030

83

Country Latvia

Project 100 MW wind farm for sale

Investment EUR 164 million (VAT not included)

Project IRR 18%

Investment IRR 20%

Project Amortization 8 years

Nominal Power 100 MW

Energy Production 246,000 MW/year

Equivalent Net Hours 2,462

Status Available as turnkey Project

84

4.5 Other Energy Projects

Country Czech Republic

Region Temelin, Southern Bohemia, Czech Republic

Project name Enlargement of Czech nuclear power plant ("NPP") Temelin

Project description The tender for the selection of general contractor for the enlargement and supply of nuclear technology of the existing NPP Temelin is pending. The expected total capacity of the new part of the NPP should be up to 2,300 MW.

The publicly known bidders are three and include Areva, Westinghouse, and the consortium of Atomstroyexport, Gidropress and Skoda JS. There might be numerous opportunities for subcontractors in the area of machinery, construction works and others.

Field of Industry Energy – electricity generation

Owner (private or public)

ČEZ a.s. (listed joint stock company, controlled by the Czech State)

Other (contracting) party (private or public)

The selected winning bidder as general contractor for the project

Type of Investment Potential supplies of works and technologies

Amount of Investment CZK 120 – 170 billion (approx. EUR 6.8 billion)

Profit Ratio n.a.

Start Date The winning bidder should be chosen in 2013

End Date 2020 – 2025

85

Country Romania

Region n.a.

Project name Four power project portfolio

Project description First four power project portfolio (owned projects): 120-140 MW GTCC (gas-fired), 75 MW GTCC/CHP (gas-fired) located, 40 MW GTCC (gas-fired), 105 MW wind (two-phases of 52.5 MW each).

Second four power project portfolio (under proposal/negotiation phase) 65 MW GTCC (gas-fired), 400 MW GTCC/CHP (gas-fired), 100 MW CHP (potentially clean coal/CFB technology) 65 MW GTCC/CHP (gas-fired)

Field of Industry Energy

Owner (private or public)

Private

Other (contracting) party (private or public)

Not yet known

Type of Investment Either financial or professional

Amount of Investment First four power project: EUR 361 million for the first 4 power Project, equity required (EUR 93.5 million in total) debt (EUR 260 million in total).

Second four power project: not yet estimated

Profit Ratio First four power project: projected IRR's: 20.5% to 22.0% per year 15; EBITDA: EUR 14 million to EUR 38 million per year 15.

Second four power project: no yet estimated

Start Date Not yet published; will differ on the two levels of the development (see Project description)

End Date For the first phase, working capital commitment is forecasted to spread out during 2011, 2012 and 2013. The project itself will last till the licenses are valid (decades)

86

Country Romania

Region n.a.

Project name Units 3 and 4 Cernavoda

Project description Development of a 1,400 MW nuclear power plant.

Units 3 and 4 are in their planning stages, with expected completion dates of 2014 and 2015 respectively. Due to lack of funds, there are discussions about the construction of only one unit (3).

Field of Industry Energy

Owner (private or public)

Romanian Ministry of Economy (Public)

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment EUR 4 billion

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

87

Country Romania

Region n.a.

Project name Azerbaijan – Georgia Interconnector (AGRI)

Project description AGRI project involves the transport of Azeri natural gas through Georgia by crossing the Black Sea. The energy interconnection of Central Asia with EU supposes the construction of two terminals in Georgia and Romania. SC AGRI LNG Project Company SRL (AGRI) extended the closing date of the consultant selection process for Azerbaijan - Georgia - Romania - Hungary Interconnector project until 31 January 2012 from the original date of 19 January 2012.

Currently all work on technical specification of the new project and search for new financial donors for the project is supervised by the joint company ARGI LNG Co. This stage is planned to be completed by 1 April 2012. Equal participants of the project are Azerbaijani SOCAR (GNKAR in Russian), Oil and Gas Corporation of Georgia, the Romanian ROMGAZ and Hungarian MVM. Each has a 25% of shares.

Field of Industry Energy

Owner (private or public)

Private

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment n.a.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

88

Country Romania

Region n.a.

Project name Transelectrica will be selling stock representing 15% of the company's existing capital

Project description The listing on the Bucharest Stock Exchange (BVB) of 15% of Transelectrica (TEL) shares.

Since 14 March the investors can subscribe to the public offer through which the state tries to sell 15% of Translelectrica’s stocks (TEL). The offer will close on 27 March, when there the higher subscriptions are expected, especially from the investments funds.

Transelectrica’s offer is an opportunity for the big investors to purchase significant stocks packages, that they could not purchase directly from the exchange without raising the price very much.

Field of Industry Energy

Owner (private or public)

The Romanian Ministry of Economy, Trade and Business Environment (public) owns a 73.6% stake in Transelectrica, investment fund Fondul Proprietatea (FP) owns 13.5% of shares while investors own another 12.81%

Other (contracting) party (private or public)

Discussions with State Grid Corporation of China

Type of Investment Investment

Amount of Investment Approximately EUR 65.6 million

Profit Ratio n.a.

Start Date By the end of October 2011

End Date n.a.

89

Country Romania

Region n.a.

Project name Doicesti Heating Plant

Project description Building of Doicesti Heating Plant

Field of Industry Energy

Owner (private or public)

Ministry of Economy

Other (contracting) party (private or public)

Termoelectrica signed an agreement with China Huadian Engineering

Type of Investment PPP

Amount of Investment EUR 700 million

Profit Ratio n.a.

Start Date March 2012

End Date n.a.

90

Country Romania

Region n.a.

Project name The Siret-Baragan canal

Project description The Siret-Baragan (190 km long) canal is planned to irrigate 500 million ha and to decrease energy consumption by 40 –60%.

Field of Industry Infrastructure

Owner (private or public)

Ministries of Environment and Agriculture

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment A total of EUR 3.4 billion (costs for canal construction only are estimated at EUR 802 million , while the irrigation systems raise up to another EUR 2.8 billion)

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

91

Country Slovak Republic

Region n.a.

Project name Energy Efficiency in Public Buildings

Project description The respective general procurement notice of the European Bank for Reconstruction and Development concerns forthcoming tenders for management, supervision and implementation of projects for Demand Side Energy Efficiency Measures in Public Buildings (hospitals, schools and others) in Slovakia. The purpose of the project to improve the energy efficiency by rehabilitating of the existing energy installations and reducing energy losses and energy consumption.

Field of Industry Energy

Owner (private or public)

To be confirmed (Public)

Other (contracting) party (private or public)

Not yet known

Type of Investment Public Procurement

Amount of Investment Approx. EUR 2.2 million

Profit Ratio n.a.

Start Date 12 January 2012

End Date 12 January 2013

92

Country Slovak Republic

Region n.a.

Project name Bohunice International Decommissioning Support Fund

D3.1 - Dismantling and Demolition of V1 NPP External Buildings – Phase 1

Project descriptionth The main objective of the project is the demolition and waste disposal of the following buildings: cooling towers, connected canals of cooling water V1, central pumping station and filtering circuit V1, heat exchanger station for the heat feeder Hlohovec, pumping of hydrochloric acid, internal railway siding V1, track number 19, trenches and canals of power cables, trenches and canals of lightning including the cabling, trenches and canals for weak current including the cabling, trenches for earthling, pipeline trenches V1, pipeline channels V1, rainwater canalization V1, sewage canalization V1, industrial canalization V1, dewatering channels V1, potable water supply for V1 Nuclear Power Plant (NPP), fire water supply for V1 NPP and external lighting of the plant V1 in the most effective and economical manner, without any perturbations and facilitating the decommissioning process.

