Presentation of the proposal for a survey on “Luxembourg as a financial centre” June 10, 2008

1. Presentation of the proposalfor a survey on“Luxembourg as a financial centre”June 10, 2008

2. Agenda • Who we are Context and objectives of the survey Recommended survey Further options Why our report is valid for future communication Project organisation Next steps and suggested time line Appendix #1: The team Appendix #2: Credentials • Who we are

3. Who we are Charles Barker: a leading financial communications advisor in Germany 30+ years focus on financial and corporate communications Owner-managedand independent with proven partnerships Integrated approach: analysis, consulting and full-service Core team of 12 experts as well as network of external service providers (production, multimedia, advertising etc.) Excellent media contacts, deep market/broad sectoral know-how; credibility & strong reputation in the financial community

4. Who we are...ctd GFC/Net: a leading global financial communications network Specialist financial and corporate communications network Linking leading independent public relations consultancies in major financial markets around the world Assuresits clients access to independent, local firms possessed of the specialist skills

5. Why Charles Barker and partners form the best team to deliver your objectives We understand the financial business. A broad and in-depth knowledge of the financial industry helps us understand the needs of our clients We reach the right levels of interviewees. Due to our extensive network and good relationships we have access to relevant business leaders We understand communication and therefore know which questions are crucial to be asked. Strategic communication needs to be based on the right grounding, which we as PR experts know to define

6. Agenda Who we are • Context and objectives of the survey Recommended survey Further options Why our report is valid for future communication Project organisation Next steps and suggested time line Appendix #1: The team Appendix #2: Credentials

7. What makes a financial centre attractive? Effective legal and regulatory environment Safe and neutral place Direct access to most important markets / strategic position Effective infrastructure and good logistical network Skilled labour force and adequate labour costs Low (corporate) tax rates and flexible authorities Efficient data protection High quality of life Affordable cost of living / high purchasing power

8. Why a survey? A methodical survey is the best way to reach a detailed picture of the prevailing opinions in the different countries and to disclose the reasoning behind them The results of a survey allow a comparison of the ideal picture with current perceptions of Luxembourg as a financial centre, and thus defining the perception gap Objective of the survey is to define starting points for future communication strategy in order to underline the advantages of the financial centre and to counteract (potential) prejudices and correct misperceptions

9. Agenda Who we areContext and objectives of the survey • Recommended survey Further options Why our report is valid for future communication Project organisation Next steps and suggested time line Appendix #1: The team Appendix #2: Credentials

10. The question of principle: quantitative or qualitative survey? Quantitative Qualitative A quantitative survey can outline a broad picture of the predominating opinions. It can be efficiently used for media communication but rarely for sharp under-standing. A quantitative approach can only provide standardised answers and scratch the surface of a topic A qualitative survey is able to deliver detailed and in-depth answers even on complex questions. Especially in a personal conversation a qualitative survey provides additional comments and allows deepening questions Vs. We recommend qualitative interviews in clearly defined target groups

11. Why a qualitative approach ? A guarantee for rich, useful material. Addressing the complexity of perceptions and expectations … of high-calibre target profiles … requires an in-depth dialog A pragmatic choice. Subjectivity of the topic Challenging timeframe Realistic budget

12. Design of recommended qualitative survey – at a glance • Telephone and face-to-face interviews (in-depth listening) • Mix of open and semi-closed questions • Common and country-specific questions (interview guidebook) • High level of contacts/interviewees: 45 per country (7-8 per national category)

13. Design of the recommended survey A relevant sample of high-level decision makers and opinion leaders. A tailor-made identification (45 decision making executives per country; 7-8 persons by category; key journalists for the UK) Made possible by our networks, databases and long-standing relationships in the financial, political, industrial and media sectors Execution: Face-to-face (highest level interviewees) or via telephone (approx. 1 hour each) Each interview conducted in national language by local experts Intermediary meetings among GFC partner agencies and progress reports to LFF with a dedicated access to an extranet

14. Design of the recommended survey...ctd A common questionnaire template as a guarantee for insightful material Produced and shared with LFF Focus on general perception and dedicated themes per category The Grand Duchy of Luxembourg (reputation, lifestyle, advantages, etc.) Luxembourg as a financial centre (assets, weaknesses, environment, competitors, outlooks, etc.) Additional insights on Luxembourg as a business place (corporations), as a partner (politicians), as an employer (students), as an information provider (journalists) Includingsemi-closed questions on both Luxembourg and its financial centre for comparison (rankings, spontaneously associated words, best-in-class areas, main criteria of choices, etc.)

