Budapest, October 2006

Concorde MB Partners advised the owners of FÉG Zrt, a leading manufacturer of heating equipment, in the implementation of an unusual financial transaction.

Commerzbank provided EUR 12.9 million of senior financing for the deal, which enabled the owners to take out cash from the company to finance investments in other countries.

Total financing exceeded 4 times EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and 2 times book value. Financing was secured by the assets and cash flow of the company, without any external collateral.

Győr, October 2006ETDE, the electrical design, construction and maintenance services subsidiary of Bouygues Construction group acquired a leading Hungarian mechanical engineering HVCA contractor and Facility Manager company.Szigma-Coop made EUR 25 million turnover in 2005, and employed 100 people. The Company is primarily active in and around Budapest and in Western Hungary.

Concorde MB Partners advised the sellers in this transaction.