Field of Industry Energy, Nuclear safety

Owner (private or public)

Jadrová a vyraďovacia spoločnosť, a.s. (Public)

Other (contracting) party (private or public)

Not yet known

Type of Investment Public Procurement

Amount of Investment To be confirmed

Profit Ratio n.a.

Start Date 17 February 2012

End Date 15 May 2012

93

Country Slovak Republic

Region n.a.

Project name Bohunice International Decommissioning Support Fund

Project descriptionth Jadrová a vyraďovacia spoločnosť, a.s. (JAVYS) is undertaking a program of pre-decommissioning and decommissioning projects and measures in the energy sector which are consequential to the decision taken by the Slovak Republic to final shutdown of the Bohunice Nuclear Power Plant, Units 1 and 2 (Bohunice V1 NPP) to be financed and/or co-financed with the resources of the fund. Approval of the project financing is subject to the decision of the Assembly of Contributors of the BIDSF.

Field of Industry Energy, Nuclear safety

Owner (private or public)

Jadrová a vyraďovacia spoločnosť, a.s. (Public)

Other (contracting) party (private or public)

Not yet known

Type of Investment Public Procurement

Amount of Investment To be confirmed

Profit Ratio n.a.

Start Date 16 January 2012

End Date 31 December 2012

94

Country Belarus

Region Grodno

Project name Construction of 920 MW Coal-Fired Power Station “Zelvenskaya”

Project description Construction of 920 MW coal-fired power station with installation of two units 460 MW each. Each unit will include a steam turbine of type K-330-23.5 and a steam dust coal boiler for overcritical steam conditions.

Field of Industry Energy

Owner (private or public)

Public

Other (contracting) party (private or public)

Belenergo GPO

Type of Investment Subject to negotiations

Amount of Investment Approx. EUR 1,970 million

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

95

5. INFRASTRUCTURE

Country Bulgaria

Region n.a.

Project name Terminal East-2 of Port of Burgas

Project description Construction and operation of port infrastructure on Terminal East-2 of Port of Burgas

Field of Industry Transportation

Owner (private or public)

Republic of Bulgaria (Public)

Other (contracting) party (private or public)

n.a.

Type of Investment Public Procurement – PPP

Amount of Investment One of the criteria for the evaluation of the bid is a minimum investment to the amount of no less than EUR 12.5 million for the first 7 years of the concession term

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

96

Country Bulgaria

Region n.a.

Project name Ruse Airport

Project description Construction and operation of airport infrastructure facilities for the civilian Ruse Airport

Field of Industry Transportation

Owner (private or public)

Republic of Bulgaria (Public)

Other (contracting) party (private or public)

n.a.

Type of Investment Public Procurement – PPP

Amount of Investment Expected amount of the investment is BGN 40 million, as part of it may be covered by the government

Profit Ratio n.a.

Start Date Open procedure to grant concession

Deadline 20 April 2012

End Date The proposed term of the concessions is 35 years

97

Country Bulgaria

Region n.a.

Project name Gorna Oriahovitsa Airport Concession

Project description Construction and operation of airport infrastructure facilities for the civilian Gorna Oriahovitsa Airport

Field of Industry Transportation

Owner (private or public)

Republic of Bulgaria (Public)

Other (contracting) party (private or public)

n.a.

Type of Investment Public Procurement – PPP

Amount of Investment n.a.

Profit Ratio n.a.

Start Date Open procedure to grant concession

Deadline 2 April 2012

End Date n.a.

98

Country Croatia

Region Dalmatia

Project name Brijuni rivijera

Project description Development of tourist infrastructure on the Istria Coast, including hotels, villas, marinas and golf courses

Field of Industry Infrastructure

Owner (private or public)

Republic of Croatia / Istria County (Public)

Other (contracting) party (private or public)

n.a.

Type of Investment PPP

Amount of Investment EUR 895 million

Profit Ratio n.a.

Start Date Bids can be submitted until 16 May 2012

End Date n.a.

99

Country Croatia

Region Zagreb

Project name Zagreb Airport

Project description Construction and operation of a new passenger terminal complex (10 million passengers annually) at the Zagreb Airport

Field of Industry Infrastructure

Owner (private or public)

Republic of Croatia / Zagreb County / City of Zagreb / City of Velika Gorica(Public)

Other (contracting) party (private or public)

n.a.

Type of Investment PPP

Amount of Investment EUR 212 million

Profit Ratio n.a.

Start Date The construction is expected to commence during second half of 2012

End Date By end of 2015

100

Country Croatia

Region Continental Croatia

Project name Railway construction along the Vc corridor

Project description Construction and modernisation of the railway line along corridor Vb Rijeka-Karlovac- Zagreb-Koprivnica-Botovo (Adriatic coast – Hungarian border)

Field of Industry Infrastructure

Owner (private or public)

Republic of Croatia (Public)

Other (contracting) party (private or public)

n.a.

Type of Investment PPP

Amount of Investment EUR 3.65 billion

Profit Ratio n.a.

Start Date 2012

End Date n.a.

101

Country Croatia

Region Primorje Gorski Kotar County

Project name Rijeka Gateway Project

Project description Project is consisting of three major components: Port development, corridor connection and port city interface

Field of Industry Infrastructure

Owner (private or public)

Republic of Croatia (Public) / City of Rijeka

Other (contracting) party (private or public)

n.a.

Type of Investment PPP

Amount of Investment EUR 300 million

Profit Ratio n.a.

Start Date During 2013

End Date During 2015

102

Country Czech Republic

Region Olomoucky Region

Project name Highway construction

Project description D1 Highway, section 0137 Prerov - Lipnik n. Becvou

Field of Industry Road construction

Owner

(private or public)

Czech Republic - Ministry of Transportation (Public)

Other (contracting) party

(private or public)

n.a.

Type of Investment Public Procurement.

Amount of Investment CZK 6 050 000 000,00

(approx. EUR 244,940,000)

Profit Ratio n.a.

Start Date March 2013

End Date To be confirmed

103

Country Romania

Region n.a.

Project name Sibiu-Pitești Highway

Project description 116 km for Sibiu-Pitești Highway

The highway between Pitesti and Sibiu will attract financing through the European program, POS-T 2014-202 (The Sectorial Operational Programme – Transport), as a substitute for the previous option of the Ministry of Transportation finding financing through a public-private partnership.

The road will complete the pan-European Corridor 4, once the financial resources are in place. The route was the only portion in Corridor 4 for which the authorities had not secured funding.

Field of Industry Infrastructure

Owner (private or public)

The Ministry of Transport and Infrastructure (public)

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment EUR 3.2 billion

Profit Ratio n.a.

Start Date n.a.

End Date 2016

104

Country Romania

Region n.a.

Project name Comarnic-Brasov Section

Project description The building of 58 km of highway for Comarnic-Brasov Section (which will be part of the Bucharest-Brasov Highway)

Romania's Transport Ministry will publish notices of intent in March for a revised feasibility study on the Comarnic- Brasov highway section, a project abandoned in 2010, and for the construction of Bucharest's southern beltway, both ventures to be carried out through public-private partnership.

Field of Industry Infrastructure

Owner (private or public)

The Ministry of Transport and Infrastructure (public)

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment n.a.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

105

Country Romania

Region n.a.

