RAIFFEISEN INVESTMENT MA IN CEE WHERE DO WE

RAIFFEISEN INVESTMENT M&A IN CEE – WHERE DO WE STAND? WHERE DO WE GO? Heinz Sernetz November 2010

CONTEXT 01 Emerging Markets – Growth and the Cost of Buying Growth 02 M&A in Central & Eastern Europe – Regional Trends 03 Appendix Slide 2

EMERGING MARKETS WHERE IS GROWTH? n China and India o Outperforming growth rates PRICE PREMIUM o China as the peer group’s largest GDP in total o BUT: — Expensive by historic standards China Average 2010 E EV/ EBITDA Multiple: 7. 1 x in GDP growth India Russia Turkey n CEE* o Experienced a substantial slowdown Brazil CEE PRICE DISCOUNT o Company valuation in CEE much lower than peer group’s benchmark *Bubble size equals total GDP * CEE= CE+SEE+CIS Source: Raiffeisen Research, Bloomberg, International Monetary Fund Slide 3

EMERGING MARKETS IS THIS GROWTH SUSTAINABLE? n Only China meets the goals of the Maastricht criteria o General budget balance < 3% of GDP Maastricht Criteria China Brazil Russia CEE o Public Debt < 60% of GDP Eurozone Turkey India n Public debt levels in CEE and Russia substantially lower than in India, Brazil, the Eurozone and the US USA o Positive learning effect from the crisis is recognizable in the actions of Eastern governments — strict austerity measures — economic cooperation — budget discipline n Household debt level in CEE and Russia substantially lower than in the Eurozone and the US CIS CEE SEE CE Eurozone Source: Raiffeisen Research, Bloomberg, EU Commission, CSOI, Thomson Reuters, wiiw, Federalreserve. org, Datastream USA Slide 4

EMERGING MARKET CENTRAL & EASTERN EUROPE LOWER LEVEL OF PUBLIC DEBT AND CURRENT BUDGET DEFICITS Public debt/ Current budget deficit (2010) n Not Eastern Europe, but Southern Europe is the source of economic risks due to high levels of public debt n Average public debt level o CIS-Region c. 12% (% of GDP) o Eurozone c. 79% (% of GDP) n Current budget deficits in CE, SEE, CIS and CEE are significantly lower than in the Eurozone and the PIGS states (Portugal, Italy, Greece, Spain) Quelle: Raiffeisen Research Slide 5

WHERE ARE THE GOOD NEWS FOR CEE? CONVERGENCE TOWARDS EU GROWTH RATES n CEE population is approx. as high as in the GDP and growth rates (2010 E) Eurozone or the US. However, GDP/ capita only amounts for 20% of the US and 25% of the Eurozone level n This can be seen as the natural source of convergence towards the Western levels of economic activity and thus as the reason for the outperforming growth rates n Real GDP growth rate forecasts for 2011 express this expectation o CEE: 3, 2%; USA: 1, 4%, Eurozone: 1, 2% n Increasing political stability and experience in crisis management support the positive trends in CEE Quelle: Raiffeisen Research Slide 6

EMERGING MARKETS THE COST OF BUYING GROWTH China n The two charts show that the outperforming growth in Asia and Latin America is reflected in higher company valuations n Based on an EV/ EBITDA multiple, Eastern European companies are trading at a historic low India Turkey CEE Brazil Russia Average 2010 E EV/ EBITDA Multiple: 7. 1 x n Asian and Latin American companies seem expensive by historic standards Source: Raiffeisen Research, Bloomberg Left column 5 year average Middle column 1 Year ago Right column 2010 E Slide 7

WHERE ARE THE GOOD NEWS IN CEE? COMPANY VALUATIONS STILL VERY LOW BY HISTORIC STANDARDS n DEVELOPMENT OF EV/ EBITDA – MULTIPLES n FUNDAMENTAL DATA n After an interim decline in company valuation in CEE, the current valuation level is approx. as high as the 5 year average n This can be explained by the fact that the lower operating EBITDA levels currently express the market capitalisations (which were already reduced by the markets in advance) of the companies Source: Raiffeisen Research, Bloomberg Slide 8

