RATING REPORT

The Slovak Rating Agency, a.s. assigns rating for the project "Construction and lease of real estate for the sale and servicing of utility and personal vehicles of the makes KIA, MERCEDES and SMART "

Cumulated value of project:	EUR 9,570,365
Project owner:	Motor Car - Immo, s.r.o.
	Pod Bôrikom 8
	811 08 Bratislava
	Company reg. no. (IČO): 35 751 002
Start of project:	2001

Assigned rating:

The Slovak Rating Agency, a.s. assigns the following rating to the project "Construction and lease of real estate for the sale and servicing of utility and personal vehicles of the makes KIA, MERCEDES and SMART":

Long-term foreign exchange rating of the project

BBB (stable outlook)

The project "Construction and lease of real estate for the sale and servicing of utility and personal vehicles of the makes KIA, MERCEDES and SMART" was assigned the long-term foreign exchange rating of BBB (stable outlook). The project poses only a certain investment risk and the success and effectiveness of the project may only be disrupted by fundamental changes to the economic environment or other external environment.

Justification:

• The subject of the project is the construction of a sales room and service station for personal and utility vehicles of the makes KIA, Mercedes, Smart, the rental of the premises to the company Motor Car Bratislava, spol. s.r.o. with its subsequent sale to the ownership of the tenant. The Slovak Rating Agency evaluates the project as effective. The Slovak Rating Agency approached the compilation of financial projections conservatively and expects a lower yield than that compiled by Motor Car - Immo, spol. s r.o., but the project does report a sufficient degree of profitability. The risk of not meeting the income is low and there is sufficient reserve that would be able to eliminate any potential increased demands on cash flow. A sensitivity analysis (on potential deflections in the development of the exchange rate SKK/EUR and development of Euribor interest rates) showed a sufficiently high reserve of cash flow even in the event of more adverse development than that considered by the Slovak Rating Agency in its projections.
  
  
• Regarding financial aspects, the Slovak Rating Agency positively evaluates the level of project management. The Slovak Rating Agency also evaluates as positive the improving level of monitoring individual projects carried out by the company Moto Car - Immo, s.r.o. Communication with third parties was appraised as of good quality.
  
  
• The Slovak Rating Agency analysed potential external influences that could affect the project. Due to the method and terms of project financing, the project is dependent also on the success of other projects managed by the company Motor Car - Immo, s.r.o..

Please don't hesitate to address your questions to autner@slovakrating.sk, or call +421 2 5464 5151.

Slovak Rating Agency
Bratislava, 16 November 2004