Project name Ploiesti-Buzau-Focsani Motorway

Project description 133 km for Ploiesti-Buzau-Focsani Motorway

The Romanian Ministry of Transport approved the project in March 2012.

Field of Industry Infrastructure

Owner (private or public)

The Ministry of Transport and Infrastructure (public)

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment n.a.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

106

Country Romania

Region n.a.

Project name Targu-Mures – Iasi – Ungheni Motorway

Project description 307 km for Targu-Mures – Iasi – Ungheni Motorway

Tender procedure for concession programmed for 2012–2013

Field of Industry Infrastructure

Owner (private or public)

The Ministry of Transport and Infrastructure (public)

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment EUR 6.14 billion

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

107

Country Romania

Region n.a.

Project name Bucharest Southern and Northern ring road

Project description The execution of 101 km of highway near Bucharest, as to detour the traffic in the city

The announcement for the design, construction and leasing of the Bucharest south belt highway, the first step in the project. Together with this contract the maintenance and operation of highway Bucharest - Pitesti and Bucharest – Constanta will also be auctioned. Basically, the company who will win the concession for the ring around the capital will also operate Constanta-Pitesti section.

The deadline for putting into operation the 48 kilometers of highway is of 36 months after starting the work. Therefore, considering the earlier start of construction procedures (bidding, design), South Bucharest belt highway will be given into circulation in late 2015.

The North half of the belt highway will have a length of 52.77 km, and the estimated cost of 968 million eur (18.34 mil eur/km). Bucharest North will have 38 bridges and 6 interchanges. For now, the government has not said anything concrete about this section.

Field of Industry Infrastructure

Owner (private or public)

The Ministry of Transport and Infrastructure (public)

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment EUR 1.9 billion

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

108

Country Romania

Region n.a.

Project name The Danube-Bucharest navigation canal

Project description A project with multiple implications – shipping, irrigations, tourism – that has been abandoned, but is still valuable. The Danube-Bucharest navigation canal (104 km) was planned to make possible the shipping between Bucharest and the Black Sea through the Danube

The European Commission has accepted funding the construction of the Danube-Bucharest navigation canal.

Field of Industry Infrastructure

Owner (private or public)

Ministry of Regional Development in partnership with The Ministry of Transport

Other (contracting) party (private or public)

n.a.

Type of Investment PPP

Amount of Investment EUR 1.2 – 2 billion

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

109

Country Romania

Region n.a.

Project name The bridge over the Danube in Tulcea – Braila

Project description Project of special complexity, having its core objective the construction of a main bridge of 1.520 m long and two viaducts of 600 m, respectively 420 m long at Braila and Tulcea.

Field of Industry Infrastructure

Owner (private or public)

Ministry of Regional Development in partnership with The Ministry of Transport, plus the county councils

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment EUR 120 million

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

110

Country Romania

Region n.a.

Project name Building of a penitentiary

Project description A penitentiary to be made after an Anglo-Saxon model

Destined to be a maximum security prison, with a modular construction, this penitenciary was supposed to be built in Berceni, near Ploiesti and finished in 2013, but no new data are available.

Field of Industry Infrastructure

Owner (private or public)

Justice Ministry

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment n.a.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

111

Country Romania

Region n.a.

Project name Transilvania Highway – 299 km remaining

Project description The building of six sections of the Transylvania Highway. The construction of the Transylvania Highway, which links central Brasov to western Bors on the Hungarian border, began in 2004 with a EUR 2.2 billion contract awarded to U.S. constructor Bechtel. The highway is designed to be 415 kilometers long.

The 64 km section Bors - Suplacu de Barcau of the Transylvania Motorway (A3) will be commissioned in 2013, while the portion of 8.5 km Gilau - Nadasel, which will cost EUR 63 million, will go to tender, according to the strategy of the Ministry of Transport and Infrastructure (MTI).

The design and documentation for the portion Gilau - Nadasel are completed and the execution tender will be launched shortly.

According to the ministry, bidding the other six sections will be based on financial allocations, with the possibility of financing from the Romanina state budget and the European Union.

Field of Industry Infrastructure

Owner (private or public)

The Transport Ministry - public

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment EUR 2.15 billion

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

112

Country Romania

Region n.a.

Project name New underground line project “Line 7 Bragadiru – Voluntari”

Project description Line 7 will be 25 km long and will have 30 stations, a depot and a parking lot. The project will include specific underground line construction works, but also a series of mixed urbanisation projects (residential, commercial, leisure development) associated to the base investment. The project is to be handled to one private partner only.

Metrorex has already signed a consultation contract of 36.3 million lei (8.6 million) for the metro line 7 Bragadiru-Voluntari with PricewaterhouseCoopers Management Consultants Consortium / Pricewaterhouse Coopers Audit / Metro / Salans Moore & Associates SCA.

The Planning Commission of the City Hall gave a principle notice of rule in November 2011, but no new approval has been given since then.

Field of Industry Infrastructure

Owner (private or public)

Public. Ministry of Transport and Metrorex

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment Approx. EUR 2 billion

Profit Ratio The investment will be recovered from the sale of subway tickets and from various retail and advertisement activities set to take place within the subway stations. The price of a ticket will be decided by the Main Line’s operator.

Start Date 2013

End Date 2020 – 2021

113

Country Serbia

Opportunity Metro in Belgrade

Field of Industry Infrastructure

Description Tender for the construction of the first subway line in Belgrade is expected to be announced in 2013.

Country Serbia

Opportunity Water supply upgrade project in Subotica

Field of Industry Infrastructure

Description The EBRD is considering providing a loan of up to EUR 11 million to the City of Subotica, located in northern Serbia, to support the modernization of wastewater and water supply infrastructure in the city. The loan will be used to finance the construction of Collector II, a second water treatment plant and a main water distribution aqueduct in the city, which will complete the wastewater and water supply networks in Subotica. Total project costs are estimated at EUR 29.2 million and the EBRD is expected to pass the final decision on the loan at the end of April 2012.

114

Country Estonia

Region Central Estonia

Project name Construction and maintenance of Kose-Mäo road section

Project description Opportunity to act as a private partner or financier in construction and maintenance of a section of national road connecting Estonian capital city Tallinn with Estonia's second largest city – Tartu, and ending on the Russian border (the Kose-Mäo road section).

Field of Industry Infrastructure

Owner (private or public)

State (owner of the land under the road section)

Other (contracting) party (private or public)

n.a.

Type of Investment PPP, subject to approval by the Estonian Government

Amount of Investment n.a.

Profit Ratio n.a.

Start Date 2013, subject to approval by the Estonian Government

End Date 2016 (end of construction works), after which maintenance period begins

115

Country Lithuania

Region Vilnius

Project name Reconstruction of Vilnius-Utena road

Project description The project is intended to be implemented through a public private partnership. The selected private partner would have to reconstruct and maintain for 25 years approx 61.8 km of the road which connects Lithuanian capital Vilnius with one of the largest cities in north-east Lithuania – Utena. It is planned to announce a tender for selection of the private partner in 2013.

Field of Industry Infrastructure

Owner (private or public)

Public (National Road Administration)

Other (contracting) party (private or public)

n.a.

Type of Investment PPP/Financial

Amount of Investment EUR 35 million

Profit Ratio n.a.

Start Date 2013

End Date n.a.

