PRIVATE EQUITY

1
PRIVATE EQUITY

• PENTA INVESTMENTS

Company presentation for PETRAM promet d.o.o.
1.10.2008.
2
Penta at a glance
ABOUT US KEY FIGURES INVESTMENTS CONTACT
Corporate goals

• We are a Central European investment group
  specialising in private equity and real estate
• Penta was established in 1994 as a securities
  trader. In 1997, Penta has started to invest in
  private equity and in 2005, identifiing new
  opportunities, added real estate as a new
  business line
• From less than 5 employees at the beginning,
  Penta has grown to the current 200 employees in 5
  offices (Bratislava, Limassol, Moscow, Prague,
  Warsaw)
• Being one of the major employers in the region,
  we provide more than 20 000 jobs in our
  portfolio companies

• Maintain long-term ROE (Return On Equity) of at
  least 25
• Increase our equity to EUR 3 billion by the end
  of 2012
• Enjoy what we do and share the enjoyment with our
  employees

3
Operational structure
ABOUT US KEY FIGURES INVESTMENTS CONTACT
PENTA INVESTMENTS
SHARED SERVICES
HR, PR, IT, Legal, Finance
REAL ESTATE
PRIVATE EQUITY
Partners
Partners
Project Directors
Investment Directors
Project Managers
Investment Managers
Project Consultants
Investment Analysts
4
Holding structure
ABOUT US KEY FIGURES INVESTMENTS CONTACT
PARTNERS
PENTA HOLDING
Portfolio companies
5
Partners
ABOUT US KEY FIGURES INVESTMENTS CONTACT

• Marek Dospiva
• is a Penta co-founder. He is a graduate of the
  Moscow State Institute of International Relations
  and Beijing University, where he studied
  international relations and the Chinese language.
  He manages and develops the portfolio of private
  equity and real estate investments as
  restructuring and business development of Aero
  Vodochody, the aviation company, or the expansion
  of Zabka, originally Polish retail chain, to
  other CEE markets.

Jaroslav Hacák is another Penta co-founder.
Currently he holds a position of Managing Partner
for all management companies, along with
continuation of investments dealing. He is a
graduate of the Moscow State Institute of
International Relations and Beijing University.
He oversees all Penta health-care investments,
and the investment in PPC Power, the cogeneration
power plant.
Martin Kúik The third Penta co-founder. He is a
graduate of Charles University in Prague and the
Universidad Complutense Madrid, where he studied
law and economics. He managed a successfull LBO
of Severomoravske vodarny a kanalizace, currently
he deals with Fortuna expansion, and telco
investments as Mobilkom UFON and Stream in
Poland.
Jozef Oravkin became a Penta partner in 1998.
Currently he holds a position of Managing Partner
for Penta Real Estate division, nevertheless he
deals with private equity investments as well. He
is a graduate of the Moscow State Institute of
International Relations and Teheran University.
He oversees Privatbanka development and stakes in
Slovalco, ZSNP, the aluminium plants.
Jozef pirko joined Penta as a partner in 2002.
He is a graduate of the Slovak University of
Technology in Bratislava. He manages the
consolidation and restructuring of meat
processing holding in Central Europe, Debrecen
and Mecom Group. He has been involved in the
restructuring of ZSNP.
6
Senior investment professionals
ABOUT US KEY FIGURES INVESTMENTS CONTACT
Peter Benedikt Graduated from the University of
Economics in Bratislava and started working for
Penta in September 1998. He manages Privatbanka
and Pro-Care, a development of medical centers in
Slovakia.
Jozef Janov is a Local Managing Partner in
Warsaw. He graduated from the University of
Economics in Bratislava and the Martin-Luther
University in Halle-Wittenberg, Germany, where he
studied international business. Jozef has been
working for Penta since 2003 and is currently
overseeing the Zabka retail chain development and
Pentas activities concerning the privatization
of the Prague airport.
Zdenek Kubát Graduated from the Agricultural
University in Brno, joined Penta in January 2002.
Zdenek is responsible for the successful
restructuring and business development of Aero
Vodochody, one of the worlds largest producers
of military-training aircraft, as well as
aircraft and helicopter components. He also works
on the preparation of Vodochody airport, with the
ambition of being the second airport for Prague.
Jaromír Babinec Graduated from the Technical
University in Brno. In 1999, he completed an MBA
program at INSEAD, France. Jaromir has been
working with Penta since August 2007. He is
currently managing the MediClinic investment, a
development of a network of medical centers in
the Czech Republic.
7
Senior investment professionals
ABOUT US KEY FIGURES INVESTMENTS CONTACT
Marek Ondrejka is the Local Managing Partner in
Moscow. He graduated from the Faculty of Finance
at the University of Banská Bystrica and has been
working with Penta since 2000. He manages MVNO, a
start-up mobile operator in Poland, and is in
charge of several ongoing acquisitions in the
Russian Federation.
Martin tefunko Graduated from the University of
Economics in Bratislava, from which he holds a
PhD. Martin joined the Penta team in 2001. He
actively managed the successful LBO of SMVAK
(water and sewage) from 2004 to 2006. Currently
active in the expansion of Fortuna, as well as
the Dr.Max pharmacy chain. He also managed the
acquisition of Gimborn, a pet food manufacturer
in Germany.
Michal Tománek Graduated from the University of
Economics in Prague and the London Business
School. He joined Penta in March 2007. Michal
deals with Stream, Pentas telco investment in
Poland, as well as other investment opportunities
on the Polish market.
Eduard Maták Graduated from the Faculty of
Economics in Banská Bystrica and has been working
with Penta since December 2002. He manages
several health-care investments, such as the
expansion of the Alpha-Medical laboratories chain
and the Dovera health insurer. Eduard has
initiated Pentas entry into the meat processing
industry and is actively participating in further
acquisitions in this area.
8
Penta key figures (2007)
ABOUT US KEY FIGURES INVESTMENTS CONTACT

