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Presentation of Inaugural Bulgarian Surveys:

Presentation of Inaugural Bulgarian Surveys: Investor Relations Online: Survey of Websites of the 40 Largest Listed Companies in Bulgaria & Survey of Reporting on Corporate Social Responsibility (CSR) by the 40 Largest Listed Companies in Bulgaria Thursday, September 20, 2007

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Presentation of Inaugural Bulgarian Surveys:

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  1. Presentation of Inaugural Bulgarian Surveys: Investor Relations Online: Survey of Websites of the 40 Largest Listed Companies in Bulgaria & Survey of Reporting on Corporate Social Responsibility (CSR) by the 40 Largest Listed Companies in Bulgaria Thursday, September 20, 2007 Sofia, Bulgaria .

  2. The Surveys: • Financed by a PFS Program Grant & part of an ongoing regional initiative; • The research methodology was developed by the PFS program; • Primary purpose - to enable each company to benchmark disclosure practices against the peers; • To determine the extent to which companies revealed information on CG & CSR; • Inaugural surveys - provided initial insights / generalizations could not be made / no possibility to compare with previous periods. .

  3. The Surveys: • Conducted during the time periodMarch – June 2007; • 40 largest listed BG companies on the BSE – Sofia -market capitalization (March 1, 2007); • Record date was June 15, 2007; • Companies represented 83% of the market capitalization on the BSE – Sofia. .

  4. Investor Relations Online: Survey of Websites of the 40 Largest Listed Companies in Bulgaria ~ Sofia, 2007 ~ .

  5. The Survey: • Revealed information disclosed on Bulgarian/English versions of websites; • Consists of two components: 1.) This report of survey results; 2.) A database on the surveyed companies, statistics aggregated and a ranking scale. .

  6. Survey stages: Summary conclusions Analysis of surveyed data Calculation of companies’ scores . Systematization of Information in a standard questionnaire Detailed review of the Companies' websites

  7. .

  8. Figure: Percentages of Companies with Bulgarian and English Website

  9. Figure: Internet Search Engines (Google, MSN and Yahoo) – Link to the Company Website in First Three Results .

  10. Figure: Companies with a Separate Investor Relations Area .

  11. Figure: Company Overview Published On-line (Bulgarian/ English Version of the Website)

  12. Figure: Reporting on Company Profile, History, Strategy Statement and Ownership Structure (Bulgarian Version of the Website) .

  13. Figure: Management Names and Supervisory Board Names Shown on the Website (Bulgarian/ English Version of the Website) .

  14. Survey’s results: • 77.5% - website in Bulgarian (BG); 75% - in English (ENG); • 40% provided an Annual report (AR) for 2006 online in BG; 25% – provided AR for 2006 in ENG; • 22.5% disclosed information about share prices in BG; 15% in ENG; • 52.5% revealed management names in BG and 33.3% management team bios; 45% showed names in ENG; and • 52.5% disclosed supervisory board names in BG; 45% disclosed supervisory board names in ENG. .

  15.  BEST PRACTICES  .

  16. Preparing a standard questionnaire for the Bulgarian surveys (used in the CEE & SEE surveys within the frameworks of the PFS Program’s regional initiative); • Specifying a maximum of 100 points. Survey's Ranking Scale Used to Determine Best Practices: .

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  22. Industrial Holding Bulgaria – Sofia (IHLBL); Bulgarian Telecommunication Company – Sofia (BTC); Monbat PLC – Sofia (MONBAT); Sopharma AD – Sofia (SFARM); Doverie - United Holding Plc – Sofia (DOVUHL); Petrol PLC – Sofia (PET); Central Cooperative Bank – Sofia (CCB); Eurohold Bulgaria PLC – Sofia (EUBG); Bulgarian American Credit Bank – Sofia (BACB); Synergon Holding PLC – Sofia (PETHL). Results on Investor Relations Reporting On-line of the Top 10 out of the 40 Largest Bulgarian Companies by Market Capitalization (Maximum = 100 points):

  23. Example: Industrial Holding Bulgaria – Sofia www.bulgariaholding.com .

  24. Example: Bulgarian Telecommunication Company – Sofia www.btc.bg .

  25. Example: Monbat PLC – Sofia; www.monbat.com .

  26. Top Ten Companies in the Survey, Presenting Information within the Following Categories: .

  27. Survey of Reporting on Corporate Social Responsibility (CSR) by the 40 Largest Listed Companies in Bulgaria ~ Sofia, 2007 ~

  28. METHODOLOGY OF THE SURVEY • The survey consists of two integral components: • Presentation of the surveyresults aggregated by sections; • Database, containing a report (spreadsheet) on eachcompany that indicates whether or not the company discloses the information and includes ahyperlink or hyperlinks to the specific disclosure(s). .

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  30. CORPORATE GOVERNANCE .

  31. CORPORATE GOVERNANCE Reporting on Corporate Governance in Bulgarian . I Component:Does the company disclose details on its corporate governance structure? II Component:Does the company report in compliance with a Corporate Governance Code? III Component:Does the Company disclose audit relation information? IV Component:Does the company disclose its policy on shareholder rights? V Component:Does the company disclose and report on its internal Code of Business Conduct/ Code of Ethics?