116

Country Lithuania

Region

Project name Reconstruction of the part of the Via Baltica road

Project description Via Baltica road is one of the main transport corridors in the Baltics connecting Estonia, Latvia and Lithuania. The project is intended to be implemented through a public private partnership. The private partner would have to reconstruct and maintain for 25 years approx 34.5 km of the road. It is planned to announce a tender for selection of the private partner in 2013.

Field of Industry Infrastructure

Owner (private or public)

Public (National Road Administration)

Other (contracting) party (private or public)

n.a.

Type of Investment PPP/Financial

Amount of Investment Approx EUR 100 million

Profit Ratio n.a.

Start Date 2013

End Date n.a.

117

Country Lithuania

Region Vilnius

Project name Upgrade of the existing street lighting facilities of Vilnius

Project description Upgrade the existing street lighting facilities of Vilnius city ensuring their efficient operation and control of lighting levels that meet established safety traffic, environmental and other necessary requirements. The project is intended to be implemented through a public private partnership. Duration of the project is 19 years (including four years for works).

Field of Industry Infrastructure/Energy

Owner (private or public)

Public (Vilnius City Municipality)

Other (contracting) party (private or public)

n.a.

Type of Investment PPP

Amount of Investment Approx EUR 25 million

Profit Ratio n.a.

Start Date 2012

End Date n.a.

118

Country Lithuania

Region Vilnius

Project name Infrastructure project at the main train station in Vilnius

Project description Vilnius city municipality and Lietuvos geležinkeliai, the state-owned railway company, are to start a joint project to develop the infrastructure of Vilnius Railway Station. The project would include an overlay of platforms at Vilnius Railway Station and setting up a parking area, as well as areas for shopping, offices, and recreation. The parties plan to reconstruct access streets to the railway station. An investor would be offered a plot in a busy area in the centre of Vilnius in exchange for an investment, where it could develop and operate retail, parking spaces, and possibly a hotel. An area available for various real estate developers would be approx 40,000 m2. Apart from private investors, the project is to be financed by Lietuvos geležinkeliai, Vilnius city municipality and Lithuania’s state budget, as well as EU funds.

Field of Industry Infrastructure, Real Estate

Owner (private or public)

Public (Vilnius city municipality)

Other (contracting) party (private or public)

Public (Lietuvos geležinkeliai, the state-owned railway company)

Type of Investment PPP/Financial

Amount of Investment n.a.

Profit Ratio n.a.

Start Date 2012-2013

End Date n.a.

119

6. INFORMATION TECHNOLOGY

Country Lithuania

Region

Project name Financial investment in Mokipay

Project description Mokipay, a mobile payment and loyalty platform based on near field communication technology, is raising funds for further development and international growth of the Mokipay platform.

Field of Industry Information Technology

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment

Amount of Investment n.a.

Profit Ratio n.a.

Start Date 2012

End Date n.a.

120

7. LEISURE

Country Estonia

Region

Project name Coffee IN to finance Baltic expansion

Project description Coffee IN, the privately held Estonian chain of coffee shops, is looking to raise EUR 2 million to finance growth in Latvia and Lithuania. It would offer up to a 30% stake in the company in exchange for the investment.

Field of Industry Leisure

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment

Amount of Investment EUR 2 million

Profit Ratio n.a.

Start Date Q1 2012

End Date n.a.

121

Country Lithuania

Region Druskininkai

Project name Snow Arena

Project description Skirnuva Group, the family-owned Lithuanian construction group, is planning to divest Snow Arena, a private year-round winter leisure activities complex. The Snow Arena opened in August 2011, and generates a monthly turnover of approx EUR 600,000. Total investment in Snow Arena stood at EUR 32 million, financed from EU funds, a bank loan, and related companies’ resources. Snow Arena has two indoor skiing slopes open all year, one outdoor slope which starts working when outdoor temperature falls, a snow park for snowboarders, ski rental and ski service, shops, restaurants and bars.

Field of Industry Real Estate

Owner (private or public)

Private (Skirnuva Group)

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment, acquisition

Amount of Investment n.a.

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

122

8. NATURAL RESOURCES

Country Austria / Slovakia / France

Region n.a.

Project name A-TEC Minerals & Metal Holding GmbH / Montanwerke Brixlegg AG

Project description Sale of shares in A-TEC Minerals & Metal Holding GmbH / Montanwerke Brixlegg AG in the course of the insolvency of A-TEC INDUSTRIES AG.

Montanwerke Brixlegg AG is Austria’s only copper producer and one of Europe’s leading smelters. The company operates a copper smelter in Brixlegg and a subsidiary, Kovohuty a.s., in Krompachy, eastern Slovakia. A subsidiary of A-TEC Minerals & Metal Holding GmbH / Montanwerke Brixlegg AG is Gindre Duchavany S.A., a leading European producer of semi-finished copper products, and electrical parts and components.

Field of Industry Natural Resources

Owner (private or public)

A-TEC INDUSTRIES AG (in bankruptcy)

Other (contracting) party (private or public)

n.a.

Type of Investment Strategic Investment

Amount of Investment Approx. 80 – 100 Million

Profit Ratio n.a.

Start Date October 2011

End Date n.a.

123

Country Serbia

Location Name Železara Smederevo

City/Municipality Smederevo

Field of Industry Natural Resources

Type of Investment Financial Investment

Total Land Area (m²) n.a.

Total Buildings Area (m²) n.a.

Description The Government of Serbia bough from U.S. Steel the steel mill in Smederevo in January 2012. The Government of Serbia is currently looking for a potential buyer. The plant has two furnaces and around 5,000 people are employed in the plant.

Country Serbia

Opportunity Oil shale mining in Aleksinac

Field of Industry Natural Resources

Description Government of Serbia is expected to start looking for a strategic partner for oil shale mining in the Aleksinac area in the southeast of the country. The strategic partner will be expected to help Serbia mine oil shale and produce shale-oil and related derivatives. Oil shale deposits in the Aleksinac basin are estimated at over two billion tons, according to a statement from the government and according to preliminary estimates, 500,000 tons to 600,000 tons of shale oil could be produced annually from the Aleksinac deposits.

124

9. REAL ESTATE

Country Austria

Region n.a.

Project name VB Real Estate

Project description ÖVAG has decided to freeze all business dealings of its real estate division (VB Real Estate), its international leasing operations (Volsbank Leasing International) and its large-scale financing unit. The aim is to either sell the aforementioned business fields or slowly whittle them.

Field of Industry Real Estate

Owner (private or public)

Oesterreichische Volksbanken (ÖVAG), the co-operative Austrian bank

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment n.a.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

125

Country Austria

Region Vienna, 22nd district

Project name DC Tower 1

Project description The DC Towers designed by Dominique Perrault will leave a distinctive mark on Vienna's skyline. Standing 220 metres tall, DC Tower 1 will not only be Austria's highest building but also a fascinating new urban landmark. The use of the tower will be characterised by a balanced mix; comprising offices, a hotel, apartments, restaurants and bars, fitness and spa facilities as well as areas for events.

Field of Industry Real Estate

Owner (private or public)

WED Wiener Entwicklungsgesellschaft für den Donauraum AG

Other (contracting) party (private or public)

Not yet known

Type of Investment Sole Ownership

Amount of Investment EUR 330 million

Profit Ratio n.a.

Start Date June 2010

End Date March 2013

126

Country Austria

Region Vienna, 12th district

Project name Forum Schoenbrunn

Project description On one of the historically most important locations in Austria, namely the former Fiat site, in front of the castle park grounds of Schoenbrunn, a new multi-functional office building was recently completed.

