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

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

3. 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

4. Seeing ourselves ...

5. ... as others see us

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

7. Elements of Investor Relations
One-on-ones - very important 92% of Pan Europe buyside % 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 % Focus CIS
Webcasts - very important 38% Pan Europe % Focus CIS

8. Programme Execution Individual meetings – a special relationship

9. 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

10. 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

11. Programme Execution The conference call

12. 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

13. Programme Execution A delicate balance

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

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

16. 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

17. 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

18. 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

19. Be regularly available, but don‘t over communicate