1. Partners for Financial Stability (PFS) Program www.pfsprogram.org Investor Relations Online: Best Practice and Trends in South East Europe as well as Central and Eastern Europe Roundtable Skopje, Macedonia December 9, 2008

2. Agenda Investor Relations in SEE PFS Program Surveys Investor Relations Online: 2001 - 2008 Best Practice Websites PFS Program Surveys Survey of Reporting on CSR: 2003 - 2008 About the PFS Program

3. Agenda Investor Relations in SEE PFS Program Surveys Investor Relations Online: 2001 - 2008 Best Practice Websites PFS Program Surveys Survey of Reporting on CSR: 2003 - 2008 About the PFS Program

4. Background PFS Program Survey – Investor Relations Online Timetable and Universe August 2001, February 2002, August 2002, February 2003, August 2003 and February 2004 Eight CEE Candidate Countries for European Union (EU) Membership August 2004 and February 2005 Eight New Member States of the EU, Bulgaria, Croatia and Romania August 2005 Eight New Member States of the EU, Bulgaria, Croatia and Romania Greece and Turkey February 2006 Eight New Member States of the EU, Bulgaria, Croatia and Romania Portugal and Spain August 2006, February 2007, August 2007, February 2008 and August 2008 Eight New Member States of the EU, Bulgaria, Croatia and Romania Brazil, Russia, India and China (BRIC) as well as Ukraine

5. Background Country Surveys – Investor Relations Online 2003 Czech Republic, Hungary and Poland 2005, 2006 and 2007 Croatia 2007 Bulgaria 2008 Macedonia

6. Investor Relations Online: Comparison of Ten Largest Listed Companies in Macedonia (June 2008 in MK) with Peers in Three SEE Countries (August 2008 in English)

7. Local Language Website: Ten Largest Listed Companies in Bulgaria, Croatia, Macedonia and Romania

9. English Language Website: Ten Largest Listed Companies in Bulgaria, Croatia, Macedonia and Romania

11. List of Management Available Online: Ten Largest Listed Companies in Bulgaria, Croatia, Macedonia and Romania

13. Additional Information on Management Available Online: Ten Largest Listed Companies in Bulgaria, Croatia, Macedonia and Romania

15. List of Board Members Available Online: Ten Largest Listed Companies in Bulgaria, Croatia, Macedonia and Romania

17. Additional Information on Board Members Available Online: Ten Largest Listed Companies in Bulgaria, Croatia, Macedonia and Romania

19. Agenda Investor Relations in SEE PFS Program Surveys Investor Relations Online: 2001 - 2008 Best Practice Websites PFS Program Surveys Survey of Reporting on CSR: 2003 - 2008 About the PFS Program

20. August 2003 Investor Relations Online: Survey of Websites of the 10 Largest Listed Companies in Eleven Central and Eastern European (CEE) Countries August 2008 Partners for Financial Stability (PFS) Program www.pfsprogram.org Bulgaria Croatia Czech Rep. Estonia Hungary Latvia Lithuania Poland Romania Slovakia Slovenia

21. 21 Executive Summary In the PFS Program’s 15 th semi-annual Survey of the Websites of the Ten Largest Listed Companies (by market capitalization) in 11 Central and Eastern European (CEE) countries disclosure in almost all categories remains at or reaches its highest level since the first survey was conducted in August 2001. This trend has been observed since February 2006 and may be viewed as sustainable. 91% of the companies surveyed provide a list of board members online, compared with 87% in February 2008, 82% in August 2007 and 81% in February 2007 as well as August 2006. This is the largest percentage recorded since the first survey. 61% of the companies surveyed provide additional information about board members online. This is also the largest percentage recorded since the first survey; it represents a significant increase over the most recent survey (52% in August 2007) and previous surveys (51% in August 2007 and 40% in February 2007). Furthermore, 64% of companies provide additional information on management online, a new record and a slight improvement over the previous survey (63% in February 2008). The survey and this presentation contain the following information: Current data on companies in all 11 CEE countries; Separate data on companies in eight CEE countries that joined the European Union (EU) on May 1, 2004; Separate data on companies in Bulgaria, Croatia and Romania; Comparisons of the data from this current survey with data from the previous 14 surveys conducted every August and February since August 2001; and Separate data on companies in Brazil, Russia, India and China (BRIC) as well as Ukraine. Investor Relations Online: Survey of Websites of the Ten Largest Listed Companies in 11 CEE Countries August 2008

