Bulgaria & CEE 2014 Strong macro conditions & welcoming to foreign business

1. Bulgaria & CEE 2014Strong macro conditions & welcoming to foreign business

2. Real GDP Growth shows CEE recovery

3. Bulgaria decoupled & Above Average Growth Decoupled from G7, with above average growth Dependent on G7 recovery, with above-average growth China India G7 Romania LAT AM Bulgaria G7 Russia LATAM Hungary Poland Europe APAC Germany EU Eurasia France United Kingdom Highly decoupled from G7, with in-line growth Highly dependent on G7 recovery, with in-line growth

4. Trends Family Succession Many well-run family businesses entering a unique decade of expansion & succession Private CEE Investment groups Strong bidders & partners since 2009. Financing up to EUR 100m equity Blue-chip Main M&A & FDI activity 2012-2013 from multinationals. Why? - skills, finance, security & market proximity Melting pot of access & finance CEE sits centrally to Russia, CIS, Turkey, Middle East & Western Europe. Options for business & finance from all emerging markets

5. FDI inflows into CEE are some of the strongest In EUR billion Source: CEEMEA Business Group research

6. Which companies to partner with? Ownership structure & performance in CEE Bistrova/Lace ‘Ownership structure in CEE and its influence on stock performance’

7. Partnering with CEE firms (legal structures) All common English law terms available in CEE

8. Joint Shareholder terms

9. Wolf Theiss • The leading law firm in CEE - over 330 lawyers in 13 countries • Our mission - comprehensive multidisciplinary advice to fit with the objectives of our clients • Dedicated sector teams • Deep industry know-how and expertise to address industry-specific legal issues • Advised on the majority of Top 10 transactions in Bulgaria each year since 2008 Law Firm of the Year Eastern Europe and the Balkans 2012 Law Firm of the Year CEE 2010 Law Firm of the Year SEE & the Balkans 2009 ‘Austrian Client Service Law Firm of the Year 2011 ‘Austrian Law Firm of the Year 2008 & 2009’ ‘Eastern European Law Firm of the Year 2006’ ‘Austrian Law Firm of the Year 2003, 2006, 2007 & 2011’ ‘Czech Republic Law Firm of the Year 2007 & 2010’ ‘Hungarian Law Firm of the Year 2009’

10. Anna Rizova, Partner WOLF THEISS Rainbow Centre29 Atanas Dukov StreetBG - Sofia 1407 Tel: + 359 2 86 13 700Fax: +359 2 80 70 321anna.rizova@wolftheiss.com • Richard Clegg, Partner • WOLF THEISS • Rainbow Centre29 Atanas Dukov StreetBG - Sofia 1407  • T +359 2 8613 700 • M +359 888 101 650 • richard.clegg@wolftheiss.com Anna Rizova is a partner of Wolf Theiss and has been involved in most major M&A and privatization transactions in Bulgaria, assisting clients throughout the whole transactional process including legal due diligence of target companies, transaction structuring, and execution. She has led many cross-border investment projects and is recognised in particular for her considerable expertise in managing multinational assignments. Anna focuses on competition & regulatory compliance issues as well as licensing and project execution. Previously the General Counsel of Kozloduy Nuclear Power & Mobikom, Anna has particular expertise in the telecom and power sectors. Anna was educated at Sofia University and speaks fluent English, Russian, French and Bulgarian. Richard Clegg is a partner of Wolf Theiss and advises on a wide range of corporate and financing transactions. Previously in industry, he was the the General Counsel & Group Investment Director of Bulgaria Telecom, and the CEO of NURTS, Bulgaria’s largest television and radio broadcasting company. His recent work includes advising, amongst others, Pfizer, Johnson Matthey, Johnson Controls, H&M, Kodak, Gazprom, Lukoil, and Vestas in Bulgaria and across CEE on manufacturing & project development, corporate joint ventures and M&A, and corporate financing. Richard was educated at the Manchester Grammar School, University College London, and INSEAD.