Summary results of our bi-annual Central Eastern Europe business benchmarking survey June 2015

Content Respondents Country ranking Priority markets Hiring plans Headcount Marketing/sales cost Receivables Staff turnover Downtrading? Route-to-market CEE aggregate CE & Baltics aggregate SEE aggregate CIS aggregate By market: Albania Armenia Azerbaijan Belarus Bosnia-Hercegovina Bulgaria Croatia Czech Republic Estonia Georgia Hungary Kazakhstan Latvia Lithuania Macedonia Poland Romania Russia Serbia Slovakia Slovenia Turkey Ukraine Note: missing series mean insufficient responses for that sector.

The sector breakdown of member companies responding to our June 2015 business benchmarking survey

Countries by revenue and profit growth – results 2014

Countries by revenue expectations for 2015 December 2014 vs. June 2015 surveys

Countries by profit expectations for 2015 December 2014 vs. June 2015 surveys

Countries by revenue/profit expectations for 2016 Based on June 2015 survey

Priority markets for business development for the next three years

Top markets for hiring intentions over the next 12 months

Cutting headcount?

Cutting sales or marketing costs?

Difficulties with receivables

Have you seen higher staff turnover?

Downtrading?

Route-to-market

CEE aggregate Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

CEE aggregate Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

CEE aggregate Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

CEE aggregate Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

CE & Baltics aggregate Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

CE & Baltics aggregate Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

CE & Baltics aggregate Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

CE & Baltics aggregate Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

SEE aggregate Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

SEE aggregate Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

SEE aggregate Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

SEE aggregate Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

CIS aggregate Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

CIS aggregate Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

CIS aggregate Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

CIS aggregate Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Results by market

Albania Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Albania Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Albania Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Albania Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Armenia Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Armenia Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Armenia Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Armenia Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Azerbaijan Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Azerbaijan Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Azerbaijan Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Azerbaijan Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Belarus Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Belarus Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Belarus Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Belarus Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Bosnia-Hercegovina Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Bosnia-Hercegovina Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Bosnia-Hercegovina Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Bosnia-Hercegovina Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Bulgaria Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Bulgaria Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Bulgaria Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Bulgaria Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Croatia Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Croatia Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Croatia Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Croatia Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Czech Republic Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Czech Republic Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Czech Republic Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Czech Republic Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Estonia Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Estonia Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Estonia Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Estonia Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Georgia Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Georgia Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Georgia Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Georgia Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Hungary Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Hungary Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Hungary Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Hungary Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Kazakhstan Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Kazakhstan Latest forecasts: revenue and profit results by sector, 2014 From our December 2014 survey

Kazakhstan Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Kazakhstan Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Latvia Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Latvia Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Latvia Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Latvia Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Lithuania Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Lithuania Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Lithuania Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Lithuania Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Macedonia Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Macedonia Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Macedonia Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Macedonia Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Poland Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Poland Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Poland Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Poland Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Romania Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Romania Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Romania Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Romania Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Russia Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Russia Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Russia Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Russia Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Serbia Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Serbia Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Serbia Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Serbia Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Slovakia Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Slovakia Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Slovakia Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Slovakia Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Slovenia Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Slovenia Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Slovenia Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Slovenia Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Turkey Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Turkey Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Turkey Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Turkey Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Ukraine Corporate revenue and profit results and forecasts, , all sectors Comparison of our December 2014 and June 2015 surveys

Ukraine Latest estimates: revenue and profit results by sector, 2014 From our December 2014 survey

Ukraine Latest forecasts: revenue and profit results by sector, 2015 From our June 2015 survey

Ukraine Latest forecasts: revenue and profit results by sector, 2016 From our June 2015 survey

Disclaimer, copyright, sources © 2015 CEEMEA Business Group* CEEMEA Business Group currently works with senior leaders of over 400 large multinational companies operating in the Central Eastern Europe, Middle East and Africa regions, helping them understand economic and business outlooks globally, regionally and at country levels. Regional and global executives also receive regular advice and updates on best practices for expansion and success in emerging markets. Executive members of the CEEMEA Business Group can also attend regular peer group meetings held throughout Europe and in Dubai. Source: GSA Global Success Advisors GmbH and CEEMEA Business Group research Basic data sources come from central banks, own intelligence network, CEEMEA Business Group corporate survey, governments and other public sources. Interpretation, views, forecasts, business quotes and business outlooks by GSA Global Success Advisors GmbH and CEEMEA Business Group. This material is provided for information purposes only. It is not a recommendation or advice of any investment or commercial activity whatsoever. Global Success Advisors and CEEMEA Business Group accept no liability for any commercial losses incurred by any party acting on information in these materials. Contact: Nenad Pacek, President and Founder, GSA Global Success Advisors GmbH; Co-founder, CEEMEA Business Group M: E: *a joint venture between DT-Global Business Consulting GmbH, Address: Keinergasse 8/33, 1030 Vienna, Austria, Company registration: FN t and GSA Global Success Advisors GmbH, Hoffeldstraße 1, 2522 Oberwaltersdorf, Austria Company registration: FN k