22. 22 Methodology The survey analyzes the websites of the ten largest listed companies (by market capitalization) in 11 CEE countries according to the most recent statistics available from the respective stock exchanges. In most cases, the market capitalization statistics are dated June 30, 2008. The survey presents data available on company websites as of August 15, 2008. Please note: As in the previous seven surveys, this survey accepts information about management / management board members and board of directors / supervisory board members that is available “indirectly,” that is, obtained in an electronic version of an annual report available on the company’s website. In such cases, the data spreadsheet notes the source of the information, for example, “list of Board Members disclosed only in the 2007 Annual Report.” Investor Relations Online: Survey of Websites of the Ten Largest Listed Companies in 11 CEE Countries August 2008

23. 23 Legend CountrySymbol BulgariaBG CroatiaHR Czech Republic CZ EstoniaEE HungaryHU LatviaLV LithuaniaLT PolandPL RomaniaRO SlovakiaSK SloveniaSI Investor Relations Online: Survey of Websites of the Ten Largest Listed Companies in 11 CEE Countries August 2008 CountrySymbol BrazilBR RussiaRU IndiaIN ChinaCN BRICBrazil, Russia, India and China UkraineUA

24. 24 Investor Relations Online: Survey of Websites of the Ten Largest Listed Companies in 11 CEE Countries August 2008

25. 25 Comparison of Data The first survey of eight CEE countries was conducted in August 2001. In 2004, Bulgaria, Croatia and Romania were added. The survey is conducted semi- annually every February and August. Local-Language Website On August 15, 2008 in ten of the 11 CEE countries surveyed, each of the ten largest listed companies has a local-language website. In Czech Republic eight of the ten companies surveyed have a local-language website. In August 2008 and in February 2008 98% of the companies surveyed in the 11 CEE countries had a local-language website, compared with 99% in August 2007. In the surveys conducted in February 2007, August 2006 and February 2006 100% of the companies surveyed in the 11 CEE countries had a local-language website. Investor Relations Online: Survey of Websites of the Ten Largest Listed Companies in 11 CEE Countries August 2008

26. 26 Comparison of Data English-Language Website The percentage of companies with an English-language website has remained relatively consistent for the past three surveys. On August 15, 2008 it is 95.5% whereas in February 2008 it was 94.5%. It has increased steadily since the first survey was conducted in August 2001, when only 71% of the companies surveyed had an English-language website. (Best performers: BG, CZ, EE, HU, LT, LV, PL, SK and SI – 100%) Investor Relations Online: Survey of Websites of the Ten Largest Listed Companies in 11 CEE Countries August 2008

27. 27 Survey of Websites of the Ten Largest Listed Companies in 11 CEE Countries Local Language and English-Language Websites: 2001 - 2008

28. 28 English Language Websites Ten Largest Listed Companies in 11 CEE Countries 2001 - 2008

29. 29 Comparison of Data Management/ Management Board Members Information available online about management remained relatively stable and at high levels in comparison with the previous survey and all previous surveys. The percentage of companies surveyed that provide a list of management online decreased by 2%, to 88% on August 15, 2008. This is similar to the largest percentage recorded, which was 90% in February 2008. 86% of the companies surveyed provided this information in August 2007, compared with 82% in February 2007 and with 87% in August 2006. (Best performers: BG, EE, HU, PL and SI - 100%) 64% of the companies surveyed provide additional information about management online on August 15, 2008. This is the largest percentage recorded since the surveys began in 2001, a slight increase over 63% in February 2008. 59% of the companies surveyed provided this information in August 2007, compared with 53% in February 2007 and 45.5% in August 2006. (Best performers: HU and SI - 100%; PL – 80%) Investor Relations Online: Survey of Websites of the Ten Largest Listed Companies in 11 CEE Countries August 2008

30. 30 List of Management Available Online Ten Largest Listed Companies in 11 CEE Countries 2001 - 2008

31. 31 Additional Information on Management Available Online Ten Largest Listed Companies in 11 CEE Countries 2002 - 2008

