A short commercial video to promote one of Bratislava Greenfields' development project in the Capital of Slovakia.

1. BRATISLAVA AIRPORT CITY
Presentation for Prospective Co-Investors
May 2010

2. Executive Summary
• Bratislava Greenfields (the “Company”) is managed by Reform Capital a regional investment
management company and Realiz a Slovak developer and financed by international institutional
investors
– four existing land aggregation and real estate development projects in Bratislava
– total equity capital commitment approximately US$ 220M, plus bank financing
– total land holding approximately 320 ha, with € 150 M invested to date, in land and engineering
• The Bratislava Airport City project is part of the Company’s core strategy in land aggregation and
improvement, prior to its sale to developers or final users
– land holding of approx. 43 ha, purchased in stages from individual owners since 2007, as arable land
– master plan prepared by international airport design bureau, approved by local municipality
– change of zoning scheduled for 1H2009 as part of the upcoming change of the city’s zoning plan
– strategic location between runways of the Bratislava airport (so called 4th quadrant)
• The project takes advantage of the growth potential of the Bratislava airport
– one of the most underdeveloped airports in the Central and Eastern European ("CEE") region, owing to
cancelled privatization in 2006 and limited government investment to date
– steady growth of passenger and cargo traffic due to Slovakia’s recent economic acceleration,
foreign direct investment in the country and Bratislava’s increasing role as secondary airport for Vienna
– improved road infrastructure (e.g. new motorway to Vienna) is increasing the airport’s catchment area
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3. Company Objectives
• The Company is seeking strategic and/or financial partners to take the project to the next stage, e.g.
through joint ventures ("JV") aimed at developing various functions envisaged by the master plan
– whilst outright exit would be preferable, the Company management and the sponsors are cognizant of
the financial restraints imposed on developers and airport operators by the global economic downturn
– the Company would consider contributing the land in a JV with an investor bringing cash and relevant
technical and/or marketing know-how, with a view to exit together upon completion of the project
• Key functional use envisaged by the master plan reflect local and regional demand trends as well as the
local conditions and advantages of the site
– cargo terminal and hangars: large recent foreign direct investments ("FDI") in Slovakia, limited cargo
capacity at the nearby Vienna airport, very restricted hangar capacity in Bratislava (just three hangars
today despite high demand)
– logistics / warehousing: connection to the D1 motorway directly from the site, proximity to city center
– aircraft repair and servicing: runway capacity far in excess of current traffic, significant demand for
aircraft maintenance capacity in Europe, cheap and technically educated local workforce
– B-class offices: proximity to Bratislava city center, limited availability of office space at the airport
– retail and multifunctional centre: proximity of densely populated local borough of Vrakuňa
• We believe that the value of the project will increase significantly when the Slovak government revisits
privatization of the airport (likely after the elections in mid-2010)
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4. Yields and Rents in Selected European Countries
Prime Yields, 1Q 2010 (€ per SQ M Month) Prime Rents, 1Q 2010 (€ per SQ M PM)
Office Industrial Source: www.cbre.com Office Industrial Source: www.cbre.com
16,00 60,00
14,00 50,00
12,00
10,00 40,00
8,00 30,00
6,00 20,00
4,00
2,00 10,00
0,00 0,00
Average Warehouse Rents, 2009
(€ per SQ M PM) Source: Market Research, 2009
Colliers International
12
10
8
6
4
2
0
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5. Slovakia – Selected Macroeconomic Indicators
GDP Growth (%) Unemployment (%)
15 20
10
15
5
10
0
-5 2003 2004 2005 2006 2007 2008 2009 5
-10 0
2003 2004 2005 2006 2007 2008 2009
Inflation Rate (%) Net FDI (US$ bn)
10 5
8 4
6 3
4 2
2 1
0 0
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008
Source: www.statistics.sk
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6. Project Location – Region Context
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7. Project Location – Local Context
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8. Flight Times and Distances
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9. Bratislava Airport – Statistics
Passengers Aircraft Movements
2 500 000 40 000
35 000
2 000 000
30 000
1 500 000 25 000
20 000
1 000 000
15 000
10 000
500 000
5 000
0 0
• Bratislava airport has steadily increased passenger numbers and aircraft movements despite minimal
investment in infrastructure
– construction of new civil aviation terminal with capacity of 5 million passengers per annum has begun in