WHERE ARE THE GOOD NEWS IN CEE LABOUR COSTS STILL VERY ATTRACTIVE DEVELOPMENT OF LABOUR COSTS EU = 100 n Despite the high growth rates of industrial wages – especially in the CIS region – the labour costs are still below the EU average n Devaluation of currencies in CEE additionally supported this competitive advantage n CEE incl. CIS will continue to be the preferred production location in Europe Source: Raiffeisen Research Slide 9

WHAT CAN WE EXPECT? LESSONS LEARNED Company valuation back to reasonable level o „Hype-valautions“ as seen before the economic crisis are over o Sustainable level of company valuation Accurate financing policy is back o Fiscal and financing policy of quantitative ease is over Market adjustment takes place o Companies restructured and optimized their activities and business portfolios Risks do not derive from CEE, but from Central and Southern Europe o Public debt levels and current budget deficits in CEE significantly below the Eurozone average Slide 10

CONTEXT 01 Emerging Markets – Growth and the Cost of Buying Growth 02 M&A in Central & Eastern Europe – Regional Trends 03 Appendix Slide 11

M&A TRENDS M&A ACTIVITY AND VOLUMINA – REGIONAL TRENDS Value of M&A deals per region (EUR bn) M&A Development in Central & Eastern Europe (EUR bn) n After the peak in 2007 – both in terms of M&A volume and number of transactions – the market declined substantially internationally and in Central & Eastern Europe n Turnaround was experienced since Q 2 2010 higher 2010 YTD (Jan-Oct) M&A volume than in 2009 Source: Bloomberg, Mergermarket Slide 12

M&A TRENDS M&A IN CEE & SEE M&A MARKET DEVELOPMENT IN CEE (EUR bn) M&A MARKET DEVELOPMENT IN SEE (EUR bn, incl. Turkey) n Both Central & Eastern Europe as well as Southern & Eastern Europe experience a strong comeback of M&A activity in terms of deal value n It can be expected that the low levels of 2009 represent the trough of the M&A development in these regions Source: Bloomberg Slide 13

RUSSIA M&A DEVELOPMENT OF THE M&A VOLUME IN RUSSIA (EUR bn) Sector split – transaction volume Source: Mergermarket, Capital. IQ TRANSACTION SIZE SPLIT Sector Split – # of deals Slide 14

TURKEY M&A DEVELOPMENT OF THE M&A VOLUME IN TURKEY (EUR bn) Sector split – transaction volume Source: Mergermarket, Capital. IQ TRANSACTION SIZE SPLIT Sector Split – # of deals Slide 15

BULGARIA M&A DEVELOPMENT OF THE M&A VOLUME IN BULGARIA (EUR bn) Sector split – transaction volume Source: Mergermarket, Capital. IQ TRANSACTION SIZE SPLIT Sector Split – # of deals Slide 16

M&A DEVELOPMENT SELECTED COUNTRIES DEVELOPMENT OF THE M&A VOLUME (EUR bn) Source: Bloomberg Slide 17

M&A IN CENTRAL & EASTERN EUROPE REGIONAL TRENDS 1 n Recovery of M&A markets started in 2010 n RIAG realized strong activities since July n M&A activity in 2010 YTD (Jan-Oct) already outperforming 2009 n Further substantial increase in 2011 is expected Key findings for M&A activity in Central & Eastern Europe n Large multinational companies come back and invest in CEE again, especially in the following sectors: 2 o Consumer goods o Energy & Utilities o Telecom (privatisations) Slide 18

CENTRAL & EASTERN EUROPE POTENTIAL RISKS 1 n Problems in the banking sector o Increasing number of Non-performing-loans (peak is expected in 2011) o Should be outweighed by higher and constantly increasing capitalisation of banks in CEE 2 n Strict austerity measures are necessary to stabilize the current budget deficits n This decrease in public investment will hamper potential economic growth in the next years 3 n High dependency on FDI (foreign direct investments) source of instability in times of economic contraction Slide 19

