1. The Impact of Global Capital Flows on Emerging Markets Investor Trends and how Investor Relations can Actively Prepare ABIRD Conference Sofia, 25 September 2015 ANDREAS POSAVAC Director – Corporate Services CEEMEA andreas.posavac@ipreo.com

2. ©2015 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein. 2 GLOBAL EQUITY ASSET TRENDS

3. ©2015 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein. 3 GLOBAL EQUITY ASSET DRILL DOWN Asset AllocationBuying & Selling

4. ©2015 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein. 4 INSTITUTIONAL TRENDS & IMPACT FOR ISSUERS Frontier Market Funds Morgan StanleyFranklin TempletonAberdeenCharlemagneSchrodersBaillie GiffordLGTundra EMEA Focus TempletonNorges BankBlackrockT. Rowe PriceEBRDLazardOppenheimer Passive / Index Blackrock GroupState Street GlobalThe Vanguard GroupNorges BankLyxorNorthern TrustVan Eck / Russell Increased IR Demands EMEA Teams Rebuilding New Passive & SWF Funds Sector Shift Rebalancing & Beta Competition Soft Closures Overheating & Political Concern

5. ©2015 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein. 5 IMPACT OF FLOWS FOR EMEA ISSUERS & IR Going Global More international money Intense fight & competition for capital Proactive travel to main investment centres New Stakeholders & Requirements Adhere to international standards (disclosures etc.) New communication needs & stakeholders (eg governance teams, rating agencies, ext. advisors etc.) Differentiation & Education Investment Story vs. Peers „Macro View“ to educate investors Consistent Communication Access to Mgmt DisclosureTransparency Responsive- ness Knowledge

6. ©2015 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein. 6 KNOW HOW YOUR INVESTORS TAKE DECISIONS Build your investor relations program out for internal & external communication Be proactive with your communication Know your investors, market perception, targets and trends to document & measure Do not over-rely on one information source How You Get on The Radar Screens Broker ResearchInternal ResearchInvestor ConferenceConference Call1-o-1‘s Most Convincing Information Source Internal ResearchManagement 1-o-1Investor ConferenceCapital Markets DayInvestor Relations Most Important Investment Drivers Trust in Mgmt / Credibility Track RecordConvincing StrategyEPS GrowthCorporate Governance Level of Importance

7. ©2015 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein. 7 IPREO – GLOBAL REACH, LOCAL KNOWLEDGE Ipreo Clients Ipreo Team Andreas Posavac Director – Corporate Europe Global Markets Intelligence +43 664 444 11 30 andreas.posavac@ipreo.com