late 2008 and is scheduled to be completed in March 2012
– the airport lacks modern warehouse and logistics facilities, resulting in rental rates that are twice as high
as in the rest of Europe Source: www.airportbratislava.sk
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10. Bratislava Airport – Statistics (continued)
Cargo (tons loaded and unloaded)
14 000
12 000
10 000
8 000
6 000
4 000
2 000
0
• Handling of cargo has been restricted by small capacity of the airport which has deterred prospective
operators from (re)locating their businesses to Bratislava
– the airport's 4th quadrant (an area where the Company’s land is located) is the only part of the airport
site where a meaningful expansion of cargo and logistics (in addition to other functional uses) can be
situated
Source: www.airportbratislava.sk
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11. Project Managers
• The Airport City project is managed by the regional investment firm Reform Capital, in a joint venture
with a Slovak developer and land aggregation specialist Realiz
Reform Capital (www.reformcapital.com) is an investment management firm focused on special
situation investment opportunities in Emerging Europe. With offices in Prague, Bratislava and
Wroclaw, Reform Capital has over US$300 million of equity capital under management provided by
REFORM international institutional investors. Reform Capital was founded in 2003 by former investment
bankers, Marek Chatrný and Martin Drázský, with 16 years of combined experience on Wall Street
CAPITAL and in the City of London. Reform Capital focuses on land development, distressed debt investing
and opportunities in the power generation and utility sectors. Within the Bratislava Greenfields
venture, Reform Capital is primarily responsible for fund raising, financial controlling, investor
reporting, engineering, sales and marketing.
REALIZ (www.realiz.sk) is a Slovak real estate developer created by combining the activities of
several companies involved in land acquisition, which have completed a number of individual
projects on the territory of the Bratislava region. The company has undertaken pioneering work in
implementing land buy-outs and land mergers for residential and other types of development. The
company is also focusing on a project in the data center sector and is working on a racing circuit
project. Realiz was founded and is managed by Andrej Brna. Within the Bratislava Greenfields
venture, Realiz is primarily responsible for land buy-outs, land merger, sales and marketing and new
project origination.
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12. Reform Capital Management
• Reform Capital managing partners have extensive principal investment and financial advisory experience
from leading investment banks in Central Europe.
Marek Chatrný is a Managing Partner of Reform Capital. Prior to founding Reform Capital in early
2003, Marek was a Director in the Restructuring Group of Lazard Frères & Co. in New York (1998-
2003). Prior to that he worked at Credit Suisse First Boston in New York and London in the M&A and
Energy Groups (1995-1998) . Marek has been involved in numerous corporate finance advisory and
restructuring assignments in Eastern and Western Europe, United States and South East Asia.
Marek holds MS degree in Mechanical Engineering from the Technical University of Brno, and MBA
from The Wharton Business School.
Martin Drázský is a Managing Partner of Reform Capital. Prior to founding Reform Capital in early
2003, Martin was a Director in the Equity Capital Markets Department at Credit Suisse First Boston in
London (1994-2003) where he focused on public equity offerings in Emerging and Western Europe,
across a variety of industries. For example, he led the IPO execution of leading entrepreneurial
companies in the CEE region, such as Prokom Software, Agora and EFL. Prior to that, Martin worked
for the IFC (part of World Bank Group) in Prague (1991-1992).
Martin holds MS degree in economics from the Prague School of Economics and MBA from London
Business School.
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13. REALIZ Management
Andrej Brna founded REALIZ, a company specializing in land aggregation in Slovakia, in 2000. With
this company, he has successfully completed various projects, including for example land aggregation
in Bratislava – Zahorska Bystrica, with 900 individual land owners. He has sold this project for € 30M.
Nowadays REALIZ provides complex services including land acquisition, preparation and realization of
real estate development projects in Central and Eastern Europe. In 2006, he co-founded Opera a.s., a
real estate development company where he held the position of vice chairman of the board of
directors. Subsequently, Opera a.s. was divided and Andrej is now working as chairman of the board
of REALIZ, a.s.
Andrej attended the Faculty of socio-economic relations at the University of Alexander Dubcek in
Trencin and University of Nuclear Physics in Bratislava.
