1. Results of CFO Survey in Central Europe The only way is up Gavin Hill Partner, Central Europe

2. © 2013 Deloitte Central Europe Deloitte Q1 2013 CE CFO Survey 2Central European CFO Survey 4 th CE CFO survey 8+ Industries Financial services, TMT, Transport, Real Estate, Pharmaceutical, Manufacturing, Energy, Consumer Business and other industries participated 14 geographies 668 CFOs responded Kosovo

3. © 2013 Deloitte Central Europe Key findings from the Q1 2013 CE CFO survey Cut, minimise, grow 3Central European CFO Survey Are less cautious than 6 months ago Remain cautious about gearing Focus on revenue growth on current & new markets, followed by cost cutting and improvement of liquidity Are quite risk averse Do not expect talent shortage in finance Forecast that financing costs will increase CFOs in Central Europe CFOs feel the same way or somewhat more optimistic regarding financial prospect for their companies than they did 6 months ago. This mild decrease of pessimism is consistent with the results of the recent Deloitte survey of Private Equity executives. There is a significant north/south split in the sentiment of CFOs (south being more negative and north positive in most questions).

4. © 2013 Deloitte Central Europe CFO survey results CE x UK Greater risk averseness and cautiousness in Central Europe Compared to the results of CFO Survey in the United Kingdom, Central European CFOs are more risk averse and are not expecting significant improvements, unlike their UK based counterparts. 4Central European CFO Survey The availability of Credit is highest in 5 years in UK On average, credit is normally available for majority of CFOs in CE, the exception is southern part of the region Around 40% of the UK CFOs claim that now is a good time to be taking risk onto their balance sheets. Only around 20% of CE CFOs claim that now is a good time to be taking risk Risk Credit Uncertainty Around 20% of CFOs in UK evaluate external economic uncertainty as normal Even though majority of CFOs claim that external economic uncertainty levels are above normal or high, 21% of CFOs see the conditions as normal

5. Detailed Results

6. © 2013 Deloitte Central Europe Financial prospects for companies Mild return of optimism 6Central European CFO Survey Majority of CFOs feel the same way about the financial prospects for their companies, as they did 6 months ago. However significant part of CFOs also feels somewhat optimistic. Especially CFOs in Baltic countries and Serbia.

7. © 2013 Deloitte Central Europe GDP growth predictions Expectation of stagnation 7 Real GDP growth, forecast 2013 (%) 2,42,4 -1,3 Source: Eurostat & IMF 1,4 -0,4 -0,1 2,0 0,0 1,2 1,1 -2,0 1,6 3,0 3,1 3.8 1,8 Again, the north/south split is clearly visible. Majority of CFOs expect growth between 0-1,5%. The only positive exception are CFOs from Baltic states and Poland, where CFOs expect moderate growth for the year ahead. Central European CFO Survey

8. © 2013 Deloitte Central Europe Availability of credit Credit is easier to obtain in the north of the region 8Central European CFO Survey Credit is normally available in majority of the countries. Once again the north/south split is clearly visible.

9. © 2013 Deloitte Central Europe Willingness to take risk Staying on the safe side 9Central European CFO Survey The entire region shares the opinion that now is still not a good time to take risk. Slovenia remains most risk averse from the region with all CFOs surveyed feeling, that now is not a good time to take more risk onto companies’ balance sheets.

10. © 2013 Deloitte Central Europe Levels of uncertainty Time to accept the new normal? 10Central European CFO Survey CFOs in CE feel that the levels of external financial uncertainty are above normal / high in most of the countries. Only Slovak and Estonian CFOs evaluate the external conditions as normal. The question is, whether the uncertainty will ever decrease or it is time to accept the current state as the new normal. Normal Above normal High Very high Rating of general level of external financial and economic uncertainty

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