15. The final report will provide : One report per country (with a common analysis frame) and one overall report Analytic synthesis based on the most meaningful quotes and quantitative data An operational, attractive and easy to share format: mappings, meaningful graphics and insightful analysis of Luxembourg’s reputation and its financial centre image challenges A sharp understanding of the present Strategic recommendations for the future • Operational diagnosis (SWOT analysis) as an ideal basis for future communication • Priorities and strategic recommendations, detailed for each country and each target group • Support from our Luxembourg partner Binsfeld Corporate as special advisor Tools for future implementation in additional countries • Questionnaire and interview guidebook • Return on experience report

16. The final report will thus set the course for the development of the future communication strategy based on clearly defined results and recommendations

17. Agenda Who we areContext and objectives of the surveyRecommended survey • Further options Why our report is valid for future communicationProject organisationNext steps and suggested time lineAppendix #1: The teamAppendix #2: Credentials

18. A brief outlook: Further options The suggested qualitative survey could be supplemented in 3 ways : Online quantitative students survey: Could serve as an adequate means to get a more representative picture of the student community’s opinions in each country. Option # 1 Option # 2 Option # 3 Survey in further countries: To complete the picture an extension into additional (European) countries could be most helpful. Media coverage analysis: In order to get a deeper insight into journalists’ thoughts about Luxembourg and to identify issues / topics of interest.

19. Option #1: Media analysis A complementary tool to mirror Luxembourg’s image in the media What are the specifics of Luxembourg’s image in the media vs. opinion leaders’ views? How is Luxembourg as a financial centre portrayed in business media? Who is influencing Luxembourg’s image through the media? What are the reputation risks/opportunities & misperceptions in the media? A both qualitative and quantitative analysis of your coverage in the leading national business media The 3 most important business media in each country Codification of articles (quantitative data) by country and synthesis of contents A graphic restitution: mappings, schemes Relevant recommendations for a future tailor-made media action plan

20. Option #2: Quantitative student survey A representative picture of students’ opinions How do students view Luxembourg today? Criteria of choice when they think about current work options? What are their expectations for a future working place? How do they rate quality of life in Luxembourg? Which negative issues do they see in connection with Luxembourg? A quantitative survey, best conducted via a dedicated internet tool by an online marketing research specialist with an access panel of minimum 100, ideally 200 students per core country, will help to define the starting points for a communication strategy addressing the young and future work force

21. Option #3: Additional countries Expanding the survey across Europe/selectively towards other competing financial centres across the globe What are the specifics of Luxembourg’s image in other crucial markets? What are the reputation risks/opportunities & misperceptions? How does Luxembourg’s reputation compare to competing markets such as Switzerland, UK, Hong Kong, etc.? Where is the country seen most positive and why? Would a Swiss banker consider moving to Luxembourg? In order to get a full picture of the opinion climate across Europe and in selected markets, an extension of the survey is recommended. This could easily be accomplished through additional GFC/Net partners – in the consistent survey design, ensuring high quality

22. Agenda Who we areContext and objectives of the surveyRecommended surveyFurther options • Why our report is valid for future communication Project organisationNext steps and suggested time lineAppendix #1: The teamAppendix #2: Credentials

23. Why our report is valid for future communication • The consistent methodology of the survey takes into account national specifics and therefore allows to design a tailored communication strategy • Interviews willbe conducted by an experienced team of communication professionals with a vested reputation bringing credibility to your survey • A comprehensive cross-national control process ensures a constant high quality of the survey • An experienced project management takes responsibility of efficient and smooth running processes

24. Agenda Who we areContext and objectives of the surveyRecommended surveyFurther optionsWhy our report is valid for future communication • Project organisation Next steps and suggested time lineAppendix #1: The teamAppendix #2: Credentials

