J & T GROUP : BUSINESS S TRUCTURE – KEY S EGMENTS OVERVIEW

2. J&T GROUP: BUSINESS STRUCTURE – KEY SEGMENTS OVERVIEW J&T FINANCE GROUP – ASSETS BY SEGMENT Total assets (2006)SKK 89 bn (EUR 2.3 bn) Equity (2006) SKK 14bn (EUR 432 mn) BANKING CORPORATE INVESTMENTS REAL ESTATE SERVICES • Banking • Private banking • Trading on financial markets • Energy • Engineering • Meat processing • Multifunctional projects • Hotels and tourism • Office space • Logistics and industrial parks • Residential projects • Air transportation • Health care • Sports • Media

4. Le Royal Méridien Logistický park Trnava - PSA REAL ESTATE: STRATEGY AND BASIC PARAMETERS PETER KORBAČKA Partner of the J&T Group Responsible for Real Estate Investments in projects over the past 5 years: EUR 154 mn. Investments planned for the next 5 years (projects under preparation): EUR 1.2 bn. Total area developed over the past 5 years: 200,000sq m Area planned to be developed in the next 5 years: 500,000 sq m DUŠAN PALCR Partner of the J&T Group Responsible for Real Estate in the Czech Republic

5. REAL ESTATE • Investments into completed real estate projects have exceeded EUR 345 million, and developed an area over 200,000 m2. • Hotels, tourist centres, new multifunctional city sections, industrial parks, luxury apartments – J&T is one of the largest developers in the territory of the former Czechoslovakia. • Current projects contributing to the development of the High Tatras region and the cities of Prague and Bratislava. Planned future entry into the Russian market and other countries of the former eastern bloc – an ambitious, but realistic, objective. HOTELS AND TOURISM RESIDENTIAL PROJECTS MULTIFUNCTIONAL PROJECTS OFFICE SPACE LOGISTICS AND INDUSTRIAL PARKS Selected projects: • Kempinski Hotel River Park (Bratislava) • Hotel Crowne Plaza (Bratislava) • Grand Hotel Kempinski (High Tatras) • Le Royal Meridien (Prague) • TLD (Tatra's Cableways) Selected projects: • Karloveské rameno (Bratislava) • Residence Jeseniova (Prague) • Residence Jeseniova II (Prague) • Selected projects: • River Park (Bratislava) • Zuckermandel (Bratislava) ___________________ Planned projects: • Rustonka (Prague) • Panorama City (Bratislava) • Tower City (Prague) Selected projects: • Trnava • Bratislava • Trenčín • Poznan Selected projects: • Westend Business Park (Bratislava) • Tower 115 (Bratislava) • Prosek Point (Prague) • Javor (Prague)

7. APARTMENTS | OFFICES | HOTEL | RESTAURANTS | RETAIL OUTLETS | RELAXATION RiverPark The panorama of Bratislava will soon be enriched by a complex called River Park. The cornerstone of this ambitious project was laid on 30th May 2006 and is from the drawing board of world-renowned Dutch architect Erick van Egeraat. This complex will revitalize an embankment that had been long-neglected whilst also removing the barrier between town and river. This new feature of Bratislava will become the sought-after venue for business meetings, and will also be an attractive recreation zone for all Bratislava citizens. The individual zones will offer something for everybody – lucrative office space, a stunning business mall, and a five-star Kempinski Hotel complete with fitness suite. The complex will also include 176 luxurious apartments and 32 exclusive suites, all with a view of the Danube. Consequently, visitors to the town will be able to engage in an array of activities and derive energy from the gently flowing river, all just a few minutes from castle hill. River Park, Bratislava • Overall floor space 150 000 m2 • Floor space above ground 110 000 m2 • Total office space 35 000 m2 • Total residential space 45 000 m2 • Total retail space 7 000 m2 • Hotel 23 000 m2 • Total number of parking places 1 100 • Planned investment costs EUR 200 million • Completion date 2009

8. APARTMENTS | OFFICES | RESTAURANTS | RETAIL OUTLETS | PROMENADE | HOTEL Zuckermandel The ancient settlement of Zuckermandel was located directly under Castle Rock. Developers J&T will present the urban project of a new, modern building complex that will extend the town centre and revitalize the area under Bratislava castle. This is a 21st century complex which respects and reflects all aspects of the unique locality - it borders the historical old town, the Danube embankment, and in the west connects with the River Park project. The project objective is to develop the settlement under the castle so that it is a choice area for living, working and entertainment both for current citizens and visitors and future generations. Visually attractive and sensitively implemented, the Zuckermandel zone will have the opportunity to show that Bratislava offers opportunities for old and new to coexist in full and mutually complementary symbiosis. Zuckermandel, Bratislava • Total usable area 150 000 m2 • Purpose residential, office and retail space, hotel • Planned investment costs EUR 180 million • Planned start of construction 2008