• Consolidated profit (IFRS) EUR 105 mil.
• Equity (IFRS) EUR 590 mil.
• Equity internal valuation EUR 1,2 bil.
• Total assets EUR 1,7 bil.

9
Private equity investments
ABOUT US KEY FIGURES INVESTMENTS CONTACT

• Investments through an evergreen fund, controlled
  by our 5 partners sole shareholders.
• We focus on buy-outs of companies with growth
  potential, plus start-ups to a minor degree
• In 20002002, Penta has internally restructured
  and modified its processes to comply with
  world-wide private equity standards
• Our target equity investments are in the range of
  EUR 100250 million per deal
• Since 2000, our investments have recorded average
  IRR of 50
• In 2007, our portfolio companies reported a
  consolidated revenue of 1,3 bil. EUR

10
Offices and employees
ABOUT US KEY FIGURES INVESTMENTS CONTACT
Czech Republic Prague
Slovakia Bratislava

• 3 Partners
• 13 Investment professionals

• 2 Partners
• 14 Investment professionals

Poland Warsaw
Russia Moscow

• 1 Local Managing Partner
• 4 Investment professionals

• 1 Local Managing Partner
• 3 Investment professionals

Cyprus Nicosia/Limassol

• Administrative Office

11
Portfolio by country
ABOUT US KEY FIGURES INVESTMENTS CONTACT
Assets (2008)
Bulgaria (1)Croatia (1)Germany (1)Hungary
(1)Romania (1)Russia (1)United Kingdom
(1)Ukraine (1)
More than 50 investments. 16 successfull exits.
12
Strategy highlights
ABOUT US KEY FIGURES INVESTMENTS CONTACT
Corporate strategy
Investment strategy

• Penta has started its transformation from local
  to European company through international
  expansion and constant human resources
  improvement
• Determination to improve our processes and their
  execution
• We want to preserve unique corporate culture,
  while supporting the team spirit and
  knowledge-sharing within our organisation
• To meet strategic goals, our territorial
  expansion demands new capital resources

• We believe in flexibility and positive
  opportunism
• No time to time reporting only, but real hands-on
  approach to value creation
• Being accountable requires a majority interest

13
Differentiating criteria
ABOUT US KEY FIGURES INVESTMENTS CONTACT
Real hands-on
Positive opportunism
Investment team

• no industry preference or bias
• flexible decision making key decisions in 3
  days when necessary
• ability to change standard procedures when
  commercially justified
• no transactional specialisation

• 12 seniors
• 12 juniors
• external industry expert

Focus on

• IC strategy business plan
• selection of top management and its coaching and
  development
• active decision-making with significant impact on
  value creation

IC top management
Comprehensive motivation package
Attention and evaluation

• top salaries
• KPI-based bonus
• co-investment
• exit fee

• mentoring
• assessment
• development

14
Our approach to value creation
ABOUT US KEY FIGURES INVESTMENTS CONTACT
Investment criteria

• We put emphasis on ICs top management in terms
  of focus and motivation
• We are personally engaged in value creation using
  a hands-on approach rather than mere speculation

• minimum of 30 IRR (Internal Rate of Return)
  required from every investment
• average Enterprise Value of EUR 150 million
• we have no limits in timing the exit if the
  company has significant growth potential

15
Corporate governance in our investment companies
ABOUT US KEY FIGURES INVESTMENTS CONTACT
Penta
Board of Directors
Management

• financial stability through provision of
  efficient financing processes
• appoints and evaluates the board and performance
• oversees strategic development
• decides on exit process, mergers and acquisitions

• top level preparation from the very first day
• day to day operations
• free in operational decision-making
• reports to the board

• industry experts involved
• real hands-on approach during the initial period
• defines and approves strategy and budget
• deciding issues of significant importance on
  value creation
• day to day assistance in providing domestic and
  international networking
• decides on changes in management

16
Past investments by industry
ABOUT US KEY FIGURES INVESTMENTS CONTACT
17
Current investments by industry 1/2
ABOUT US KEY FIGURES INVESTMENTS CONTACT
18
Current investments by industries 2/2
ABOUT US KEY FIGURES INVESTMENTS CONTACT
19
Contact information
ABOUT US KEY FIGURES INVESTMENTS CONTACT
Name Surname Position
Penta Investments, s.r.o Krikova 9 811 04
Bratislava 1 Slovak Republic
TEL. [phone] FAX [phone]
054 E-MAIL penta_at_pentainvestments.sk
www.pentainvestments.com