32. 32 Comparison of Data Board of Directors/ Supervisory Board Members Significantly more companies provide a list of supervisory board members online and additional information about board members online in comparison with the previous survey and all previous surveys. The percentage of companies surveyed that provide a list of board members online increased to 91% on August 15, 2008, compared with 87% in February 2008 and 82% in August 2007. This is the largest percentage recorded since the surveys began in 2001. 81% of companies provided this information in February 2007 and 81% in August 2006. (Best performers: BG, CZ, EE, HU, LT, PL and SI - 100%) 61% of the companies surveyed provide additional information about board members online. This is also the largest percentage recorded since the surveys began in 2001 and a significant increase over 52% in February 2008. In August 2007 the percentage was 51% whereas in February 2007 it was 40%. (Best performers: HU - 100%; CZ and SI – 00%) Investor Relations Online: Survey of Websites of the Ten Largest Listed Companies in 11 CEE Countries August 2008

33. 33 List of Board Members Available Online Ten Largest Listed Companies in 11 CEE Countries 2001 - 2008

34. 34 Additional Information on Board Members Available Online Ten Largest Listed Companies in 11 CEE Countries 2001 - 2008

35. 35 The Ideal Website - Recommendations Best practice in the European Union (EU) and internationally suggests that the ideal website contains the following information: a list of members of management / management board; a list of members of the board of directors / supervisory board; a brief description of the educational and professional background of each person; the scope of responsibilities of each person; a brief description of functions held by each person in other companies/institutions; a description on the shares in the company held by each person; and, a photograph of each person. Some of these information is available on the websites of many companies surveyed, but all of this information is available on the websites of very few companies. However, the trend is positive; today more companies disclose this information than was the case in previous surveys. Investor Relations Online The Ideal Website - Recommendations August 2008

36. The Ideal Website – Best Practice in CEE On August 15, 2008 56 of the 110 companies surveyed in CEE (51%) disclose information in all of the categories analyzed in the basic PFS Program survey: local-language website; local-language website; list of management; list of board members; additional information on management; and additional information on board members. This is the first time that over 50% of the companies surveyed provide all of the basic information analyzed. For comparative purposes, please note: On February 15, 2008 51 of the 110 companies surveyed in CEE (46%) disclosed information in all of the basic categories analyzed in the survey. On August 15, 2007 47 of the 110 CEE companies surveyed (43%) disclosed information in all of the basic categories analyzed in the survey. Therefore, over the past year a slight improvement has been documented in each edition of the survey. Investor Relations Online The Ideal Website – Best Practice in CEE August 2008 36

37. The Ideal Website – Best Practice in CEE On August 15, 2008 56 of the 110 companies surveyed in CEE (51%) disclose information in all of the categories analyzed in the basic PFS Program survey: local-language website; local-language website; list of management; list of board members; additional information on management; and additional information on board members. These 56 companies were analyzed further regarding the above-mentioned ideal website recommendations. Investor Relations Online The Ideal Website – Best Practice in CEE August 2008 37

38. 38 Investor Relations Online The Ideal Website – Best Practice in CEE 56 of 110 Companies in CEE – August 2008

39. The Ideal Website – Best Practice in CEE On August 15, 2008 16 of the 110 companies surveyed in CEE (15%) provide all of the “ideal” recommended information: Four companies provide information directly on their company website; and 12 companies provide information indirectly through an annual report available online. Furthermore 13 companies surveyed provide all of the information except one element: One company provides all information except for the photographs online; Two company provides all information except for a educational background; Three companies provide all information except for a brief description of functions held by each person in other institutions; Three companies provide all information except for a scope of responsibilities; and Four companies provide all information except for a description of shares held by board members. Investor Relations Online The Ideal Website – Best Practice in CEE August 2008 39

40. 40 Agenda Investor Relations in SEE and CEE PFS Program Surveys Investor Relations Online: 2001 - 2008 Best Practice Websites PFS Program Surveys Survey of Reporting on CSR: 2003 - 2008 About the PFS Program

