Investment Attractiveness Index with the support of the InMind research company EBA Investment Attractiveness Index (7th wave) Conducted by EBA with the support of InMind research company

Investment Attractiveness Index with the support of the InMind research company Project summary The results of 7 th wave of investment climate in Ukraine tracking research. Methodology: The EBA Investment Attractiveness Index is assessed as the mean value based on the following five questions:  What do you think about the investment climate in Ukraine?  How would you estimate the investment climate for your company in Ukraine at the moment compared to the previous three months?  What are your expectations of the investment climate in Ukraine over the next three months?  In your opinion, would it be profitable for new entrants to invest in Ukraine over the next three months?  What are your expectations of the business environment of your primary industry over the next three months? Participants: 61 CEOs of EBA members companies Timing: March, 09 th 2010 – March, 31 st 2010 Survey Implementation: the Survey was conducted by EBA with the support of InMind research company

Investment Attractiveness Index with the support of the InMind research company Key findings

Investment Attractiveness Index with the support of the InMind research company Key findings 1 st wave2 nd wave3 rd wave4 th wave5 th wave6 th wave7 th wave Investment Climate in Ukraine 3,12,32,02,32,22,12,7 Investment Climate Dynamics: last 3 months 2,81,82,12,72,52,63,2 Investment Climate Dynamics Expectations: next 3 months 3,12,2 2,82,62,83,4 Profitability for new entrants: next 3 months 3,42,32,42,72,62,52,9 Investment Climate of Primary Industry: next 3 months 3,32,52,42,72,92,83,2 General EBA Index3,142,22 2,642,562,573,08

Investment Attractiveness Index with the support of the InMind research company Key findings (Sep, 3-7) (Sep, 8-21) (Sep, 22-28) (Sep, 29-Oct,2) N=42N=26N=50 N=33 (Oct, 23-31) N=53 (Jan, 19 – Feb, 12) N=103 (Apr, 6 – May, 14) N=78 (Sep, 2-30) N=59 (Dec, 14-Jan, 12) N=99 (Mar, 25-31) N=61

Investment Attractiveness Index with the support of the InMind research company EBA – Index: Components

Investment Attractiveness Index with the support of the InMind research company Investment Climate in Ukraine The Investment Climate in Ukraine is… (5 point scale) 0 – + Mean 3,12,32,02,32,22,12,7

Investment Attractiveness Index with the support of the InMind research company Investment Climate Dynamics: last 3 months 0 – + The Investment climate in Ukraine… (5 point scale) Mean 2,81,82,12,72,52,63,2

Investment Attractiveness Index with the support of the InMind research company Investment Climate dynamics expectations: next 3 months 0 – + The Investment climate in Ukraine… (5 point scale) Mean 3,12,2 2,82,62,83,4

Investment Attractiveness Index with the support of the InMind research company Profitability for New entrants: next 3 months 0 – + Profitability for New Entrants … (5 point scale) Mean 3,42,32,42,72,62,52,9

Investment Attractiveness Index with the support of the InMind research company Investment Climate of primary industry: next 3 months 0 – + Investment climate of primary industry… (5 point scale) Mean 3,32,52,42,72,92,83,2

Investment Attractiveness Index with the support of the InMind research company Investment Climate after the President Election Investment climate improvement is expected due to Political stability Reforms New investments stimulation Professional team Investment climate improvement is expected due to Political stability Reforms New investments stimulation Professional team In your opinion, what changes in the investment climate may take place in connection with the new President of Ukraine election?

Investment Attractiveness Index with the support of the InMind research company Expectations from the President Main expectation on the direction of reforms Tax system Healthcare Foreign economic activity Agriculture Customs Land Court system and others Main expectation on the direction of reforms Tax system Healthcare Foreign economic activity Agriculture Customs Land Court system and others What would you expect the new President should do until the end of 2010?

Investment Attractiveness Index with the support of the InMind research company Key findings Five-grade scale is used to evaluate the investment climate, where 1 stands for the lowest evaluation and 5 stands for the highest evaluation In the 1 st quarter of 2010 the EBA Investment Attractiveness Index increased to 3.08 on a 5 point scale compared to 2.57 in the 4 th quarter of 2009 This EBA Index value is the highest since October The investment climate evaluation by the investors reached the average value. The highest sub-indicator among the Index components is the expected investment climate in the country during the coming 3 months (3.4)

Investment Attractiveness Index with the support of the InMind research company Key findings After a long period when no changes in the Index value during three previous quarters took place all the Index indicators have increased. More stronger increase refers to the country general investment climate evaluation compared to 2009: the current climate, the expected climate and the previous period (3 months) climate. More moderate increase is observed for the profitability for new entrants in the coming 3 months and the direct evaluation of the primary industries of the companies 59% of the respondents expect investment climate improvement in connection with the new President of Ukraine election. Main expectations regarding the President’s actions until the end of 2010 include first of all implementing a number of reforms (39%), ensuring the fruitful cooperation with IMF (16%), solving the issues of VAT refund, combating corruption, improvement the external relations with neighbors (by 13% correspondingly)

Investment Attractiveness Index with the support of the InMind research company Thank you!