9. APARTMENTS | OFFICES | RESTAURANTS | RETAIL OUTLETS | PROMENADE | HOTEL PanoramaCity The lucrative commercial and administrative zone around the new National Theatre will house a new multifunctional centre with a unique view of the Bratislava panorama. The striking skyline of Panorama City is sure to become a new icon of the capital. The Panorama City Project started with the reconstruction of Tower 115, and will continue with the construction of a multifunctional complex. The core of the concept is represented by an ellipsoid square reminiscent of the traditional squares found in Bratislava old town. Restaurants and a four-star hotel will be situated on the outer areas, whilst the dominant feature of the whole complex will be two slim residential towers. The 135 metres landmark towers will be the highest buildings in either Slovakia or the Czech Republic. The towers’ profile will complement the new skyline of the town and their triangular shape will offer town visitors an unrivalled orientation point. The complex’s inhabitants will enjoy an uninterrupted view over the historical town centre as well as the opposite bank of the Danube. Panorama City, Bratislava • Total usable area 140 000 m2 • Purpose residence, office, retail stores, hotel • Total office space 10 000 m2 • Total residential space 60 000 m2 • Hotel 20 000 m2 • Total number of parking places 2000 • Planned investment costs EUR 220million • Completion 2010

11. FOUR-STAR | HOTEL | BAR AND RESTAURANT | FITNESS | CASINO | SWIMMING POOL CONFERENCE AND CONGRESS FACILITIES CrownePlaza The Hotel Crowne Plaza has a dominant standing amongBratislava hotels. Throughout its operation it has becomethe symbol of the highest quality hotel services. The hotelwas extensively reconstructed in order to maintain highstandards well into the future. After the latest reconstruction this four-star hotel in the city centre(formerly the Hotel Forum) opposite the Presidential Palace offersvisitors to Bratislava service of European standard. The comprehensivereconstruction cost EUR 20 million and was completed in 2005. All209 rooms, 15 suites, congress rooms and other areas have beensubject to updating and refurbishment. As a result modern Europeanhotel Crowne Plaza is offering its services right in the centre of thecity. Hotel Crowne Plaza, Bratislava • Hotel operator Inter Continental Hotel Group • Capacity 209 rooms, 15 suites • Date of reconstruction completion 2005 • Investment costs of reconstruction EUR 20 million

12. FIVE-STAR HOTEL |SWIMMING POOL |FITNESS SUITE |CONGRESS CENTREBAR AND RESTAURANT Kempinski Hotel & Resorts is the oldest luxury hotelnetwork in Europe. It decided to enter the Slovak marketwith the first five-star hotel in Bratislava which will be partof the River Park project. The luxurious hotel will be the dominant feature of the embankment complex. Utilised materials will primarily include glass, metal, and wood in order to optimally reflect the aesthetic ideal of the river town. The role of water explored in its most diverse creative forms will provide a permanent feature in the interior. As far as services are concerned, at their disposal hotel guests will have a swimming pool, fitness suite, several bars, and restaurants. Above all else, the key component will be a standard of luxury that is an intrinsic part of this type of international facility. The high standard of hotel services will be supplemented by a conference hall offering comfort for meetings of all sizes, as well as international congresses. The unique location of the Hotel Kempinski River Park coupled with services of the highest standard will truly open a new era for the Slovakhotel business. Kempinski Hotel River Park, Bratislava • Hotel operator Kempinski Hotels S.A. • Capacity 231 rooms • Date of completion of construction 2009 • Investment costs EUR 50 million KempinskiHotelRiverPark

13. FIVE-STAR HOTEL |CONFERENCES |BAR AND RESTAURANT |WELLNESS |SWIMMING POOL The historical Grand Hotel beside Štrbské Pleso is anotherfacility to undergo restoration. Upon completion it will bea five-star hotel, and will add to the collection of KempinskiHotels & Resorts that for over one-hundred years have stoodfor the highest standard of hotel operators. The former Grand Hotel, latterly known as the Hviezdoslav Therapeutic Centre, was built in 1882 on the Štrbské Pleso lakeside. The refurbishment aims to raise the hotel’s standard to a five-star level. Wings will be added to the east and west, with luxury suites and a fitness suite. In the second stage the building will be connected to a walking area with boutiques, restaurants, cafes, and other services – a lively vibrant area close to Štrbské pleso lake full of opportunities for entertainment and relaxation. GrandHotelKempinski Grand Hotel Kempinski Vysoké Tatry • Hotel operator Kempinski Hotels S.A. • Hotel 18 000 m2 • Wellness approx. 1 250 m2 • Capacity 118 rooms, suites for long term stays, presidential suite • Reconstruction start 2004 • Completion 2008 • Planned investment costs EUR 35 million

