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    1 : Partners for Financial Stability (PFS) Programwww.pfsprogram.org Investor Relations Online:Best Practice and Trends inSouth East Europe as well asCentral and Eastern EuropePresentation of Second Editions of Macedonian SurveySkopje, MacedoniaMay 19, 2009
    2 : Agenda Investor Relations in SEE PFS Program Surveys Investor Relations Online: 2001 - 2009 PFS Program Surveys Survey of Reporting on CSR: 2003 - 2009 Upcoming Events About the PFS Program
    3 : Agenda Investor Relations in SEE PFS Program Surveys Investor Relations Online: 2001 - 2009 PFS Program Surveys Survey of Reporting on CSR: 2003 - 2009 Upcoming Events About the PFS Program
    4 : Investor Relations in SEE Ongoing, incremental improvements in financial disclosure, in response to national legislation and efforts to harmonize with European Union (EU) legal requirements related to accounting, audit, corporate governance and financial disclosure Largely domestic investors in most SEE markets; therefore, there is generally a (perceived) lack of demand for disclosure in English (Perceived) lack of urgency for benchmarking with best practice and international standards in financial and extra-financial disclosure (Perceived) lack of appreciation of the benefits (internal and external) of an effective investor relations program. (Perceived) lack of appreciation of the company website as a low-cost platform to market the company, its products/services and its bonds/shares Nevertheless, evidence from PFS Program regional surveys, country surveys co-financed by the PFS Program and other data show incremental and recognizable improvement in investor relations practices over the medium-term (<5 years) and long-term (5 years>).
    5 : Agenda Investor Relations in SEE PFS Program Surveys Investor Relations Online: 2001 - 2009 PFS Program Surveys Survey of Reporting on CSR: 2003 - 2009 Upcoming Events About the PFS Program
    6 : Background PFS Program Regional Surveys – 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, August 2008 and February 2009 Eight New Member States of the EU, Bulgaria, Croatia and Romania Brazil, Russia, India and China (BRIC) as well as Ukraine
    7 : Background Country Surveys – Investor Relations Online 2003 Czech Republic, Hungary and Poland 2005, 2006, 2007 and 2009 Croatia 2007 Bulgaria 2008 and 2009 Macedonia
    8 : Investor Relations Online: Comparison of Disclosure in Macedonian languageby the Ten Largest Listed Companies in Macedonia (June 2008 and April/May 2009) with Disclosure in English by Peers in Bulgaria, Croatia and Romania (2004 - 2009) Comparison – Macedonia with BG, HR and RO
    9 : Comparison – Macedonia with BG, HR and RO MK March 2009 --------------70% June 2008 --------------70% BG, HR and RO
    10 : Comparison – Macedonia with BG, HR and RO MK March 2009 -------------------90% June 2008 ----------------80% BG, HR and RO
    11 : Comparison – Macedonia with BG, HR and RO MK March 2009 ---------50% June 2008 -------------70% BG, HR and RO
    12 : Comparison – Macedonia with BG, HR and RO MK March 2009 -------40% June 2008 -------40% BG, HR and RO
    13 : Comparison – Macedonia with BG, HR and RO MK March 2009 ---------50% June 2008 -----------60% BG, HR and RO
    14 : Comparison – Macedonia with BG, HR and RO MK March 2009 -----30% June 2008 ------40% BG, HR and RO
    15 : August 2003 Investor Relations Online:Survey of Websites of the 10 Largest Listed Companies in Eleven Central and Eastern European (CEE) CountriesFebruary 2009 Partners for Financial Stability (PFS) Programwww.pfsprogram.org Bulgaria Croatia Czech Rep. Estonia Hungary Latvia Lithuania Poland Romania Slovakia Slovenia
    16 : Investor Relations Online: Survey of Websites of the Ten Largest Listed Companies in 11 CEE Countries February 2009 Executive Summary In the PFS Program’s 16th semi-annual Survey of the Websites of the Ten Largest Listed Companies (by market capitalization) in 11 Central and Eastern European (CEE) countries disclosure of detailed governance information decreased slightly in all categories surveyed. 84% of the companies surveyed provide a list of management online, compared with 88% in August 2008 and 90% in February 2008. 61% of the companies surveyed provide additional information about management online, compared with 64% in August 2008 and 63% in February 2008. 85% of the companies surveyed provide a list of board members online, compared with 91% in August 2008 and 87% in February 2008. 56% of the companies surveyed provide additional information about board members online, compared with 61% in August 2008 and 52% 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 15 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.