  32. CORPORATE GOVERNANCE Reporting on Corporate Governance in English . I Component:Does the company disclose details on its corporate governance structure? II Component:Does the company report in compliance with a Corporate Governance Code? III Component:Does the Company disclose audit relation information? IV Component:Does the company disclose its policy on shareholder rights? V Component:Does the company disclose and report on its internal Code of Business Conduct/ Code of Ethics?

  33. CORPORATE GOVERNANCE • 72.5% of the companies surveyed disclose information in at least one of the five different components of the “Corporate Governance” section in the Bulgarian/English annual report or website; • 96.6% report on the corporate governance structure; • 68.9% disclose audit related information; • 55.2% disclose information about company’s policy on shareholder rights. .

  34. ENVIRONMENTAL POLICY .

  35. ENVIRONMENTAL POLICY Reporting on Environmental Policy in English I Component: Does the company state whether it complies with industry-specific, national and/or international regulations regarding environmental standards? II Component: Does the company disclose the names of individuals (management and/or board members) or the department responsible for environmental management and compliance? III Component: Does the Company report on energy and water use? IV Component: Does the company report on its environmental performance, including efficient use of resources, emissions and waste? V Component: Does the company integrate environmental aspects into its supply chain management policy? .

  36. ENVIRONMENTAL POLICY Reporting on Environmental Policy in Bulgarian I Component: Does the company state whether it complies with industry-specific, national and/or international regulations regarding environmental standards? II Component: Does the company disclose the names of individuals (management and/or board members) or the department responsible for environmental management and compliance? III Component: Does the Company report on energy and water use? IV Component: Does the company report on its environmental performance, including efficient use of resources, emissions and waste? V Component: Does the company integrate environmental aspects into its supply chain management policy? .

  37. ENVIRONMENTAL POLICY • 27.5% of the companies surveyed disclose data (in the Bulgarian/English annual report or website) about at least one of the five questions of the “Environmental Policy” section; • Of these, 72.7%ofthe companies which discloseinformationon environmental policy report on compliance with industry specific, national/ international regulations. .

  38. SOCIAL POLICY:

  39. SOCIAL POLICY: Reporting on Social Policy in Bulgarian I Component:Does the company disclose compliance with industry-specific, national and/or international regulations regarding human rights and/or labor standards? II Component:Does the company report any community patronage/ sponsorship programs? III Component:Does the company disclose its employee development or employee benefits policies? IV Component:Does the company list its health and safety policy? V Component:Does the company disclose its employment policy?

  40. SOCIAL POLICY: Reporting on Social Policy in English I Component:Does the company disclose compliance with industry-specific, national and/or international regulations regarding human rights and/or labor standards? II Component:Does the company report any community patronage/ sponsorship programs? III Component:Does the company disclose its employee development or employee benefits policies? IV Component:Does the company list its health and safety policy? V Component:Does the company disclose its employment policy?

  41. SOCIAL POLICY: • 42.5% of the companies surveyed present information on at least one of the components of the “Social Policy” section in the Bulgarian/ English annual report or website; • 58.8% disclose information about employee development and employee benefits policies; • 41.1% disclose information on community patronage/ sponsorship programs.

  42.  BEST PRACTICES  .

  43. BEST PRACTICES IN REPORTING ON THE THREE PRINCIPAL CSR’S ASPECTS • A maximum score of 20 points: • One point for disclosing information on each of the five corporate governance questions /in English/: • i.e. Maximum score of 10 points in English • - Five points for reporting in the annual report; • - Five points for reporting on the website. • One point for disclosing information on each of the five corporate governance questions /in Bulgarian/: • i.e. Maximum score of 10 points in Bulgarian • - Five points for reporting in the annual report; • - Five points for reporting on the website.

  44. CORPORATE GOVERNANCE (BEST PRACTICES) Top Ten Bulgarian Companies in Reporting on Corporate Governance – June 2007 Industrial Holding Bulgaria – Sofia Bulgarian American Credit Bank – Sofia Central Cooperative Bank – Sofia Monbat PLC – Sofia Petrol PLC – Sofia Eurohold Bulgaria PLC – Sofia Synergon Holding PLC – Sofia BulgarianTelecommunication Company – Sofia Chimimport AD – Sofia Doverie - United Holding Plc – Sofia

  45. Example: Industrial Holding Bulgaria – Sofia www.bulgariaholding.com

  46. ENVIRONMENTAL POLICY (BEST PRACTICES) Top Ten Bulgarian Companies in Reporting on Environmental Policy – June 2007 Kremikovtzi – Sofia Petrol PLC – Sofia Sopharma AD – Sofia Lead and zinc complex Plc, Kardjali Monbat PLC – Sofia Neochim PLC – Dimitrovgrad Biovet PLC – Peshtera Alcomet PLC – Shoumen M+S Hydraulic – Kazanluk Industrial Holding Bulgaria – Sofia

  47. Example (website + AR): Petrol PLC – Sofia www.petrol.bg/?p=ecology

  48. SOCIAL POLICY (BEST PRACTICES) Top Ten Companies in Bulgaria in Reporting on Social Policy – June 2007 Industrial Holding Bulgaria – Sofia Petrol PLC – Sofia Bulgarian Telecommunication Company – Sofia Sopharma AD – Sofia Bulgarian American Credit Bank – Sofia Central Cooperative Bank – Sofia Monbat PLC – Sofia Albena AD – Albena M+S Hydraulic – Kazanluk Alcomet PLC – Shoumen

  49. Example (AR): Sopharma AD – Sofia www.sopharma.bg/main.php

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