14. FOUR-STAR HOTEL |BAR AND RESTAURANT |WELLNESS |CONFERENCES GrandHotelPraha Grandhotel Prague at the foot of the Lomnický štít peak hasa rich history dating from 1905. Its standard of services hasalways been the highest for the era. After its reconstructionthe hotel will surpass the highest criteria of comfort. The nextphase will turn this hotel into a hotel of the third millennium. This four-star hotel offers beautiful views of the Tatra panorama and of the Popradská kotlina valley. Luxury suites meet the highest modern standards whilst retaining their original charm. The High Tatras offer unlimited opportunities for sports and recreation year-round. The Grand Hotel Prague offers guests a stylish restaurant with a fireplace, a fitness suite, a congress hall, and small reception rooms including conference facilities. This is why it has become the venue of choice for social events and gatherings. Weddings, receptions, and lectures will be truly unforgettable in this setting and environment. Grand Hotel Praha, Tatranská Lomnica • Hotel operator J&T Hotels management • Capacity Currently 97 rooms • After reconstruction 120 rooms • Date of completion of reconstruction 2009 • Planned investment costs EUR 13 million

15. FOUR-STAR HOTEL |BAR AND RESTAURANT |WELLNESS |CONFERENCES Helios The formerly very popular Therapeutic Centre Helioshas quiet location close to a mountain creek. After thereconstruction is completed, this centre will be able tosatisfy the growing number of people seeking fitness andrelaxation breaks. This modern fitness, relaxation and congress hotel will offer its guests 150 rooms at three-star (plus) standard, 85 serviced suites for direct sale, and a congress hall with capacity for 300 participants. Visitors will find everything for activities and relaxation all under one roof – swimming pool, whirlpool, massage, wax packs, and the sea salt bath. The rental of sports facilities is also included so that the extensivesporting opportunities offered by the surrounding area can be fullyexploited. Hotel Helios, High Tatras • Hotel operator J&T Hotels management • Capacity 150 hotel rooms, 85 serviced suites • Date of completion of reconstruction 2009 • Planned investment costs EUR 35 million

16. TRAVELLING |SKIING |MOUNTAIN HIKING The cableways in the mountain centres offer areecological and are frequently the only way to getaround. TLD currently operates cabin lifts, chair lifts,and ground cableways in the skiing centres of TatranskáLomnica, Jamy, Starý Smokovec, Jakubova lúka and Liptovská Teplička. In order to improve skiing facilities the reconstruction of downhill skiing slopes in Lomnické sedlo, Jamy and Skalnaté pleso is planned for 2007-2010. This refurbishment will include the construction of an artificial snow system and the modernization and completion of cableway stations.. TatranskéLanovéDráhy • Tatranské lanové dráhy (Tatra Cableways) operates • Tatranská Lomnica ski resort • Cabin cableway Tatranská Lomnica – Skalnaté pleso • Suspension cableway Skalnaté pleso – Lomnický štít • Chairlift Skalnaté pleso – Lomnické sedlo • Jamy ski resort • Starý Smokovec ski resort • Grounded cableway Starý Smokovec – Hrebienok • Jakubkova lúka ski resort • Liptovská Teplička ski resort • Reconstruction period 2007 - 2010 • Planned investment costs EUR 81 million

17. TRAVELLING |SKIING |MOUNTAIN HIKING| RETAIL OUTLETS • Restaurant • Caffe • Bar • Night club • Cassino • Cleaning service • Toilets • Retail outlets • Warehouses • Underground parking NewCenterOfŠtrbskéPleso

18. SKIING |HIKING |RECREATION |HOTELS |OTHER SERVICES AND ATTRACTIONS JasnáSkiResort Skiers can also find their paradise in Slovakia. Thirtyone kilometres of ski slopes for all skiing abilities, ski lifts and cableways up to 2004 metres, and 96 static snow machines ensuring optimal snow conditions. All of this offered by Jasná pod Chopkom, the biggest ski centre in Slovakia. Four centres - Chopok North Záhradky, Jasná, Otupné and ChopokSouth - are experiencing significant capitalinvestment so that visitorscan expect further improvements every year. The opening seasonceremony and night skiing have already become an establishedtradition. In 2006 two new ski lifts at last connected the northern andthe southern slopes of Chopok. Adrenalin sport addicts will enjoy thesnowboard park, and four free ride zones are openthroughout theseason: kite-wing, snow-rafting and paragliding can also be tried. Thosewho prefer crosscountry skiing will appreciate the well-maintainedcrosscountry skiing routes. Skiing in Jasná has gained an excellentname for itself among winter sport enthusiasts.