Field of Industry Real Estate

Owner (private or public)

BAI Bauträger Austria Immobilien GmbH

Other (contracting) party (private or public)

Not yet known

Type of Investment Sole Ownership

Amount of Investment EUR 45 million

Profit Ratio n.a.

Start Date October 2010

End Date November 2011

127

Country Austria

Region Gerasdorf

Project name G3 Gerasdorf Shopping Resort

Project description Austria’s largest shopping centre built in a single phase - The G3 Gerasdorf Shopping Resort - is located amidst a steadily growing region to the north of Vienna.The shopping centre, retail park and Hornbach DIY store and garden centre form a functional and aesthetically attractive agglomeration of retail space. International flagship stores, high-quality local suppliers and attractive specialised retailers make for a perfect mix.

Field of Industry Real Estate

Owner (private or public)

BAI Bauträger Austria Immobilien GmbH

Other (contracting) party (private or public)

Not yet known

Type of Investment Sole Ownership

Amount of Investment EUR 240 million

Profit Ratio n.a.

Start Date Oktober 2010

End Date Autumn 2012

128

Country Austria

Region Vienna, 22nd district

Project name Bahnhofcity Wien West

Project description Bahnhofcity Wien West is a new multifunctional hub encompassing offices, a hotel and a shopping centre, located right on Vienna’s largest shopping street Mariahilfer Straße.

Field of Industry Real Estate

Owner (private or public)

ÖBB-Infrastruktur Aktiengesellschaft

Other (contracting) party (private or public)

Not yet known

Type of Investment Sole Ownership

Amount of Investment EUR 85 million

Profit Ratio n.a.

Start Date September 2008

End Date November 2011

129

Country Romania

Region n.a.

Project name The ECO project in Ghencea Bucharest

Project description The making of the ECO project in Ghencea Bucharest on 100 ha, which proposes the building of 10,000 residences and the necessary infrastructure.

Field of Industry Real Estate

Owner (private or public)

Ministry of Regional Development

Other (contracting) party (private or public)

Not yet known

Type of Investment PPP

Amount of Investment n.a.

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

130

Country Serbia

Location Name Adice

City/Municipality Novi Sad

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 15131

Total Buildings Area (m²) 0

Location Description The location is just 5 miles from the center of Novi Sad, on the right side of the river Danube. It is planned to make a marina, which is situated only 400 m from the site. The purpose of the individual housing sites (the possibility of obtaining a collective), sports facilities, facilities for catering and tourism, hotels for the elderly and other. Location can get all the necessary infrastructure.

Country Serbia

Location Name Aerodrom

City/Municipality Zemun (Belgrade)

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 130122

Total Buildings Area (m²) 0

Location Description More plot-related in one unit of 18.80 ha. Resizing into smaller parcels or purchase of certain parts is possible. The land is in the first line to the Belgrade-Zagreb highway and the highway it is separated by a green belt. We performed the access road to the site. In addition to this land, has several plot area of 1ha to 5ha in the industrial zone Simanovci multipoint.

131

Country Serbia

Location Name Aerodrom

City/Municipality Surčin (Belgrade)

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 243300

Total Buildings Area (m²) 0

Location Description Several land parcels, away from the highway Belgrade-Zagreb 400m, partly paved road and partly Polish way. Access from the highway. Location can be increased even for 42800m².

Country Serbia

Location Name Apelovac

City/Municipality Niš

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 19583

Total Buildings Area (m²) 0

Location Description The plot is located on the most beautiful and luxurious pots in Nis, the most beautiful view of the entire city. It is 100 m from the Sports and Recreation Centre Cairo City Hospitals exactly 1000 feet from the center (Horse Monument). Land is the north-eastern and north-west side with 2 acres surrounded by greenery and the city no one can build it leaves a beautiful view of the city. Possible the construction of residential and business premises (dwellings, shopping center, hotel, conference rooms-that the City.

132

Country Serbia

Location Name Bankovica brdo

City/Municipality Smederevska Palanka

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 14500

Total Buildings Area (m²) 0

Location Description The plot on the outskirts of the city, area of 1.45ha, just above the high school in nearby a market. Land is registered; the infrastructure has electricity, water, telephone. Land currently used for agricultural purposes. The adjacent land is currently builds the hall.

Country Serbia

Location Name Beleš

City/Municipality Dimitrovgrad

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 2915

Total Buildings Area (m²)

Location Description Work zone is recorded in a suburb recorded on a very convenient location next to next to the regional road and near the highway E 80 and E 70th Rail Road Working directly with the area recorded was brought water and sewerage infrastructure and electrical installation.

133

Country Serbia

Location Name Dobanovci 1

City/Municipality Surčin (Belgrade)

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 8600

Total Buildings Area (m²) 0

Location Description The location is the future Sremska gauze out of the loop Dobanovacki / 200m away from Dobanovackog overpass / location may be increased by 2 900m2 to 10600m2 and more. There is a paved road, water.

Country Serbia

Location Name Doljevačka Petlja

City/Municipality Doljevac

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 44844

Total Buildings Area (m²) 0

Location Description Land complex total area of 44,844 m2, It consists of 20 parcels in public ownership, in addition to the corridor 10 (the main highway E75, and future Regional road R214). Surface of individual parcels are not listed, and parceling out will be made in accordance with the needs of investors. The Concept Plan is a general regulation of land allocation for the purpose of "Industrial Business Services". Apart from this land are planned TS110/35/10KV, and the limb.

134

Country Serbia

Location Name FRA Čačak

City/Municipality Čačak

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 112600

Total Buildings Area (m²) 0

Location Description The area was developed detailed regulation plan by which is scheduled for the economic zone. Currently the area is not built in function of building land. Location is Opslužena urban roads. Radenka Janjic street is the main link with the center of the city and the link with the regional road Cacak - Kraljevo (R-226). Within the subject area, there are hydro technical installations such as: water supply network, Atmospheric and sewerage system. It is necessary to further equip the area of hydro technical installations. The site has existing power and TT installations which have high and low voltage network, as well as the TT installation. It is necessary to further equip the area of power and telecommunication installations. Thermo technical installations in this area are not currently represented. Predicted gasification of the area.

135

Country Serbia

Location Name Gloža

City/Municipality Velika Plana

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 650000

Total Buildings Area (m²) 0

Location Description For this spatial entity that is designated as the working zone was enacted detailed regulation plan 'Gloža' This space is based on the Regional Road-Velika Plana Smederevo and indirectly on the highway Belgrade, Nis through the loop which is of the whole located about 800 m.

Country Serbia

Location Name Gorić

City/Municipality Valjevo

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 210000

Total Buildings Area (m²) 0

Location Description Greenfield site ''Gorić'' is located in an industrial part of town, near the main highway Valjevo-Belgrade, despite the railway Belgrade - Bar. It spreads over 21 ha and it builds on the Brownfield site ''Stefil''. Under the plan the general regualacije planned primarily economic purposes, and mixed residential - commercial purposes. Economy intended mainly for the construction industry, construction, handicraft production, storage, etc. Can be found commercially, utility applications, infrastructure systems. For new commercial buildings shall be determined by environmental conditions. During the construction of new commercial properties are determined by environmental conditions. The location is equipped with infrastructure electricity, water, sewerage and access roads.