CENTRAL & EASTERN EUROPE CONCLUSION 1 n The economic crisis and its consequences are still present in CEE 2 n 2010 can be described as a new phase of the economic crisis n The trough seems to be passed over 3 n Risks for Central & Eastern Europe are outweighed by the significant growth potential in the region o This future growth is based on demand-pull convergence towards EU level of GDP/ capita n Attractive company valuations and significantly improving corporate performance indicate 2010/ 2011 to be the right time to invest in CEE Slide 20

CENTRAL & EASTERN EUROPE WHY INVEST IN CEE? 1 Financing n Policy of overheated (in times of expansion) or unsteady (in times of recession) funding is over funding in CEE back to sustainable and stable structures n Funding resources in CEE are available again n Current economic crisis resulted in learning effects for Eastern countries’ governments convergence towards EU still strong incentive for ongoing fiscal consolidation in many countries 2 n Increasing political stability Macroeconomics Key findings for investing in Central & Eastern Europe n Stabilizing growth rates and promising fundamental data significant potential to catch up in terms of GDP/ capita n CEE, although lagging behind approx. 1 ½ years compared to Central Europe, is expected to show higher growth rates in 2011 n Lower level of public debt in CEE 3 n Eastern Europe and Russia offer the most attractive EV/ EBITDA multiples Company Valuation n Companies in CEE are trading at a historic low n Companies in Asia seem expensive by historic standards 4 Attractiveness of current corporate development n European Industry is back to profitability and liquidity n Labour costs in CEE substantially below the EU average n Higher productivity rates compared to other Emerging markets due to higher level of education in CEE Slide 21

RAIFFEISEN INVESTMENT MERGERMARKET LEAGUE TABLES 2010 (H 1) - CEE 10* 3 5 1 4 4 2 3 * Number of deals 3 4 Quelle: Mergermarket Slide 22

CONTEXT 01 Emerging Markets – Growth and the Cost of Buying Growth 02 M&A in Central & Eastern Europe – Regional Trends 03 Appendix Slide 23

RAIFFEISEN BANKING GROUP SNAPSHOT Pro Forma Combined Bank Financials December 2009 EUR 148 bn Equity EUR 9, 5 bn EUR 10, 1 bn Staff RBI subsidiaries and representative offices in Europe (branch office in UK) H 1 2010 EUR 146 bn Total Banking Outlets RBI head office in Austria and Network Banks in CEE RBI Total Assets Moody's LT rating Raiffeisen Investment A 1 3, 038 2, 971 59, 800 58, 671 Raiffeisen Bank International AG (RBI) originated from the merger of Raiffeisen Zentralbank Österreich AG's (RZB) customer business segments with Raiffeisen International Bank-Holding AG. The new RBI is now handling the corporate and investment banking in Austria and CEE In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. 56, 000 employees service about 15 million customers through around 3, 000 business outlets in the region RBI is the only Austrian bank with a presence in both the world's financial centres and in Asia, the group's further geographical area of focus RBI is a fully-consolidated subsidiary of Raiffeisen Zentralbank Österreich AG (RZB). RZB indirectly owns around 78. 5 per cent of the common stock, which is listed on the Vienna Stock Exchange; the remainder is in free float. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group, and serves as the group head office of the entire RZB Group, including RBI Slide 24