20. OFFICES |RESTAURANT |FITNESS |CONFERENCE Tower115 Tower 115 near the Danube will come to dominate this area of extensiveurban development in the near future. The reconstruction has transformedthe former building into a modern business-office centre.J&T completed the first phase of the Panorama City project. The area between the Old Bridge and Apollo Bridge is set to become thefuture social-economic centre of Bratislava. Its accessibility improvedsignificantly after the completion of Apollo Bridge which connectedthe motorway ring-road with the city centre. From the economic, socialand transport point of view, Tower 115 will become part of one of themost interesting architectonic projects in Bratislava, encompassing allthe attributes of a modern European metropolis. Further developments will soon compliment Tower 115 – the J&T Panorama City project in the area between the streets Pribinova- Landererova, Čulenova, and Košicka. The multi-functional complexwill also include apartments, a hotel, and a park. Tower 115, Bratislava • Total usable area 54 000 m2 • Total area of standard office floor 1 400 m2 • Above-ground floors (Tower 115) 28 • Underground floors (Tower 115) 2 • Number of parking spaces 600 • Investment costs EUR 50 million

21. OFFICES |RESTAURANTS |POST OFFICE |BANK In Slovakia‘s rapidly developing capital the qualityrequirements for office premises are increasing exponentially.Despite the fact that the role of such premises is primarily tofulfil an administrative and commercial function, the interrelateddevelopment of the entire location and a symbiosiswith existing city buildings is increasingly stressed. TheWestend Business Park is exactly this kind of development. This commercial location close to the city centre respects tradition whilst also propelling the city into the modern world of business and commerce. The dominant feature of the complex is the 18-storeyWestend Tower. The style of timeless architecture blends with thehigh standard of more than 6000 m2 of office space. Further modernoffice space is located in Westend Point and the recently completedWestend Court. The complex will soon be complemented by the18-storey Westend Square building. There are four undergroundparking floors, and a coffee-bar and fitness suite are planned. Thishas a strategic location near to a motorway: a landmark new businessdistrict welcoming visitors to the city and setting a new benchmark onthe Slovak office market. WestendBusinessPark Westend Business Park, Bratislava • Total floor area (Westend Tower) 9 000 m2 • Total floor area (Westend Court) 10 000 m2 • Total floor area (Westend Point) 7 500 m2 • Start of construction (Westend Square) 2007 • Completion of construction (Westend Square) 2008

22. OFFICES |RESTAURANTS |FITNESS WestendSquare Westend Square, Bratislava • Total floor area 39 700 m2 • Total parking area 16 000 m2 • Total office area 17 000 m2 • Total retail area 1 120 m2 • Start of construction (Westend Square) 6/2007 • Completion of construction (Westend Square) 1/2009 • Investment costsEUR 34,5 million

24. APARTMENTS |TERRACES |NATURE |SPORT |RELAXATION KarloveskéRameno Just a stone’s throw from the city centre, Karloveské rameno streamflows into the Danube. The locality is covered with floodplainforests providing virtually ideal housing conditions. Two modernapartment buildings have been built here by this confluence, returningtranquillity and contact with nature to the residential lifestyle again. Few locations deserve the attribute ‘attractive’ as Karloveské ramenodoes. This pleasant corner of the Danube is less than two kilometresfrom the city centre. The nearby urban ring in turn, enables easyaccess to the major motorways. The two terrace-styled recessedapartment blocks contain a total of 144 apartments. Each apartmentoffers a view of the peaceful branch of the Danube. Both buildingsrespect the natural inclination of the slope and the habitable roofs are- as the entire location - covered with attractive greenery to match thesurroundings. Just round the corner, residents will find the Danubepromenade, a skating track, and a cycle route. The new developmentat Karloveské rameno offers the unique possibility of all the advantagesof relaxation right on the doorstep of your own home. Karloveské rameno, Bratislava • Usable area 18 300 m2 • Total number of apartments 141 • Composition 2-room to large-scale apartments • Number of parking spaces 163 indoor and 29 outdoor • Scheduled completion 2006 • Planned investment costs EUR 12 million

25. Industrial PROJECTS

26. Industrial – DNV LOGISTICS PARK LOGISTICKÝ PARK BRATISLAVA (Devínská Nová Ves) Total area:200 000 m2 Rentable area : 80 000 m2 - 17 500 m2 rented • 5 international clients: • Hella Innenleuchten – 3 132 m2 • VW Electric systems – 2 630 m2 • MC Syncro – 5 342 m2 • HTS International – 4 086 m2 • Garay – 2 290 m2

27. Industrial – TRNAVA LOGISTICS PARK Next to the PSA Peugeot Citroen factory. Upon completion it will offer 180,000 sqm of leasable space. The park is split into three main sections for different kind of users/tenants. The first area is for PSA’s “just in time” suppliers (like Faurecia, Streit,Integry,Valeo, etc.), the second is for standalone tenants ( like Datalogic), and the third hasbeen prepared for logistic companies ( like Gefco). All schemes are tailor-made solutions for clients. All utilities are on the site. Timing : 6 months (depending on the size of the premises)