136

Country Serbia

Location Name Hotelsko rekreacioni kompleks “Jabukar”

City/Municipality Sokobanja

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 65900

Total Buildings Area (m²) 0

Location Description Sokobanja is located in southeast Serbia, is 30 miles from Corridor 10, 220km from Belgrade, 180 km from Sofia and 60 km of Nis. Sokobanja one of the most attractive addition to Serbian spas and health, there are huge opportunities for development of sports, convention, recreation and rural tourism. The municipality has number of projects that will enable rapid development and attract investors. Locations the total area of 6.59 hectares is located in the center of Sokobanja, along the course of the Morava River.

Country Serbia

Location Name Hotelsko-rekreacioni centar „Podinarija“

City/Municipality Sokobanja

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 1656000

Total Buildings Area (m²) 0

Location Description Sokobanja is located in southeast Serbia, is 30 miles from Corridor 10, 220km from Belgrade, 180 km from Sofia and 60 km of Nis. Sokobanja one of the most attractive addition to Serbian spas and health, there are huge opportunities for development of sports, convention, recreation and rural tourism. The municipality has number of projects that will enable rapid development and attract investors. The location is at a distance of 3 km from the Soko Banja and regional road R121.

137

Country Serbia

Location Name Igma Uljma

City/Municipality Vršac

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 50000

Total Buildings Area (m²) 0

Location Description Location Igma Uljma is located at the main road Belgrade - Vrsac at only 15 km from the city center sites. The location is suitable for the development of SMEs. The location is fully equipped with necessary infrastructure.

138

Country Serbia

Location Name Industrijska zona 'Šepak'

City/Municipality Loznica

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 300000

Total Buildings Area (m²) 0

Location Description Location:-The border crossing with Bosnia and Herzegovina; -1500 m away from the center;-Between M4 and M19; Owner: The Republic of Serbia; Area: Area of the whole area is 82.66 ha, 30 ha of the infrastructure equipment including transport, water supply, sewer system, gas, telephone and internet; Industrial Zone is established in the documents of the GUP, Regional Plan, the Plan of detailed regulation; Plotting of the offer contains a description and plot sizes from 00th 15:16 03.37.66 ha. Moguća ha to the parceling out, depending on your investment. Početna bidding price: 7.2 to 7.4 € / m2; Reliefs on the price there at the state level. Defined by the Decree of the Government of the RS on the disposal of construction land at below market rates. Compensation for construction land: 7.22 € / m2 1 = 100 dinars; - Compensation for land usage: to be paid on a monthly basis. 2011 integral part of the tax on the price. Olakšice there fees for city construction land: -0.3% price discount for each new job but not less than 60% of the total scene. There is the option of paying in installments on maximum of 36 monthly rata. Discount for cash payment of 20%. Note: The value of compensation is adjusted to the CPI in the market on a monthly basis.

139

Country Serbia

Location Name Industrijska zona 'Jezero'

City/Municipality Sremska Mitrovica

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 240000

Total Buildings Area (m²) 0

Location Description It is located close to the regional road Sremska Mitrovica - Sabac and away from the motorway E-70 1.4 km. For this site was created detailed plan of regulation, then there is the possibility of building immediately after receiving the site. State ownership and by the city of Sremska Mitrovica. It is completely equipped with infrastructure: electric power networks: one built MBTS 4.20 kV installed capacity 2 * 630 kV with capacity expansion, if necessary, gas network.

Country Serbia

Location Name Industrijska zona “Sever II”

City/Municipality Sremska Mitrovica

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 150000

Total Buildings Area (m²) 0

Location Description It is located next to the car - the road Belgrade-Zagreb (Corridor X), at 70 km from Belgrade to Zagreb. The total area of this plot is 150.000 m2 (all three plots together, but there is the possibility of parceling). Owner the Republic of Serbia, and the town of Sremska Mitrovica. Location is fully equipped with infrastructure: 1 Water supply network: location is close to the primary circuit section 200 mm, 2 Sewerage system: plans to build networks in the 2010th year, third Gas networks.

140

Country Serbia

Location Name Industrijska zona 'Sever'

City/Municipality Sremska Mitrovica

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 130000

Total Buildings Area (m²) 0

Location Description It is located next to the car - the road Belgrade-Zagreb (Corridor X), at 70 km from Belgrade to Zagreb. The total area of this plot is 130,000 m2 of which has remained free even 23 000 m2. The remaining part is given in the lease but has not yet begun construction on these lots. The owner of the state is the beneficiary of Sremska Mitrovica. Location is fully equipped with infrastructure: 1 Water supply network: location is close to the primary circuit section 200 mm, 2 Sewerage systems.

Country Serbia

Location Name Industrijska zona 'Sever'

City/Municipality Ražanj

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 30625

Total Buildings Area (m²) 0

Location Description Excellent location near the highway E-75, Corridor 10, - Close to major business centers (60km Nis, Krusevac-35km) - Favorable conditions for development of facilities for processing and preserving of fruits and vegetables due to the rural character of the municipality Razanj (49.2 % of population engaged in agricultural production) and neighboring municipalities - In addition to sites undergoing water, sewer and gas pipeline networks.

141

Country Serbia

Location Name Industrijska zona Ečka

City/Municipality Zrenjanin

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 500000

Total Buildings Area (m²) 0

Location Description Sites are located along the regional road Zrenjanin-Belgrade. The bypass around the city passing through the zone, airport Zrenjanin is at a distance of 500m, Novi Sad over a distance of 55km away from Belgrade and 70 km border with Romania is at a distance of 100km. The zone is located in the urban zone of V within the limits of the Master Plan. Complete zone is arranged. The terrain is flat with no depression and no need for any filling.

Country Serbia

Location Name Industrijska zona Prhovo

City/Municipality Pećinci

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 330000

Total Buildings Area (m²) 0

Location Description Location is with the regional road R 104 which is connected to the highway E 70.It is located 30 km from Belgrade. The land is owned by the state and issue the lease for 99 years. Spatial Plan defined it as working zone. Purpose of land construction of commercial buildings. Gas network passes the location. The plan is to build a sewage network in the next year.

142

Country Serbia

Location Name Industrijska Zona Sever Šimanovci

City/Municipality Pećinci

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 125591

Total Buildings Area (m²) 0

Location Description This site is located right along E 70 to 25 km from Belgrade and 15 km from the airport 'Nikola Tesla' in our exclusive work zone in Simanovci. Along the site there is a road that connects to the motorway. At the moment construction works on the sewerage network and gasification of the work zone are taken place. There is a power station which is located 400 m from the location. At the same distance there is a connection to the wireless network and water supply. All four parcels are rectangular in shape and come to an access road. General Plan was made with elements of the detailed regulations for the RZ north where there are lots. The plan includes the construction of purpose-production and commercial complexes! In RZ Šimanovci already operates around thirty new companies. It is mainly on Greenfield investments. So far over EUR 200 million have been invested. Vicinity of Belgrade, the position in the vicinity of the highway E 70, infrastructure, the existence of more than 30 companies that already operate in the zone, all suggest that it is one of the best investment location in Serbia.

143

Country Serbia

Location Name Industrijska zona Subotište

City/Municipality Pećinci

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 14000

Total Buildings Area (m²) 0

Location Description Location is in the working zone Subotište, with the regional road, which is associated with bypass settlements Pećinci and highway E 70th. Distance from Belgrade: 40 km. The land is owned by the state and issue the lease for 99 years. Allocation of land is defined by the Spatial Plan of the municipality and to the construction of commercial buildings. Land is a regular rectangular shape. There are access roads (regional road), access to electricity, water, telecommunications network.