RAIFFEISEN INVESTMENT WITHIN THE RAIFFEISEN BANKING GROUP RZB Risk management Central institution Bank of the Year 2008 in CEE Bank of the Year 2008 in Austria Investments RBI • Raiffeisen Bank International AG (RBI) – c. 78. 5% owned by RZB • Listed on the Vienna Stock Exchange Commercial & Retail Banking Domestic & International Operates banks, leasing companies and numerous specialist financial service providers in 17 CEE countries RBI operates branches, subsidiaries and representative offices in Europe, North America and Asia Investment Banking „M&A House“ Raiffeisen Investment AG „Equity House“ Raiffeisen Centrobank AG „Debt House“ Raiffeisen Bank International Mergers & Acquisitions Equity Capital Markets Debt Capital Markets& Loan Syndication Privatisations Equity Sales & Trading Fixed Income Sales & Trading Structured Transactions Equity Research Securitisation Acquisitions Monthly 2008 Central European M&A Adviser of the Year Euromoney 2005 - 2009 Best Regional Bank in CEE Global Finance 2007 - 2009 Best Bank in CEE Private Placements Merchant Banking Slide 25

RAIFFEISEN INVESTMENT THE LEADING M&A ADVISER IN CENTRAL AND EASTERN EUROPE Strong Track Record Since its foundation in the early 1990 s, Raiffeisen Investment has successfully advised on more than 500 transactions in the fields of M&A, privatisations and related financial advisory services Raiffeisen Investment major involvements: n in more than 50% of all Local Expertise Industry and Sector Expertise From its headquarters in Vienna, Raiffeisen Investment manages a strong network of 13 subsidiaries and representative offices with more than 70 professionals in Austria and CEE who maintain relations to local decision makers and authorities Our sector based approach means that we have contacts to all major industry players as well as a deep understanding of the relevant markets steel transactions in CEE over the last five years n in 50% of all mobile communication transactions in SEE n currently involved in the Pioneering Efforts in CEE/CIS Raiffeisen Investment was a pioneer in most CEE countries offering financial advisory services since the early 1990 s. We have been maintaining relations to governments and local and regional enterprises ever since Strong Network Banks and Financing Capabilities Raiffeisen's strong presence in the CEE/CIS region provides Raiffeisen Investment with the leverage of a strong network of commercial banks. Clients benefit from the excellent financing capabilities of the Raiffeisen Banking Group majority of all energy transactions in the region Deal of the Year 2008 in Bulgaria – M&A 2 M&A advisory firm of the year in CEE in 2010 1 2 M&A Adviser of the Year in Austria 2008 and 2009 Best Privatisation in EMEA in 2009 Best M&A House in CEE 2008 Best M&A Deal in CEE 2008 1 Central Europe M&A Adviser of the Year 2008 The awarded transaction is the acquisition of Asiban by Groupama. The awarded transaction is the acquisition of Bulgaria Telekom by AIG. Slide 26

RAIFFEISEN INVESTMENT INTEGRATED ADVISORY Russia Serbia Slovenia Kosovo Mergers & Acquisitions Romania Turkey Belarus Privatisations Austria Croatia Ukraine Structured Transactions Poland Czech Republic Resources of Raiffeisen Group Hungary Bosnia Macedonia Private Placements Montenegro The combination of product, country and sector expertise ensures the best solutions for our clients Slovak Republic PPP-Advisory Bulgaria Raiffeisen Investment provides a wide range of investment, financial advisory and tax driven services in CEE/CIS and Austria Central Europe M&A Adviser of the Year 2008* Real Estate Chemicals & Industrials Life Sciences Consumer Goods Energy & Utilities Telecoms, Media, Technology Infrastructure Financial Sponsors Metals & Mining Financial Institutions * Awarded by “Acquisition Monthly“ a Thomson financial publication Slide 27

RAIFFEISEN INVESTMENT SELECTED TRANSACTIONS 2010 MMEKA 2010 Privatization Authority of the Turkish Republic privatized electricity distribution company in Trakya region. Privatization Authority of the Turkish Republic privatized electricity distribution company in Dicle region MMEKA Privatization Authority of the Turkish Republic privatized electricity distribution company in Boğaziçi region. Privatization Authority of the Turkish Republic privatized electricity distribution company in Izmir and Manisa region. Raiffeisen Investment acted as financial advisor to the Privatization Authority of the Turkish Republic. 2010 Privatization Authority of the Turkish Republic privatized electricity distribution company in Fırat region Privatization Authority of the Turkish Republic privatized electricity distribution company in Van Gölü region Privatization Authority of the Turkish Republic privatized electricity distribution company in Uludağ region Privatization Authority of the Turkish Republic privatized electricity distribution company in Çamlıbel region Raiffeisen Investment acted as financial advisor to the Privatization Authority of the Turkish Republic. Slide 28

