1. August 2003 Investor Relations Online and Surveys of Reporting on Corporate Social Responsibility (CSR) in 11 Central and Eastern European (CEE) Countries, BRIC, Greece, Portugal, Spain, Turkey and Ukraine: 2001-2007 Presentation of Inaugural Bulgarian Surveys Conducted by EPI Sofia, Bulgaria September 20, 2007 Partners for Financial Stability (PFS) Program www.pfsprogram.org Bulgaria Croatia Czech Rep. Estonia Hungary Latvia Lithuania Poland Romania Slovakia Slovenia

2. 2 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 and August 2007 Eight New Member States of the EU, Bulgaria, Croatia and Romania Brazil, Russia, India and China (BRIC) as well as Ukraine

3. 3 PFS Program Survey – Investor Relations Online Trends have almost always been consistently and incrementally positive, although occasional slight decreases in disclosure have been observed. Since 2005 almost all of the largest companies have a local language and English language website. Dramatic improvements were noted in August 2007: 93% of the companies surveyed provide a list of management online, continuing the upward trend over the past two years. In February 2007 and in August 2006 the percentage was 91%. 71% of companies surveyed provide additional information about management online. This is the largest percentage recorded since the surveys began in 2001. Disclosure of this information has increased significantly: from 56% in February 2007, 53% in August 2006 and 54% in February 2006. 88% of the companies surveyed provide a list of board members online, a 4% increase from the previous survey, conducted in February 2007. The percentage was 85% in August 2006 and 81%in February 2006. 64% of the companies surveyed provide additional information about board members online. This is the largest percentage recorded since the surveys began in 2001. The percentage was 46% in February 2007, 44% in August 2006 and 48% in February 2006.

4. 4 Survey of Websites of the 10 Largest Listed Companies in Eleven CEE Countries Local Language and English-Language Websites: 2001 - 2007

5. 5 PFS Program Survey – Investor Relations Online Additional Information on Management: 2002 - 2007

6. 6 PFS Program Survey – Investor Relations Online Additional Information on Board Members: 2001 - 2007

7. 7 PFS Program Survey – Investor Relations Online – August 15, 2007 Comparison of Bulgaria, Croatia and Romania

8. 8 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 September 2006, April 2007 and September 2007 Eight New Member States of the EU, Bulgaria, Croatia and Romania Brazil, Russia, India and China (BRIC) as well as Ukraine

9. 9 PFS Program Survey – Reporting on CSR General Observations - I Trends have almost always been consistently and incrementally positive, although occasional slight decreases in disclosure have been observed. In general, companies provide more information on corporate governance than on the other two areas surveyed, namely social policy and environmental policy. Corporate Governance Codes have an impact on disclosure. Best Performers are generally companies in markets that have implemented a corporate governance code, namely Hungary, Poland and Slovenia. Nine Polish, seven Czech and seven Slovene companies disclose implementation of a corporate governance code in their 2004/2005/2006 annual reports. 43 companies (39%) disclosed this information in April 2007, compared with 29 companies (26%) in September 2006, 26 companies (24%) in April 2006, 20 companies (18%) in September 2005 and 22 companies (20%) in April 2005. However, individual companies in other countries are also implementing best practice. However, there are many other drivers, including: competitiveness, EU accession, the EU transparency directive, globalization, growing use of “standardized” methodologies for Environmental, Social and Governance (ESG) reporting (GRI, ISO, et al), implementation of IFRS, local consciousness of particular issues (environmental awareness), information demands of domestic and foreign portfolio investors presence of a strategic investor, risk management and others.

10. 10 PFS Program Survey – Reporting on CSR General Observations - II Not surprisingly, results for the eight new member states of the EU are better in every category than for the 11 CEE Countries (Eight New Member States of the EU, Bulgaria, Croatia and Romania). Despite the significant and continuous improvements in disclosure that appear to be sustainable, blue chips in the 11 CEE countries underperform their peers in terms of reporting in the English language on ESG. On April 15, 2007 19 of the 110 CEE companies surveyed (17%) have an English- language stand alone ESG report available online. On September 14, 2006 the number was 15 (14%). On April 15, 2006 the number was 14 (13%). In comparison: On April 2007, four Brazilian companies, four Russian companies, two Indian companies and five Chinese companies published an English-language stand-alone ESG report. On September 15, 2006 five Brazilian companies and four Russian companies published an English-language stand-alone ESG report. On April 15, 2006 seven Spanish companies and six Portuguese companies published an English-language stand-alone ESG report.

11. 11 Comparison of the Eight PFS Program Surveys: Information Available Online in English: 2003 - 2007

12. 12 Comparison of the Eight PFS Program Surveys: Information Available Online in English: 2003 - 2007

13. 13 PFS Program Survey – Reporting on CSR – April 2007 Environmental Policy 38% of companies surveyed disclosed compliance with national or international environmental standards in their annual report in April 2007, compared with 35% in September 2006, 30% in April 2006 and 27% in September 2005. 5o% of the BRIC companies surveyed and 10% of the Ukrainian companies surveyed provided this information in April 2007. 30% of the 110 CEE companies surveyed and 47% of the BRIC companies report on environmental performance on the company website in April 2007. Social Policy 35 (32%) of the 110 CEE companies surveyed disclosed health and safety policy in the annual report available online in April 2007, compared with 28 (25%) in September 2006, 17 (15%) in April 2006 and 26 (23%) in September 2005. 45% of companies disclosed information about employee development/benefits on their website in April 2007, compared with 35% in September 2006, 24% in April 2006, 42% in September 2005, 35% in August 2004 and 28% in April 2004. 65% of the 110 CEE companies surveyed and 92% of the BRIC companies surveyed disclose employee benefit or development policies in their annual annual report available online in April 2007.

14. 14 PFS Program Survey – Reporting on CSR

15. 15 Comparison of the Largest Listed Companies Worldwide: ESG Reporting in English in 2006 Source:www.corporateregister.com www.pfsprogram.org www.siran.org

16. 16 Comparison of the Largest Listed Companies Worldwide: ESG Reporting in English in 2006 Source:www.corporateregister.com www.pfsprogram.org www.siran.org

17. 17 Analysis of the Environmental and Social Reporting Practices of Companies in the S&P 100 Index SIRAN

18. 18 About the Partners for Financial Stability (PFS) Program CAPITAL MARKETS CAPITAL MARKETS SEMINARS SOUTH EAST EUROPE NEWS UPDATE CAPITAL MARKETS RESEARCH BULGARIA NEWS UPDATE 2007

19. 19 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 Europe (CEE) countries that have since joined the European Union. In 2005, the geographical focus of the program shifted to Southeast 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 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