Country Serbia

Location Name Industrijsko Tehnološki Park

City/Municipality Vršac

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 270000

Total Buildings Area (m²) 0

Location Description ITP Vrsac is situated in the South-west, Vrsac, in block 82 with the railroad Belgrade - Vrsac - Timisoara (Romania), on the main road M1.9 Belgrade - Vrsac - Vatin. 15 km away from the Romanian border. The first phase of the development of ITP 6ha infrastructure will be fully equipped and ready land for future investors to September 2010th The infrastructure equipment sites participating municipalities Vrsac partnerina with EU, USAID MEGA program, the Government of the Republic of Serbia and the Executive Council and a fund for capital street.

144

Country Serbia

Location Name Irig 1

City/Municipality Irig

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 15465

Total Buildings Area (m²) 0

Location Description Daily circulation of traffic with the plot is about 30,000 motor vehicles in all categories.

Country Serbia

Location Name Italijanska Industrijska Zona

City/Municipality Inđija

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 275460

Total Buildings Area (m²) 0

Location Description Italian Industrial Zone is one of the first projects of industrialization in Serbia, promoted by private companies Versil Legno. Thanks to the vision and favorable economic conditions in Serbia, set a strong foundation for attracting Greenfield investments and future development of industrial and commercial projects. There are lots for manufacturing and commercial activities. The location is in Indjija (Vojvodina), half way between Belgrade (42 km) and Novi Sad.

145

Country Serbia

Location Name Jagodina 1

City/Municipality Jagodina

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 15500

Total Buildings Area (m²) 0

Location Description The plots are located in the cable factory bb.preko times proizvoda. YUHOR a delicatessen near LLC Aviso in Skopje is approximately two miles from downtown and 1 km from the highway.

Country Serbia

Location Name: KO Kragujevac 4 naselje 'Institut'

City/Municipality Kragujevac

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 17910

Total Buildings Area (m²) 0

Location Description All three sites are located within a large area of soil for the planned rehabilitation of landfills in Jovanovcu. Possible further bids surrounding parcels owned by relatives and acquaintances. The property is located in the vicinity of industrial zones and the highway Belgrade-Kragujevac (under construction).

146

Country Serbia

Location Name Kolonija 1

City/Municipality Kragujevac

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 15440

Total Buildings Area (m²) 0

Location Description Location is in the local community colony, that has mostly high density residential buildings. Defined purpose in PDR is business and residential. In the 1st floor is planned business, and on the other floors residential purpose. Parking of vehicles is planned underground and on the plot. GCA is 48000m2. Necessary infrastructure is nearby the plot, that is in transportation roads that go ALONGSIDE all 4 sides of the plot. Plot has rectangular shape, 159.2m in length and 97m in width.

Country Serbia

Location Name Konjički klub Milenko Nikšić

City/Municipality Čačak

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 260000

Total Buildings Area (m²) 0

Location Description Location equestrian club is located right beside the main road M-22 (M-5) Belgrade-Kraljevo. Access to the site is enabled with Nekategorisanog road which is connected to the main road M-22 and the main Puta. Prostor equestrian club in the near Aeroklub that the Spatial Plan Cacak municipality as provided for civilian airport.

147

Country Serbia

Location Name Nova strateška zona 2

City/Municipality Leskovac

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 162600

Total Buildings Area (m²) 0

Location Description New Strategic Location zone 2 is located in the eastern industrial zone, in the working area 10, building blocks 87, 88, 93, 94, 96 and 58th Utility is partially equipped with the dominant purpose of business. Distance of the complex of M1 road is 1 km from the highway 8 km from the railway station and 1.5 km.

Country Serbia

Location Name Majdanpek 1

City/Municipality Majdanpek

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 30000

Total Buildings Area (m²) 0

Location Description The location is next to the highway M-24-Kučevo Majdanpek and railroad tracks (industrial track) Belgrade-Zajecar. Near the location of the river is flowing Peck. At 300 meters from the site is located in Customs. Ground is covered in and ready for construction of buildings of special importance. The space is intended to build a plant for processing and finalization of ferroalloys (an urban design), other plants, wood-processing industry, and for other purposes.

148

Country Serbia

Location Name Novo Miloševo

City/Municipality Novi Bečej

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 530000

Total Buildings Area (m²) 0

Location Description It is located at 50 m from the main road M-3 and 1.5 km from the railway station "Banatsko Miloševo" field. The zone itself is connected with water supply and sewerage networks, and at 200 m transformer with 1.2 MW free energy and industrial pipeline.

Country Serbia

Location Name Pukovac

City/Municipality Doljevac

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 1000000

Total Buildings Area (m²) 0

Location Description Land complex total free area about 100 pm, It consists of approximately 250 parcels of private property, next to the corridor 10 (the main highway E75, and future Regional road R214). Surface of individual parcels are not specified, but the average range of about 4,000-5000m2. The Regional Plan is the land allocation for the purpose of "Industrial Business Services". Not far from this land are planned TS110/35/10KV and at a distance of about 2000m.

149

Country Serbia

Location Name Radna zona, Guberaš'

City/Municipality Smederevska Palanka

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 500000

Total Buildings Area (m²) 0

Location Description Work zone, Guberas ' is 4 miles from the center of Smederevska Palanka on the regional road R-107 Smed. Palanka - Velika Plana. On the land are possible all kinds of activities and during the preparations for the complete interior. The zone is envisaged Regional Plan for the Municipality. The drafting of detailed regulations for the area.

Country Serbia

Location Name Simanovci 4

City/Municipality Pećinci

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 188000

Total Buildings Area (m²) 0

Location Description More plot-related in one unit of 18.80 ha. It is possible to restructure the land into smaller parcels or purchase of certain parts. The land is in the first line to the Belgrade-Zagreb highway and the highway it is separated by a green belt. We performed the access road to the site. In addition to this land, has several plot area of 1ha to 5ha in the industrial zone Simanovci in several different locations.

150

Country Serbia

Location Name Zlatibor

City/Municipality Čajetina

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 20000

Total Buildings Area (m²) 0

Location Description Land area is 2 hectares, situated 900m from the Zlatibor and 400m from the hotel and main road Zelenkada Uzice - Podgorica. The north and east is bounded by the river Obudovica. On plot no buildings. Electric networks and gas pipelines in the vicinity. Envisages construction of sports facilities and high class hotels.

Country Serbia

Location Name Zona skladišta

City/Municipality Negotin

Field of Industry Real Estate

Type of Investment Financial Investment

Total Land Area (m²) 195000

Total Buildings Area (m²) 0

Location Description Location Zone warehouse is located on the outskirts of Negotin, on the north side of town, the ideal is flat with no slope, close to the road network and railway line, is intended to carry out production and commercial activities, especially for the construction of all types of warehouses.

151

Country Estonia

Region Tallinn

Project name Opportunity to invest into a commercial development in Tallinn CBD

Project description The developer is planning on constructing a hotel and a shopping centre right in the heart of Tallinn city centre. SOK Group grocery chain Prisma is interested in renting the retail premises, negotiations with several hotel operators are being held.

Field of Industry Real Estate

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment

Amount of Investment EUR 15-25 million

Profit Ratio n.a.

Start Date Immediately

End Date n.a.