25. Overall co-ordination All activities will be bundled through Charles Barker to ensure an easy and efficient project management and only one contact for the day-to-day business Project organisation To ensure the same quality and consistency in the applied methodology all research will be controlled by i&e Decision, the experts on research issues Research co-ordination Charles Barker and the GFC/Net members involved in this project foster a frequent dialogue to share best practice and to update each other constantly on the status quo Local implementation England Belgium Germany France

26. Agenda Who we are Context and objectives of the survey Recommended Survey Further options Why our report is valid for future communication Project organisation • Next steps and suggested time line Appendix #1: The teamAppendix #2: Credentials

27. Next steps Cornerstones: Kick-off meeting and comprehensive briefing 1st draft questionnaire design Meeting with the steering committee Interview phase 1st draft report Final report Final presentations

28. Suggested time line Pre-launch phase Interview phase Analysis phase Delivery phase Coordination between agencies - Meeting

29. Agenda Who we are Context and objectives of the survey Recommended survey Further options Why our report is valid for future communication Project organisation Next steps and suggested time line • Appendix #1: The team Appendix #2: Credentials

30. Your contact Kornelia Spodzieja - Managing Partner Charles Barker Corporate Communications Tel: +49 69 794090-40 Mobil: +49 172 6227007 kornelia.spodzieja@charlesbarker.de The GFC/Net Team

31. About Charles Barker (Germany) Dedicated team Kornelia Spodzieja, Managing Partner Since 1970, Charles Barker has been offering its clients a comprehensive package of consultancy services in the field of financial and capital markets communications. Core element is strategic consultancy on all aspects of relevance to corporate communications. Platformed on a thoroughgoing analysis of our clients’ companies, their range of products and services, and also the markets in which they operate, this approach enables us to elaborate tailor-made concepts giving our clients a unique, one-of-a-kind positioning in the marketplace. By engaging in ongoing dialogue with our longstanding press and editorial contacts, we implement strategies guided by a sense of mutual trust and understanding. Our list of clients includes leading financial service providers, publicly listed companies, corporate advisors specializing in the financial and capital markets, and economic development organizations. Korneliahas been Managing Director of Charles Barker since 1994, specialising in corporate and financial communications for domestic and international firms alike. She effectively acts as strategic advisor and press spokesperson for companies in the areas of private equity, asset management and financial services. Prior to joining Charles Barker, Kornelia worked at a consulting firm focusing on event organisation for large industrials (Mercedes Benz, Kodak, Jacobs Suchard Group, etc.). She holds an M.A. from Heidelberg University and worked for several years as a freelance journalist. Thilo Neupert, Managing Partner Since 1994, the chief focus of Thilo’s work at Charles Barker has been the provision of strategic consultancy services for publicly quoted companies and financial services groups. His experience ranges from the conceptional level through to the implementation of the most demanding of communications tasks: from ghostwriting through to the drafting of company reports and the editing of speeches given by leading public figures on the most diverse of occasions. Thilo has also played a major role in a number of capital market transactions such as initial public offerings, capital market measures, and M&A transactions.

32. About i&e (France) Dedicated team William Lebedel, Partner • i&e helps position, protect and promote client’s businesses and brands based on a solid understanding of opinion systems and key audiences. i&e is France’s leading independent public relations group with fees totaling € 17 million in 2007 and a staff of 200 working for more than 100 clients in France and abroad. • i&e has a strong track record in accompanying financial services and listed companies in their corporate and financial communications: brand and reputation management, awareness programmes, change management, crisis (prevention and) management, public affairs, media relations, investor relations, and employee communications, client events, trainings, annual reports, etc. • Through i&e Decision, an i&e Group subsidiary dedicated to opinion monitoring and analysis, i&e proposes innovative and operational tools that allow companies to: • Understand their key audiences: qualitative and quantitative perception surveys, internal diagnosis, stakeholders’ qualification, stakeholders’ interactions and perceptions mappings • Evaluate companies’ images and/or their communications actions: media coverage analysis, perception surveys, pre and post tests, competitive benchmarks • Observe to anticipate: sensitive issues monitoring and analysis, risks and opportunities identification William is a partner and heads the Advisory & Financial Services practice at i&e Consultants. His key areas of expertise are strategic brand management and corporate communications. He has been accompanying clients such as Banque de Luxembourg, Henderson Global Investors, Fidelity, Nordea, Association of the Luxembourg Fund Industry, Swiss Banker’s Association, PricewaterhouseCoopers, Monitor group, Fidal. He holds a Master’s degree in international economics from the Sorbonne University and speaks fluent English. He worked previously as a conference manager for the Association for the Monetary Union of Europe. Alexandre Denis, Research executive Alexandre is a research executive at i&e Decision. He is specialised in financial and economic issues. He works for Société Générale, PayPal and Deloitte for monitoring, image and reputation analysis and issue management programmes. He holds a Master’s degree in political science, a US graduate in economic intelligence and a Master’s degree in international corporate communications. He speaks English and Spanish.

