1. EBRD Financial Institutions Portfolio Financial Institutions: €6.7 billion * as at December 2007 * Commitments outstanding € mn Sector Distribution: Continuing expansion of segments and products

2. EBRD’s Objectives in the Financial Sector Promote market-based financial institutions and a healthy and efficient financial services industry Support private and entrepreneurial initiatives of both local and foreign investors and act as a catalyst to transition Active policy dialogue with operators and authorities to strengthen regulatory/legislative frameworks and institutions Apply best business practices and corporate governance in institutions Be the leader in institution building

3. Bank Equity  Since 1992 EBRD has invested in 101 banks across 27 countries for a total investment of €2.1bn.  Realised income from EBRD’s bank equity investments totalled €1.9bn so far.  As of December 2007, the portfolio comprised participations in 49 banks in 22 countries for a total investment of €982.3m.  The fair market value of this portfolio is €3.3bn, of which €2.4bn are unrealised gains. Cumulative and Outstanding Investments (€m) Number of Investments Note: these figures do not include EBRD’s investments in microfinance institutions

4. Bank Equity Returns 1992 – 2007 Overall money multiple and IRR for all investments have been 3.22x and 28.79% respectively. The average holding period for investments has been 5.5 years. € millions €6,542m €2,016m Overall MM 3.22x, IRR 28.78% UR 3.66x, 39.60% PR 3.45x, 29.76% FR 2.79x, 26.12% €867m €393m €756m €2,348m €1,356m €2,839m

5. Bank Equity Performance Over Time  Number of exits has remained constant over time, ranging between 3 and 9 per year. In 2007, the EBRD made 4 exits from existing investments.  Money multiple has increased steadily since 2000 reaching an all-time high of 3.38x in 2006, and 3.23 in 2007  The average holding period for investments has been 5.5 years.  IRRs have also increased over time, peaking in 2005 at 45.3% and remaining above average in 2007 at 28.79%. Number of Exits Money MultipleIRR Total Over Period: 52 IRR for the Period: 28.79% MM for the Period: 3.23x

6. Bank Equity overall Performance and Returns 1992 – 2008 1Q Overall money multiple and IRR for all investments have been 3.23x and 28.65% respectively. The average holding period for investments has been 5.5 years. € millions €6,545m €2,024m Overall MM 3.23x, IRR 28.65% UR 3.72x, 39.60% PR 3.45x, 29.76% FR 2.71x, 26.12% €867m €393m €764m €2,347m €1,356m €2,842m

7. Insurance overall Performance and Returns 1992 – 2008 1Q Overall money multiple and IRR for all investments have been 1.84x and 16% respectively. € millions €652.3m €2,016m Overall MM 1.84x, IRR 16% UR 1.84x, 18% PR 0.91, -0.36% FR 1.57x, 14% €60.1m €42.1m €281.7m €94.6m €38.3m €519.5m

8. Equity Fund Returns 1992 – 2006 $2,785m $2,009m $305m $1,348m $5,188m $2,280m 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 USD Millions Fully Realised (FR Including WO) Partially Realised (PR) Unrealised Overall 2.03x, 21.07% FR 2.27x, 20.37% PR 4.42x, 32.81% UR 1.39x, 15.98% Investments at Cost $4,595m Total Value $9,321m Excluding secondary sales

9. Investment Criteria Selection of partners Commitment to: –Corporate governance –Transparency –Best practices and change Alignment of interest

10. Success Factors Institutional environment: –Rule of law –Regulatory environment –Supervision Alignment of interests of stakeholders –Shareholders –Management –Authorities –Clients People and commitment to high professional standards Institution + capacity building and adapting to market dynamics