1. Investment Attractiveness Index with the support of the InMind research company EBA Investment Attractiveness Index (3 rd wave) Conducted by EBA with the support of the InMind research company

2. Investment Attractiveness Index with the support of the InMind research company Project summary The results of 3 rd wave of investment climate in Ukraine tracking research. Methodology: The EBA Investment Attractiveness Index is assessed as the mean value based on the following five questions:  What do you think about the investment climate in Ukraine?  How would you estimate the investment climate for your company in Ukraine at the moment compared to the previous three months?  What are your expectations of the investment climate in Ukraine over the next three months?  In your opinion, would it be profitable for new entrants to invest in Ukraine over the next three months?  What are your expectations of the business environment of your primary industry over the next three months? Participants: 103 CEOs of EBA members companies Timing: January, 19 – February, 19, 2009 Survey Implementation: the Survey was conducted by EBA with the support of InMind research company

3. Investment Attractiveness Index with the support of the InMind research company Key findings

4. Investment Attractiveness Index with the support of the InMind research company Key findings Investment Climate in Ukraine Investment Climate Dynamics: last 3 months Investment Climate Dynamics Expectations: next 3 months Profitability for new entrants: next 3 months 2,3 2 nd wave 1,8 2,2 2,3 General EBA Index 2,2 Investment Climate of Primary Industry: next 3 months2,5 3,1 1 st wave 2,8 3,1 3,4 3,3 General EBA Index 3,1 2,0 3 rd wave 2,1 2,2 2,4 General EBA Index 2,2 2,4

5. Investment Attractiveness Index with the support of the InMind research company Key findings Five-grade scale is used to evaluate the investment climate, where 1 stands for the lowest evaluation and 5 stands for the highest evaluation. The EBA Investment Attractiveness Index stabilized and equals 2,2 on a 5 point scale. Although the Index remained at the same level compared to the 2 nd wave its components evaluation slightly changed: Investment climate indicator dropped from 2.3 to 2.0 which shows its perception worsening. However previous period evaluation (Nov’08-Jan’09) became slightly higher compared to Sept’08-Oct’08 period evaluation. The EBA Investment Attractiveness Index shows that the respondents evaluate the measured period as quite stable though rather negative. The further survey will show whether this stabilization is long lasting. Still the expectations for the next 3 months shows slightly more positive attitude compared to previous periods assessment. This ambiguity might be explained by the fact that businesses in Ukraine have been experiencing crisis few times since 1990s and there are examples of successful overcome.

6. Investment Attractiveness Index with the support of the InMind research company Key findings (September, 3-7) (September, 8- 21) (September, 22-28) (September, 29 – October, 2) N=42N=26N=50 N=33 (October, 23-31) N=53 (January, 19 – February, 12) N=103

7. Investment Attractiveness Index with the support of the InMind research company EBA – Index: Components

8. Investment Attractiveness Index with the support of the InMind research company Investment Climate in Ukraine Mean = 2,3Mean = 3,1 The Investment Climate in Ukraine is… (5 point scale) Mean = 2,0 0 – +

9. Investment Attractiveness Index with the support of the InMind research company Investment Climate Dynamics: last 3 months Mean = 1,8 Mean = 2,8 Mean = 2,1 0 – + The Investment Climate in Ukraine… (5 point scale)

10. Investment Attractiveness Index with the support of the InMind research company Investment Climate dynamics expectations: next 3 months Mean = 2,2 Mean = 3,1 Mean = 2,2 0 – + The Investment Climate in Ukraine… (5 point scale)

11. Investment Attractiveness Index with the support of the InMind research company Profitability for New entrants: next 3 months Mean = 2,3 Mean = 3,4 Mean = 2,4 0 – + Profitability for New Entrants … (5 point scale)

12. Investment Attractiveness Index with the support of the InMind research company Investment Climate of primary industry: next 3 months Mean = 2,5 Mean = 3,3 Mean = 2,4 0 – + Investment climate of primary industry… (5 point scale)

13. Investment Attractiveness Index with the support of the InMind research company Investment Climate evaluation by Industry type

14. Investment Attractiveness Index with the support of the InMind research company Actions taken by companies in the context of crisis 54%of companies reduced the costs while one third also suspended the planned development and investment.

15. Investment Attractiveness Index with the support of the InMind research company Thank you!