RAIFFEISEN INVESTMENT SELECTED TRANSACTIONS (CONT‘D) 2010 BLBV The shareholders of Hobi Kozmetik sold 100% of the share capital of the company to Dabur India Limited Raiffeisen Investment acted as exclusive sell-side financial advisor to the shareholders of Hobi Kozmetik 2010 Constantia Privatbank sold its operating banking assets. Raiffeisen Investment acted as financial advisor to the vendor. 2010 In February 2008, SSL International Plc had acquired a 15. 5% stake in BLBV, which was increased in 2009. In 2010 SSL increased its stake from 50% stake plus one share to 75% in BLBV. Raiffeisen Investment acted as financial advisor to the acquirer. 2010 Global Finance PE sold its investment in Bulgarian coffee shop chain ONDA to Lavazza Group. Raiffeisen Investment acted as financial advisor to the seller. 2010 Private Investors KTM Power Sports AG completed a capital increase against contribution in kind and in cash by Bajaj Auto International Holding B. V. Raiffeisen Investment acted as financial advisor to KTM Power Sports. Ceynak Lojistik acquired 36 -year concession right of Samsun Port from the Privatization Authority of Turkish Republic The shareholders of ABK Enerji sold 100% of the share capital of the company to a group of private investors Raiffeisen Investment acted as exclusive buy-side financial advisor to Ceynak Lojistik Raiffeisen Investment acted as exclusive sell-side financial advisor to the shareholders of ABK Enerji Metsäliitto Group sold its Romanian assets of Finnforest Baco. Raiffeisen Investment acts as financial advisor to the seller. Slide 29

RAIFFEISEN INVESTMENT SELECTED TRANSACTIONS (CONT‘D) 2010 2009 -2010 Advisory to SRF during acquisition of selected assets of Kord Group Advisory to ČEZ, a. s. during the acquisition of GESO/ENSO, the German regional utility companies Raiffeisen Investment acted as financial advisor to the seller. Mid Europa Partners acquired 64. 6% in the Hungarian provider of fixed line telecommunications and broadband internet services Invitel Holdings from Danish telecom incumbent TDC for a total consideration of EUR 740 m. Raiffeisen Investment, together with Lazard, acted as financial advisor to the acquirer. Raiffeisen Investment acted as financial advisor to the acquirer. 2009 BC Partners acquired 100% of the laboratory diagnostics company Futurelab and 40% of Augsburg based Synlab Constantia Privatbank sold its property management company IMV Immobilien Management Gmb. H. The shareholders of Yeni Ilac sold 100% of the share capital of the company to Recordati Advisory to Air France-KLM S. A. during the privatization of the Czech Airlines Raiffeisen Investment acted as financial advisor to the vendor. Raiffeisen Investment acted as exclusive sell-side financial advisor to Yeni Ilac shareholders. VERBA Lekkerland Europe sold 100% stake in its Hungarian operations to Verba, a Hungarian consortium of investors. Raiffeisen Investment acted as financial advisor to the acquirer. Slide 30