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14. Project Status – Land Ownership
• Bratislava Greenfields currently owns 43,26 ha of land in the area
• We are preparing to initiate a „land merger“ process, which will allow reconfiguration of
the site (to be completed in mid -2011)
– Slovak law allows the owner of 2/3 of a fragmented land area to relocate minority owners’ parcels such
that the maximum number of owners end up with continuous plots and adequate reserve is provided for
future roads and infrastructure
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15. Project Status - Rezoning
• The site is currently classified as agricultural land and has to be rezoned to become buildable
• Bratislava Greenfields has secured the services of a leading urban design firm Faber Maunsell|AECOM,
with experience in airport design, to create the master plan for the area
• The master plan was approved by the local borough and all relevant institutions in 1H2009 and is included
in the package of projects to be voted upon by the Bratislava city assembly in 1H2009, as one of the
amendments of the city’s spatial zoning plan
Note:
in order to clarify the
proposed functioning of
the area in the context of
the re-zoning process, the
master plan covers the
entire 4th quadrant of the
airport, including plots
owned by other owners
than 4. kvadrant s.r.o.
(Bratislava Greenfields),
namely neighboring land
owner / developer F&P
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16. Proposed Master Plan Layout
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17. Proposed Master Plan Rendering
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18. Proposed Master Plan Rendering (continued)
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19. Expected Final Customer Mix
• Aircraft repair & maintenance
- excellent location enabling advantageous flight distances from anywhere of Western & Eastern Europe
- no problem with airport capacity or time slots
- low labour costs, but highly qualified staff available
• Express mail and similar services
- excellent location and no problem with airport capacity
- excellent connection to regional highways
- opportunity to serve Vienna and the Austrian market as Vienna is a just 30-minute drive away
• Fast turn & high value distribution centers
- Central Europe became important production base for international electronics, PC, car and other
manufacturers (e.g. largest European factories of Samsung & Sony are 40-80 km away, there are 3 car
manufacturers in Slovakia, large PC assembling factories are in Czech Republic and Poland etc.)
- most needs are now served by Vienna airport which however charges high rates and has capacity constraints
• Labour intensive services
- the site is ideal for express service facilities or other airport services & light industry
- the site is close to the city, and easily accessible by prospective work force
- labour costs are approx. 5x lower than in Western Europe but Slovak work force is qualified and reliable
– government subsidies are available when increasing employment or investing higher amounts
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20. Proposed Phasing - Construction Phases
Bratislava Airport – 4th Quadrant
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21. Proposed Phasing - Preparation Phase
2012
• II/572 – Bypass
road, 1100m length
• New Sewer Collector
• Site Services
• Service Road, 926 m
length
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22. Proposed Phasing - Construction Phase I
2013
• Cargo
• Aircraft Maintenance
• Distribution/
Warehouses
• Related surfaces
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23. Proposed Phasing - Construction Phase II
2017
• Cargo
• Aircraft Maintenance
• Distribution/
Warehouses
• Retail
• Offices
• Related Surfaces
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24. Proposed Phasing - Construction Phase III
2021-2025
• Retail
• Offices
• Science/ Technology
• Related Surfaces
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25. Contact Details
Martin Drázský Marek Chatrný
Managing Partner Managing Partner
Reform Capital s.r.o. Reform Capital s.r.o.
Betlémské nám. 6 Betlémské nám. 6
Prague 1, Czech Republic Prague 1, Czech Republic
Tel: +420 222 101 552 Tel: +420 222 101 551
Fax: +420 222 101 550 Fax: +420 222 101 550
Cell: +420 736 680 427 Cell: +420 736 680 200
Email: martin.drazsky@reformcapital.com Email: marek.chatrny@reformcapital.com
Andrej Brna Michal Smolec
Managing Partner Project Manager
REALIZ a.s. Reform Capital Slovakia s.r.o.
Ružová dolina 25 Tomášikova ul. č.. 64
821 09 Bratislava 831 03 Bratislava, Slovak Republic
Slovak Republic Tel.: +421 2 3228 2228
Tel.: +421 2 2090 2810 Fax: +421 2 3228 2210
Fax: +421 2 2090 2747 Cell: +421 911 666 103
Email: andrej.brna@realiz.sk Email: michal.smolec@reformcapital.com
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