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BAC

BAC. Company Presentation September 2006. Contents. Balkan Advisory Company Overview BAC Service Lines BAC References . Overview.

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BAC

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  1. BAC Company Presentation September 2006

  2. Contents • Balkan Advisory Company • Overview • BAC Service Lines • BAC References

  3. Overview • Whether you are participating in a privatization tender, acquiring a private company, starting a green-field project or joint venturing with a local company, you have to structure and execute the most efficient, timely and highest value strategy. Across the Balkans, Balkan Advisory Company consultants have advised on more than 150 transactions in both sell-side and buy-side situations across various industries and sectors. Company Background • Established in 1998 as the investment banking arm of Europa Capital Management (ECM), a leading CEEuropan asset management house. • Spun-off from ECM by the current principals in October 2000 • BAC’s main office is located in Sofia. There are three regional execution offices in Belgrade, Bucharest and Skopje • BAC has business development offices or associates in Athens, London, Madrid and Connecticut-U.S.A

  4. Overview Competitive Advantages • Extensive accumulated investment banking experience in European emerging markets • Experienced staff recruited from Tier-1 consulting firms and investment banks • Combination of extensive Western expertise and local presence and hands-on experience within South-Eastern Europe • In-depth understanding and knowledge of Bulgarian accounting and financial practices and how they relate to IAS/GAAP standards • Excellent knowledge of local transaction conditions, procedures and customs • Local networking, contacts and relationships • Local infrastructure, permanent presence and persistency • Unmatched execution track record • Customized and focused financial transaction-oriented advice to Governments, multinationals, local corporates and international & local portfolio investors

  5. Service Lines • We provide services in three major service lines: Privatisation and M&A Utilities and Project Finance Financial Institutions & Capital Markets • Deal screening • Transaction structuring • Preparation of investor documentation • Pre-bidding due diligence • Company valuation • Preparation of privatization offers • Liaison and negotiation with relevant authorities • Assistance in negotiations with owners/managers of the targets • Support during closure of privatization and M&A transactions Sectors: • Electricity generation and distribution • Gas and oil pipeline construction • Airport construction and concessions • Road construction and rehabilitation • City water supply & distribution • Waste management • Telecommunications Services: • Feasibility studies • Financial structuring • Research and potential projects follow-up • Bank financial and operational due diligence and valuation • New sovereign, municipal and corporate debt & equity issuance • Sovereign and corporate debt restructuring • Debt-to-equity and debt-to-tax swaps • Debt buy-back • Fixed income strategies • Fund management • Exotics receivables • Other - real estate

  6. Privatization Advisory Services (sell-side) BAC covers the full spectrum of sell-side advisory services for banks: Phase I Phase II Phase III • Preparation • General support and project management • Transaction planning and strategy • Due diligence • Financial • Legal • Operational • Market Analysis • Review of legislation and regulation • Sale plan • Transaction • Valuation • Preparation of teaser and Information Memorandum • Transaction documents • Marketing strategy • Investor Contact • Tender Process • Investor relations and correspondence • Data Room • Bid evaluation • PR and relations with local and international media • Completion • Assistance in negotiations • Support in transaction closing

  7. Privatisation Advisory Services (buy-side) BAC covers the full spectrum of buy-side advisory services for banks: Due diligence Valuation Offer preparation and negotiations support Services General support and project management Purpose Complete the project goals when and as required Provide key insights for go/no go decision and for future negotiations Estimate range of values for the target and for the expected return Assure successful bidding and negotiations completion • Manage the acquisition team including the Client's dedicated personnel, legal advisors and auditors • Prepare all official correspondence • Arrange and schedule visits to the Companies, the Privatisation Agency and other relevant bodies and stakeholders • Ensure positive media coverage of the intentions of the potential investor • Provide local administrative support • Verify main items of the P&L Account, Balance Sheet and Cash Flow Statement • Analyse all contingent liabilities & commitments and perform a full taxation compliance review • Summarise the key operational results and the status of the key assets of the Companies • Asses the impact of the issues identified in the legal and operational due diligence on the company’s future operations • Develop a valuation model to incorporate the major risk areas identified during the due diligence phase • Estimate the Companies’ revenue generating potential, capital investment needs and future cash flow levels under different scenarios • Identify high impact negotiations factors • Provide a range of values and suggest an initial bidding price for the Companies • Assist in the preparation of the offer • Analyse the decision making process and propose a relevant communication strategy for each decision maker • Research the strategy, the strengths and weaknesses of other possible bidders for the Companies using all available legitimate sources of information • Support in closing negotiations • Post-acquisition advice Activities

  8. BAC References – Bulgaria

  9. beer BAC References – Bulgaria

  10. BAC References – Bulgaria oil & energy, petrochemicals food processing mining and smelting glassworks

  11. BAC References – Bulgaria

  12. Pharmaceuticals BAC References – Serbia

  13. Perfumery and Cosmetics BAC References - Serbia

  14. cement BAC References - FRY of Macedonia

  15. BAC – International Press Coverage In May 2004, BAC was a joint lead manager on the 30 million Euro corporate bond of the Bulgarian State Railways. The well-structured transaction was in the prestigious Euroweek (first page) and in IFR.

  16. BAC Team – Previous Experience BAC consultants have worked for first-class employers in consulting, investment banking and other institutions*... Consulting and Auditing Investment Banking Other * Incorporates only the experience of the current BAC consultants

  17. BAC Team – International Exposure ...have worked and lived in countries across Europe and North America*... Belgium Netherlands Germany Canada Ukraine U.S.A Romania Bulgaria United Kingdom Spain Greece Serbia Macedonia * Incorporates only the experience of the current BAC consultants

  18. BAC Staff - Educational Background ... and have studied and obtained advanced degrees and professional accreditation from North American and European business schools and associations North America Europe

  19. BAC Senior Management

  20. Contact Info Balkan Advisory Company Sofia Office 87 Stamboljiski Blvd., 1st Floor 1303 Sofia, Bulgaria Tel: (+359 2) 981 2724; 980 3954 Fax: (+359 2) 981 7200 GSM: (+359 889) 626 741 E-mail: vladimir@bac.bg E-mail: alex@bac.bg Belgrade Office Terazije 27/I, 11000 Belgrade, Serbia and Montenegro Tel/Fax: (+381 11) 324 6913, 324 6900 GSM: (+381) 63 395 213 E-mail: radmila5@yahoo.com For further information you may also visit our website: www.bac.bg

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