LATEST INTERNATIONAL AWARDS RAIFFEISEN BANKING GROUP Best Privatisation in EMEA 2009 M&A Adviser of the Year Best M&A House in CEE 2008 & in Austria 2008 and 2009 Best M&A Deal in CEE 2008 1 Central Europe M&A Adviser of the Year 2008 1 2 Deal of the Year 2008 Bulgaria 2 Euromoney The Banker Awards Global Finance Best Bank in CEE 2009 Best Bank in Albania, Belarus, Bosnia i. Herzegovina Best Treasury and Cash Management Bank in CEE 2006 Best Bank in Austria 2009 Bank of the Year 2008 in CEE, Bulgaria, Croatia and Slovakia Best Provider of Money Market Funds in Central and Eastern Europe 2005 Best Bank in Austria & CEE 2006 Top 1000 World Banks 2006 (position 94) Best Bank in Albania 2006 Bank of the Year 2006 (in Austria) Best Bank in Belarus 2006 Bank of the Year in Central and Eastern Europe 2006 Best Bank in Bosnia & Herzegovina 2006 Bank of the Year in Serbia, Bulgaria and Croatia 2006 Best Bank in Serbia 2006 Best Bank in Albania 2004 Best Bank in Bosnia & Herzegovina 2004 and 2005 Best Bank in the Ukraine 2006 Best Bank in Belarus 2003 and 2004 Best Bank in Romania 2004 and 2005 Best Debt House in Bulgaria 2006 Best Bank in Bosnia & Herzegovina 2001 -2004 Best Project Finance House in Russia 2004 Best Bank in Albania 2005 Best Bank in Serbia & Montenegro 2003 Best Bank in Serbia & Montenegro 2004 and 2005 Best Bank for Risk Management in Central and Eastern Europe 2005 Best Bank in Albania 2004 and 2005 Best Bank in Belarus 2004 and 2005 The awarded transaction is the acquisition of Asiban by Groupama. The awarded transaction is the acquisition of Bulgaria Telekom by AIG. Slide 31

LAZARD & RAIFFEISEN INVESTMENT JOINING FORCES IN M&A ADVISORY FOR CSEE n In the first half of 2010 number one for restructuring n M&A adviser of the year in 2009* advise*** n CEE M&A adviser of the year in 2008** n Leading M&A adviser A unique type of cooperation based on a strong local presence and worldwide expertise Lazard and Raiffeisen Investment are currently working on numerous joint projects in the region n Strong team with longstanding execution expertise n Unparalleled brand recognition gained in more than 500 transactions n Global operations: 35 cities across 17 countries in North America, Europe, Asia, Australia and South America n Sector teams with specific industry expertise n On-ground presence in Central & Eastern Europe with around 100 professionals in Austria and 13 CEE countries n In-depth CEE-focused sector know-how based in Vienna, supported by country expertise from our local subsidiaries n First class M&A and corporate finance execution capabilities n A strong network of subsidiaries enables Raiffeisen n Access to markets outside of Russia & the CEE region Investment to offer the broadest product range in the CEE region Premium regional relationships and global execution capabilities *Awarded by „ACQ magazine“ **Awarded by “Acquisition Monthly“ a Thomson financial publication ***source: efinancialnews Slide 32

JOINING FORCES OF LAZARD AND RAIFFEISEN INVESTMENT GLOBAL REACH OF CLIENTS AND MARKETS America Europe Asia Pacific North America: Boston, Chicago, Houston, Los Angeles, Montreal, New York, San Francisco and Toronto Lazard: Amsterdam, Bordeaux, Frankfurt, London, Lyon, Madrid, Milan, Paris, Rome, Stockholm and Zurich Asia: Hong Kong, Mumbai, Beijing, Seoul, Singapore and Tokyo South America – Brazil: Signatura Lazard 50: 50 Joint Venture; Argentina: Strategic Alliance with MBA Raiffeisen Investment: Belgrade, Bucharest, Budapest, Istanbul, Kiev, Moscow, Podgorica, Prague, Sarajevo, Sofia, Vienna, Warsaw and Zagreb Australia: Brisbane, Melbourne and Sydney Raiffeisen Investment Lazard Slide 33