41. 41 Best Practice Websites - Investor Relations Online

42. 42 Best Practice Websites - Investor Relations Online

43. 43 Best Practice Websites - Investor Relations Online

44. 44 Best Practice Websites - Investor Relations Online

45. 45 Best Practice Websites - Investor Relations Online

46. 46 Best Practice Websites - Investor Relations Online

47. 47 Best Practice Websites - Investor Relations Online

48. 48 Agenda Investor Relations in SEE PFS Program Surveys Investor Relations Online: 2001 - 2008 Best Practice Websites PFS Program Surveys Survey of Reporting on CSR: 2003 - 2008 About the PFS Program

49. 49 PFS Program Survey – Reporting on CSR Timetable and Universe August 2003 and April 2004 Eight CEE Candidate Countries for European Union (EU) Membership August 2004 and April 2005 Eight New Member States of the EU, Bulgaria, Croatia and Romania September 2005 Eight New Member States of the EU, Bulgaria, Croatia and Romania Greece and Turkey April 2006 Eight New Member States of the EU, Bulgaria, Croatia and Romania Portugal and Spain August 2006, February 2007, August 2007, February 2008 and August 2008 Eight New Member States of the EU, Bulgaria, Croatia and Romania Brazil, Russia, India and China (BRIC) as well as Ukraine

50. 50 Partners for Financial Stability (PFS) Program www.pfsprogram.org Survey of Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in Eleven Central and Eastern European (CEE) Countries Warsaw, Poland September 2008 Bulgaria Croatia Czech Rep. Estonia Hungary Latvia Lithuania Poland Romania Slovakia Slovenia

51. 51 English-language stand-alone ESG Reports – September 15, 2008 Croatia – Zagrebacka Banka, Privredna banka Zagreb d.d., HT-hrvatske telekomunikacije, INA, Pliva Czech Republic – Cez; Telefónica O2 Czech Republic; Unipetrol Estonia – Tallink Grupp, Tallina Vesi Hungary – MOL, OTP, Magyar Telekom, Gedeon Richter, TVK Lithuania – TEO LT, Lifosa Poland – PKN Orlen, Polskie Gornictwo Naftowe i Gazownictwo, BRE Bank Romania – Petrom, CNTEE Transelectrica Slovakia – Slovnaft, Všeobecná úverová banka Slovenia – Krka, Petrol, Sava, Gorenje Group Total - 28 out of 110 Companies surveyed This demonstrates continuation of an ongoing trend: 29 of the 110 companies surveyed (26%) published such a report in April 2008, 22 of the 110 companies surveyed (20%) in September 2007, compred with 19 of the 110 companies surveyed (17%) in April 2007 and 14 companies (13%) in September 2006.

52. 52 English-language stand-alone ESG Reports – September 15, 2008

53. 53 Comparison of Five Surveys: ESG Reporting in CEE – 2006 - 2008

54. 54 Comparison of Five Surveys: ESG Reporting in CEE – 2006 - 2008

55. 55 Comparison of the Largest Listed Companies Worldwide: ESG Reporting in English in 2007 Source:http://www.pfsprogram.org/ (BRIC, CEE and DAX - 30) http://www.siran.org/index.html (S&P - 100) http://deutsche-boerse.com/dbag/dispatch/en/kir/gdb_navigation/home (DAX - 30)

56. 56 Agenda Investor Relations in SEE PFS Program Surveys Investor Relations Online: 2001 - 2008 Best Practice Websites PFS Program Surveys Survey of Reporting on CSR: 2003 - 2008 About the PFS Program

57. 57 About the Partners for Financial Stability (PFS) Program The United States Agency for International Development (USAID) established the Partners for Financial Stability (PFS) Program in 1999 as a public- private partnership to help complete reforms necessary to create sound, private and well-functioning financial sectors in the eight Central and Eastern European (CEE) countries that have since joined the European Union. In 2005, the geographical focus of the program shifted to South East Europe (SEE). East-West Management Institute (EWMI), a New York-based not-for-profit organization, is currently the primary implementing partner. The PFS Program is mandated to fill remaining gaps in the institutional development of the financial sector in CEE and SEE countries through regional integration and cooperation, selective technical assistance programs and the practical application of lessons learned in neighboring countries. The substantive areas covered under the PFS Program are: accounting, auditing, banking, capital markets, insurance and pension reform. For more information, please visit the PFS Program website at http://www.pfsprogram.org.http://www.pfsprogram.org