152

Country Lithuania

Region

Project name Purchase of commercial real estate company

Project description The company owns a 62,800 m2business centre in the new centre of Vilnius. The building consists of 24-storey and 17-storey towers and a six-storey extension.

Field of Industry Real Estate

Owner (private or public)

The subsidiary of the bank under bankruptcy

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment, acquisition

Amount of Investment n.a.

Profit Ratio n.a.

Start Date Q1 2012

End Date Q2 2012

153

Country Belarus

Region Minsk

Project name Development of Minsk 1 Airport area (318 ha) with formation of Business Centre “Minsk-City”

Project description Construction of 3 million m2 of housing with both overground and underground parking area for 22,356 vehicles. The total area of apartments will be 2.3 million m2 with 1.4 million m2 of luxury housing and 0.9 million m2 of economy class housing. Plan of development of Business Centre “Minsk-City” includes the build-up of 36.9 ha with more than 10 skyscrapers installed with administrative facilities of A, B1 and B2 classes. Build-up of 10 ha of the city’s downtown with a complex of business and entertainment oriented facilities. Construction of a great number of parking areas. Construction of three hotels of 5*, 4* and 3* classes (total area 40,000 m2). Construction of shopping and entertainment centres (230,000 m2) with a skating rink, bowling, cafes, stores, various service centres etc. Construction of an 110,000 m2 sports complex.

Field of Industry Real Estate

Owner (private or public)

Public and private

Other (contracting) party (private or public)

Minsk City Government

Type of Investment Financial investment

Amount of Investment Approx EUR 6.6 billion

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

154

Country Lithuania, Latvia, Russia

Region

Project name Sale of facility management company

Project description Sale of shares of a Lithuanian facility management company active in Lithuania, Latvia and Russia.

Field of Industry Real Estate (related services)

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment, acquisition

Amount of Investment n.a.

Profit Ratio n.a.

Start Date 2012

End Date n.a.

155

10. TELECOMMUNICATIONS

Country Latvia

Region

Project name Share purchase of Lattelecom

Project description Lattelecom is a monopoly company in Latvia for providing fixed line phone services, and a major player in the market for provision of internet and TV services. Lattelecom is currently owned by the Republic of Latvia (51%) and TeliaSonera (49%). The Latvian Government intends to privatise all of its shares in Lattelecom.

Field of Industry Telecommunications

Owner (private or public)

Public (Latvian Government)

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment

Amount of Investment n.a.

Profit Ratio n.a.

Start Date Expected to start in 2012

End Date n.a.

156

Country Belarus

Region Minsk

Project name Sale of shares of Mobilniye TeleSistemi (MTS)

Project description Investment into cell operator (acquisition of 51% shares held by the government). MTS is the largest mobile operator in Belarus by subscriber base (over 4.7 million subscribers). 49% is currently owned by OAO “MTS”, Russia. MTS was the second GSM operator to enter the market in 2002.

Field of Industry Telecommunications

Owner (private or public)

Public

Other (contracting) party (private or public)

Belarusian Government

Type of Investment Financial investment

Amount of Investment Approx EUR 758 million

Profit Ratio n.a.

Start Date n.a.

End Date n.a.

157

11. TRANSPORT & LOGISTICS

Country Estonia

Region

Project name Possible privatisation of EVR Cargo

Project description The government is due to finish the separation of its railway company Eesti Raudtee into the cargo operations EVR Cargo and a railway infrastructure operator in 2012. At the moment EVR Cargo is owned by holding company Eesti Raudtee, but will be held directly by the ministry when the separation is completed. The government might consider privatising the separated railway cargo operations.

Field of Industry Transport & Logistics

Owner (private or public)

Public (Estonian Government)

Other (contracting) party (private or public)

n.a.

Type of Investment n.a.

Amount of Investment n.a.

Profit Ratio n.a.

Start Date 2013-2014

End Date n.a.

158

Country Estonia

Region

Project name Possible privatisation of Eesti Post and Estonian Air

Project description Estonian government could consider privatising transport and logistics companies in one or two years

Field of Industry Transport & Logistics

Owner (private or public)

Public (Estonian Government)

Other (contracting) party (private or public)

n.a.

Type of Investment n.a.

Amount of Investment n.a.

Profit Ratio n.a.

Start Date 2013-2014

End Date n.a.

159

12. WHOLESALE

Country Estonia

Region

Project name E.T.V.A. Varuosad

Project description Business purchase of the family owned wholesaler and retailer of spare parts for trucks and trailers

Field of Industry Wholesale/Retail

Owner (private or public)

Private

Other (contracting) party (private or public)

n.a.

Type of Investment Financial investment

Amount of Investment EUR 5 million

Profit Ratio n.a.

Start Date Q1 2012

End Date n.a.

160

REGIONAL INSIGHTS & RELATIONSHIPS

At Wolf Theiss we strongly believe that in a global marketplace, a company that employs a diverse workforce (people of many generations, people from ethnically and racially diverse backgrounds) is better able to understand the demographics of the marketplace it serves, to offer better and more unique perspectives, and thus is better equipped to thrive in that marketplace than a company that has a more limited range of employee demographics.

Taking care of our people is a high priority. We encourage excellence and the exchange of unique perspectives in everything we do. Uniting people in a region and overcoming cultural divisiveness is part of our philosophy. By respecting each other, we have created a unique workplace camaraderie that spills over into our daily lives.

With 13 offices in 12 countries across the CEE/SEE region, we have a highly diverse geographical footprint. Currently, our workforce comprises more than 25 nationalities. Although English is used as the official language of Wolf Theiss, the firm members speak 31 languages. When working on projects, our view is that heterogeneous, multicultural teams consistently out-perform homogeneous teams on a variety of tasks to meet and exceed the expectations of our clients.

We have adopted a mandate for multicultural inclusion where we strive to be a recognized leader, known in both the business community and the profession as an exceptionally integrated firm.

REGIONAL CONTACT WOLF THEISS

Christian Hoenig WOLF THEISS

Schubertring 6 1010 Vienna Austria Tel. + 43 1 515 10 5040 Fax + 43 1 515 10 66 5040 [email protected]

Janis Nordstrom WOLF THEISS

Schubertring 6 A 1010 Vienna Austria Tel. +43 1 51510 3800 Fax +43 1 51510 66 3800 [email protected]

REGIONAL CONTACT SORAINEN

Toomas Prangli SORAINEN

Pärnu mnt 15 10141 Tallinn Estonia Ph: +372 6 400 966 Mob: +372 56 455 595 Fax: +372 6 400 901 [email protected]

161

CONTACT

Albania Tel.+355 4 2274 521 E-mail: [email protected]

Austria Tel.+43 1 515 10 E-mail: [email protected]

Bosnia & Herzegovina Tel.+387 33 296 444 E-mail: [email protected]

Bulgaria Tel.+359 2 8613 700 E-mail: [email protected]

Croatia Tel.+385 1 4925 400 E-mail: [email protected]

Czech Republic Tel.+420 234 765 111 E-mail: [email protected]

Hungary Tel.+36 1 4848 800 E-mail: [email protected]

Romania Tel.+40 21 308 81 00 E-mail: [email protected]

Serbia Tel.+381 11 330 29 00 E-mail: [email protected]

Slovak Republic Tel.+421 2 591 012 40 E-mail: [email protected]

Slovenia Tel.+386 1 438 00 00 E-mail: [email protected]

Ukraine Tel.+380 44 4985 225 E-mail: [email protected]