Implementation options
      January 2016                                                      2
        Slovak Investment Holding 
        New initiative proposed by the Ministry of Finance of the Slovak Republic to support 
        national investment priorities 
        → Centralised and more efficient implementation of ESIF via financial instruments
          Mandate: Government Resolution no. 736/2013
          ESIF allocation: min. 3% from each OP
          Expected total allocation: approx. EUR 546m
          Manager: SZRB Asset Management
          Supervisory Board: nominees from Managing Authorities 
          Investment strategy: in line with OPs; proposed by the manager and approved by the SB
          Mechanism: Fund of funds (CPR, AIFMD, Slovak Collective Investment Law)
        January 2016                                                                           3
             Governance Structure 
                                                                          Ministry of Finance of                                                      Key
                                                                          the Slovak Republic                                                       Public sector
                                                                                                                                                    Private sector
                                                                         Slovak Guarantee and 
                                                                           Development Bank 
                                                                                  (SZRB)
                                                                               SZRB Asset 
                                                                              Management                                Manager after 2015
                                                                                (SZRB AM)
                                                                      Slovak Investment Holding
                                                                                                           Waste                                          Slovak 
                  Level 1                                                                                                                             Guarantee and 
                                   SME Fund            Social Economy         Energy Efficiency       Management and           Infrastructure          Development 
                                                             Fund                   Fund                   Energy                  Fund               Fund (SZRF) – 
             )                                                                                        Production Fund                                    JEREMIE
             1s
             r
             o
             t
             s
             e    Level 2                                                        Financial 
             v
             n                                                                Intermediaries
             I
                  Level 3                                                       Projects / 
                                                                             Final Recipients
         Notes      1) Potential co-financing IFIs: EBRD, EIB, CEB, KfW, IIB; potential private investors: commercial 
         :              and investment banks & equity investors
             January 2016                                                                                                                                         4
       Funding Agreements
        Funding Agreements are 3-party contracts between SIH, SZRB AM and OP 
          Managing Authorities stating the terms and conditions for making contributions 
          from Operational Programs to financial instruments implemented via SIH
        The key components include:
             The amounts of ESIF and national co-financing allocations from each Operational 
              Program
             The conditions for the implementation and management of Financial Instruments
             The investment strategy for the implementation of Financial Instruments
             The rights and responsibilities of the three parties to the contract before, during and 
              after Financial Instrument implementation
        OP Integrated Infrastructure, OP Quality of Environment, Integrated 
          Regional OP and OP Research & Innovation Funding Agreements (4 out of 
          5) were signed for a total of EUR 474m
       January 2016                                                                     5
        Potential Investor Participation
                 Investment          Investor             Examples of Investment Options
                    Type
         LE Investments into                           Infrastructure Fund
         VE       sub-funds        Limited Partner     Energy Efficiency Fund
         L 1
                                                       SME Fund
         LE        Financial          Financial        JEREMIE (First Loss Portfolio Guarantee (FLPG)
         VE     intermediaries       intermediary      Portfolio Risk Sharing Loan (PRSL)
         L 2
                                                       Energy efficiency loans
         LE                                            D4R7
         VE Co-investment at         Co-financing      Renewable energy sources
         L 3     project level        institution      Waste Management Fund
        January 2016                                                                               6