    17 : Survey of Websites of the Ten Largest Listed Companies in 11 CEE CountriesLocal Language and English-Language Websites: 2001 - 2009
    18 : 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 OnlineThe Ideal Website - Recommendations
    19 : Investor Relations Online The Ideal Website – Best Practice in CEE August 2008 19 The Ideal Website – Best Practice in CEE On February 15, 2009 52 of the 110 companies surveyed in CEE (47%) 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; list of board members; and additional information on board members. This is a slight decrease in comparison with August 15, 2008 when 56 of the 110 companies surveyed in CEE (51%) disclosed this basic information. Please note: On February 15, 2008 51 of the 110 companies surveyed in CEE (46%) disclosed this basic information, compared with 47 of the 110 companies surveyed in CEE (43 %) on August 15, 2007.
    20 : Investor Relations Online The Ideal Website – Best Practice in CEE February 2009 20 The Ideal Website – Best Practice in CEE On February 15, 2009 52 of the 110 companies surveyed in CEE (47%) disclose information in all of the categories analyzed in the basic PFS Program survey: local-language website; local-language website; list of management; additional information on management; list of board members; and additional information on board members. These 52 companies were analyzed further regarding the above-mentioned ideal website recommendations.
    21 : Investor Relations Online The Ideal Website – Best Practice in CEE 52 of 110 Companies in CEE – February 2009
    22 : Investor Relations Online The Ideal Website – Best Practice in CEE February 2009 22 The Ideal Website – Best Practice in CEE On February 15, 2009 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 companies provide 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.
    23 : Agenda Investor Relations in SEE PFS Program Surveys Investor Relations Online: 2001 - 2009 PFS Program Surveys Survey of Reporting on CSR: 2003 - 2009 Upcoming Events About the PFS Program
    24 : 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, September 2007, April 2008, September 2008 and April 2009 Eight New Member States of the EU, Bulgaria, Croatia and Romania Brazil, Russia, India and China (BRIC) as well as Ukraine
    25 : Partners for Financial Stability (PFS) Programwww.pfsprogram.org Survey of Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in Eleven Central and Eastern European (CEE) Countries Warsaw, PolandApril 2009 Bulgaria Croatia Czech Rep. Estonia Hungary Latvia Lithuania Poland Romania Slovakia Slovenia
    26 : English-language stand-alone ESG Reports – April 15, 2009
    27 : English-language stand-alone ESG Reports – April 15, 2009 Croatia – Zagrebacka Banka, Privredna banka Zagreb d.d., HT-hrvatske telekomunikacije, INA, and Pliva farmaceutika Czech Republic – Cez, Telefónica O2 Czech Republic, Unipetrol and Erste Bank Estonia – Tallink Grupp, Tallina Vesi, Merko Ehitus, Norma and Eesti Ehitus Hungary – MOL, OTP, Magyar Telekom, Gedeon Richter, TVK, FHB and Egis Lithuania – TEO LT and Lifosa Latvia – DnB NORD Banka, Latvijas Gaze, Latvijas kugnieciba, Ventspils nafta, Liepajas metalurgs and Latvijas Krajbanka Poland – PKN Orlen, Polskie Gornictwo Naftowe i Gazownictwo, BRE Bank, Bank Zachodni WBK and TVN Romania – Petrom and CNTEE Transelectrica Slovakia – Slovnaft and Všeobecná úverová banka Slovenia – Krka, Petrol and Sava
    28 : English-language stand-alone ESG Reports – April 15, 2009 This 12th edition of the semi-annual survey documents the existence of stand-alone environmental, social and governance (ESG) reports for the seventh time. 41 of the 110 companies CEE companies surveyed (37%) issue a stand-alone English-language ESG report on the record date of April 15, 2009. This demonstrates continuation of an ongoing trend: September 2008 – 28 of the 100 CEE companies surveyed (25%); April 2008 - 29 of the 110 companies surveyed (26%) ; September 2007 - 22 of the 110 companies surveyed (20%); April 2007 - 19 of the 110 companies surveyed (17%); and September 2006 - 14 of the 110 companies surveyed (13%) .
    29 : Comparison of Six PFS Program Regional Surveys:ESG Reporting in CEE
    30 : Comparison of Six PFS Program Regional Surveys:ESG Reporting in CEE
    31 : Agenda Investor Relations in SEE PFS Program Surveys Investor Relations Online: 2001 - 2009 PFS Program Surveys Survey of Reporting on CSR: 2003 - 2009 Upcoming Events About the PFS Program
    32 : Upcoming Events International Seminar Supply Chain Management and its Impact on Socially Responsible Investment Bucharest Stock Exchange – Corporate Governance Institute and PFS Program Bucharest June 25, 2009 Investor Relations Seminar Macedonian Stock Exchange and PFS Program Skopje September 2009 (date to be confirmed)
    33 : Agenda Investor Relations in SEE PFS Program Surveys Investor Relations Online: 2001 - 2009 PFS Program Surveys Survey of Reporting on CSR: 2003 - 2009 Upcoming Events About the PFS Program
    34 : 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.

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