Investor Presentaiton

1989 Well-under way toward successful knowledge-based economy CENTRALLY PLANNED ECONOMY GOALS OF functioning market REFORMS economy TYPE OF REFORMS H • . • privatizations price deregulations market institutions 1999 2004 FUNCTIONING MARKET ECONOMY • . • efficient market economy long-term financial sustainability Lisbon strategy goals 2010 KNOWLEDGE-BASED ECONOMY • long-term growth . long-term • competitiveness Lisbon strategy goals structural reforms of social welfare system and business environment • reforms and upgrading of education, R&D, IT infrastructure deepening of capital markets 14

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