33. About Interel (Belgium) Dedicated expert Jan Van Heuverswyn, Senior Partner Since its foundation in 1983, Interel has grown and adapted to become a leading strategic communications, public affairs and association management company in continental Europe. Headquartered in Brussels, Interel operates through own offices in Antwerp, Berlin, Madrid, London, Paris, Prague and Washington. The synergy between traditional Public Affairs, Public Relations and Association Management services allows Interel to provide its clients with a comprehensive and seamless offering. Our 130+ dedicated consultants come from a wide variety of cultural, educational and professional backgrounds. Between us we speak 16 languages and are trained in business, law, science, government and the public sector, as well as having broader experience in politics, journalism and communications. Our Brussels headquarter places us close to the heart of the EU and national decision making, combining an international approach with a firm grounding in the Belgian market place. Interel can quickly respond to any client request requiring presence on a specific market. Jan is Senior Partner at Interel. Before joining the company, he served as Head of Communication for two major Belgian financial institutions, first Dexia Bank and later Fortis Group, the international financial services group. He started his career at Agoria, the Federation for the Technology Industry, then he joined the cabinet of the Minister-President of the Government of Flanders, with responsibility for international relations and economic development. Jan holds a degree from the post-graduate Management Centre of Solvay Business School in Brussels.

34. About Fishburn Hedges (England) Dedicated expert Andrew Marshall, Board Director We were established in 1991 and in the past 15 years have grown from a start-up to one of the UK’s top ten communications consultancies, with 140 employees. We specialise in providing strategic communications advice and hands-on support to organisations in both the private and public sectors, with our core services being media, investor and stakeholder relations.  Our work encompasses corporate, financial, and business-to-business public relations, as well as government relations, corporate responsibility, internal communication and design. We take a holistic approach to communications and draw on our experience across all practice areas to provide integrated solutions, tailored to our clients’ business objectives. We do not split ourselves into rigid divisions, but our experience includes: IPOs and M&A support, capital markets, financial services, telecoms, professional services, public sector, transport, media & technology and corporate social responsibility. In the past 4 years we have won 15 UK and international industry awards. In 2003, for the second time in three years, we won the Institute of Public Relations’ overall award for Outstanding achievement by a PR consultancy. Andrew is a Board Director of Fishburn Hedges, working in its financial practice as well as co-ordinating the agency’s international work. His current clients include Investcorp, SunGard, Bank of America, Oliver Wyman, European Islamic Investment Bank, ABN AMRO and the Spanish derivatives exchange MEFF, with previous clients including PricewaterhouseCoopers, Euroclear, Jefferies and Commerzbank Securities. Before joining Fishburn Hedges in 1998, Andrew was an associate director at Hill & Knowlton, with clients there including GE Capital Services, The Bank of New York, Gazprom, The Citibank Private Bank, Pictet Asset Management and First Chicago NBD. From 1983 to 1993 Andrew worked in investment banking, starting at Schroders and moving to Deutsche Bank in 1985. He worked principally in high-grade DCM origination. Andrew spent 1987-88 working in Deutsche Bank’s Toronto office. Aged 45, Andrew graduated from Cambridge University and speaks German.

35. Agenda Who we are Context and objectives of the survey Recommended Survey Further options Why our report is valid for future communication Project organisation Next steps and suggested time line Appendix #1: The team • Appendix #2: Credentials

36. Recent credentials in Luxembourg Recent credentials in reputation surveys Recent credentials in financial services