THOMSON REUTERS EXTEL SURVEYS Russian Investor Relations 2008 Steve Kelly, Head of Thomson Reuters Extel Surveys June 2008

The Value of Investor Relations Important Elements of IR What the Buyside & Sellside Value Measuring your IR Effectiveness Key Future Trends

Thomson Reuters Extel Survey Measuring IR since 2002 Pan European detail – based on many thousands of responses Detailed conversations internationally with the market Separate, country-specific IR studies for Germany, UK and Malaysia Partnerships with twelve national IR associations Major IR reviews and commentaries

Seeing ourselves ...

... as others see us

Elements of Investor Relations One–On-Ones CEO/CFO Proactivity Knowledge & Service from IR Teams Formal Disclosure Consistency & Transparency Using Communications Channels Effectively

Elements of Investor Relations One-on-ones - very important 92% of Pan Europe buyside 97 % of Focus CIS buyside Roadshows - very important 73% Pan Europe 64% Focus CIS Site Visits - very important 44% Pan Europe 57% Focus CIS Divisional Directors Meetings - very important 45% Pan Europe 32% Focus CIS Formal Disclosure - very important 24% Pan Europe 17% Focus CIS Webcasts - very important 38% Pan Europe 41% Focus CIS

Programme Execution Individual meetings – a special relationship

What The Buyside & Sellside Value One-on-ones at their offices 77% Pan Europe 75% Focus CIS Conferences 65% Pan Europe 71% Focus CIS Reverse Roadshows 46% Pan Europe 31% Focus CIS Field Trips 48% Pan Europe 53% Focus CIS

What The Buyside & Sellside Value - One-on-ones Q&A Sessions 98% Pan Europe 93% Focus CIS Corporate Presentations 37% Pan Europe 54% Focus CIS CEO/CFO Exposure 61% Pan Europe 74% Focus CIS

Programme Execution The conference call

Measuring Your IR Effectiveness CEO/CFO Meetings 93% Pan Europe 92% Focus CIS Conference Meetings 72% Pan Europe 63% Focus CIS Meetings with IR Team 19% Pan Europe 32% Focus CIS

Programme Execution A delicate balance

Measuring Your IR Effectiveness - One-on-ones Who attends: Portfolio Managers 86% Buyside Analysts 89% CEO 36% CFO 58% Brokers 22% IR Consultant 13%

One-On-Ones - How Often? Pan Europe 73% 100 - 400 per year Focus CIS 51% 100 - 400 per year

Key Future Trends - IR Budgets Budgets include AGM and website Budgets still largely relate to in-house costs and resourcing Pan Europe - 63% spend up to €1 million Pan Europe - 36% spend over €1 million Pan Europe - average spend is €600,000 Focus CIS - 72% spend up to €1 million Focus CIS - 28% spend over €1 million Focus CIS - average spend is €350,000

Key Future Trends - IR Salaries IR Directors - Pan Europe - 29% over €200,000 - Russia/CIS - 6% over €200,000 IR Managers - Pan Europe - 38% over €100,000 - Russia/CIS - 9% over €100,000 Bonuses - Pan Europe - 34% of IR Director’s remuneration - Russia/CIS - 30% of IR Director’s remuneration

Conclusions IR is more professional IR is increasingly central to the investment community “Good” IR is increasingly expected by fund managers and analysts Transparency, proactively and knowledge really matter Truly effective one-on-ones count for the most

Be regularly available, but don‘t over communicate