Investor Presentaiton

- Business environment cluster – Key progress and remaining challenges since CO2021 (at the level of RS) Progress State-owned enterprises (SOEs) Challenges . G In 2022, an SOE performance- monitoring unit ("Department for Coordination of Supervision of Public Enterprises") was established. • . The rationales for state ownership remain unclear and are not established through an ownership policy. There is no SOE-specific board nomination framework in place to ensure that SOE boards are professionally qualified and independent. • Derogations to SOEs' legal and regulatory treatment exist, raising concerns related to the creation of a level playing field. 22

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