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Investor Presentaiton

IV.1 Institutions Majority of institution-related indicators are showing further negative results during 2022 survey ■ For example, the government is less responsive to changes (-0.18; 44.4%); private businesses' less ability to challenge government decisions (-1.33; 74%) and poor corporate ethics (-0.67; 61.7%) ■ Some marginal improvement in perception (though below the average level) was observed during 2022 compared to that in 2021 For example, protection of property rights (0.04%, 64.4%) independence of judiciary (-0.9; 62.5%) and ethical standard of politicians (-1.07; 67.6%) ■ Businesses further struggling in a poor governance situation in number of public entities ▪ This is reflected in the lack of ability to ensure a stable policy environment (-0.41; 49.3%); illegal diversion of public funds (-0.96, 65.3); burdensome public administration's compliance (-0.62; 57.5%) and inefficient legal & judicial system to settling dispute(- 0.71; 56.2) ■ Such inefficiencies and weaknesses made a severe adverse impact for businesses particularly on SMES 23
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