RAIFFEISEN INVESTMENT CONTACTS Members of the Executive Board Sector / Country Heads Heinz Sernetz Team Austria – Peter Unger Energy & Utilities – Henning von Stechow E: h. sernetz@raiffeisen-investment. com T: +43 (0) 1 710 54 00 113 M: +43 (0) 664 627 53 13 E: p. unger@raiffeisen-investment. com T: +43 (0) 1 710 54 00 138 M: +43 (0) 664 627 53 38 E: h. stechow@raiffeisen-investment. com T: +43 (0) 1 710 54 00 132 M: +43 (0) 664 627 53 32 Martin Schwedler Team Slovenia – Sandra Rath Financial Sponsors – Peter Köhler E: m. schwedler@raiffeiseninvestment. com T: +43 (0) 1 710 54 00 155 M: +43 (0) 664 627 53 55 E: s. rath@raiffeisen-investment. com T: +43 (0) 1 710 54 00 154 M: +43 (0) 664 627 53 54 E: p. koehler@raiffeisen-investment. com T: +43 (0) 1 710 54 00 146 M: +43 (0) 664 627 53 46 Wolfgang Putschek TMT Team – Stefan Wala Structured Transactions – R. Schmid-Grimburg E: w. putschek@raiffeisen-investment. com T: +43 (0) 1 710 54 00 123 M: +43 (0) 664 627 53 23 E: s. wala@raiffeisen-investment. com T: +43 (0) 1 710 54 00 116 M: +43 (0) 664 627 53 16 E: rsg@raiffeisen-investment. com T: +43 (0) 1 710 54 00 124 M: +43 (0) 664 627 53 24 Consumer Goods & Life Science – Klaus Imhof Industrials – Richard Golden E: k. imhof@raiffeisen-investment. com T: +43 (0) 1 710 54 00 147 M: +43 (0) 664 627 53 47 E: r. golden@raiffeisen-investment. com T: +43 (0) 1 710 54 00 173 M: +43 (0) 664 627 19 73 Raiffeisen Investment AG A-1015 Vienna Krugerstraße 13 E: office@raiffeiseninvestment. com T: +43 (0) 1 710 54 00 160 F: +43 (0) 1 710 54 00 169 Slide 34

RAIFFEISEN INVESTMENT SUBSIDIARIES & REPRESENTATIVE OFFICES Raiffeisen Investment Bulgaria Head: Ivailo Gospodinov T: +359 889 632037 i. gospodinov@raiffeisen-investment. com Raiffeisen Investment Polska Sp. z. o. o. Head: Ryszard Hermanowski T: +48 22 585 29 00 r. hermanowski@raiffeisen-investment. com Raiffeisen Investment Romania S. R. L. Head: Ioana Filipescu T: +40 722 204 712 i. filipescu@raiffeisen-investment. com Raiffeisen Investment Ukraine Ltd. Head: Vyacheslav Yakymuk T: +380 44 490 68 98 v. yakymuk@raiffeisen-investment. com Raiffeisen Investment, Russia (1) Head: Evgueni Sidorenko T: +7 495 363 63 77 e. sidorenko@raiffeisen-investment. com Raiffeisen Investment, Serbia (1) Head: Dragan Parezanovic T: +381 11 2129 211 d. parezanovic@raiffeisen-investment. com Head: Gokce Kabatepe T: +90 212 287 1080 g. kabatepe@raiffeisen-investment. com Head: Zsolt Füredi T: +36 1 889 6199 z. furedi@raiffeisen-investment. com Dragan Parezanovic T: +381 11 2129 211 d. parezanovic@raiffeisen-investment. com Head: Eso Gacanin T: +387 33 296 673 e. gacanin@raiffeisen-investment. com Head: Biljana Pommerville T: +381 11 2129 219 b. pommerville@raiffeisen-investment. com Head: Margaret Rajkovic T: +382 20 231 241 m. rajkovic@raiffeisen-investment. com Head: Pavel Matejka T: +420 234 396 720 p. matejka@raiffeisen-investment. com Raiffeisen Investment, Turkey (1) Raiffeisen Investment, Hungary (1) Coordinator Bi. H, Croatia, Macedonia, Montenegro Raiffeisen Investment, Croatia Raiffeisen Investment, Bi. H (1) Raiffeisen Investment Macedonia (1) Raiffeisen Investment Montenegro (1) Raiffeisen Investment, s. r. o. Czech Republic (1) Representative Office Slide 35