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October 2007

ASBISc Enterprises PlcRoadshow presentation

Roadhsow presentation

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Important notice

NEITHER THIS PRESENTATION NOR ANY COPY OF IT NOR THE INFORMATION CONTAINED IN IT MAY BE TAKEN OR TRANSMITTED INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR TO ANY RESIDENT THEREOF. THE DISTRIBUTION OF THIS PRESENTATION IN OTHER JURISDICTIONS MAY BE RESTRICTED BY LAW, AND PERSONS INTO WHOSE POSSESSION THIS PRESENTATION COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, ANY SUCH RESTRICTIONS.

The information in this presentation is given in confidence and the recipients of this presentation should not base any behaviour which would amount to “market abuse” or “insider dealing” on the information in this presentation until after the information has been made generally available. Nor should the recipient use the information in this presentation in any way which would constitute “market abuse” or “insider dealing” under the Financial Services and Markets Act 2000.

This presentation is not an advertisement and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer or invitation to buy or subscribe for, underwrite or otherwise acquire, any securities of ASBISc Enterprises Plc (the “Company”), nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Any such offer, subscription, solicitation or invitation will be made by means of a prospectus (the “prospectus”), to be issued in due course in connection with the proposed offering described in this presentation (the “offering”), and any decision to purchase or subscribe for securities in connection with the proposed offering should be made independently of this presentation and solely on the basis of the information contained in such prospectus, including any amendments or supplements thereto. The prospectus will be made available in due course and may contain information that differs materially from the information in this presentation. This presentation does not constitute a recommendation regarding the securities to be offered in the offering.

This presentation has been made solely for the recipient’s information and background and is subject to amendment. This presentation (or any part of it) may not be reproduced or distributed, or passed on, or the contents otherwise divulged, directly or indirectly, to any other person (excluding the relevant person’s professional advisors) or published in whole or in part without the prior written consent of the Company and ING.

This presentation and information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States (within the meaning of Regulation S under the US Securities Act of 1933, as amended (the “Securities Act”)).

The securities proposed to be offered in the offering have not been and will not be registered under the Securities Act and may not be offered or sold in the United States except pursuant to an exemption from, or transactions not subject to, the registration requirements of the Securities Act. The securities proposed to be offered in the offering have not been and will not be registered under the applicable securities laws of any state or jurisdiction of Australia, Canada or Japan, and subject to certain exceptions, may not be offered or sold within Australia, Canada or Japan or to or for the benefit of any national, resident or citizen of Australia, Canada or Japan.

Certain statements in this presentation constitute “forward-looking statements”. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning, are not guarantees of future performance and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, securing necessary governmental and other approvals, the satisfaction of the conditions of the proposed offering, changing business or other market conditions and the prospects for growth anticipated by the makers of such statements. These and other factors, such as those described in the prospectus, could adversely affect the outcome and financial results of the plans and events described herein. As a result, undue reliance should not be placed on such forward-looking statements, which speak only as of the date hereof, and are not required to be updated or revised, whether as a result of new information, future events or otherwise.

This communication is only directed at (i) persons outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001, as amended (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this communication or any of its contents.

ING is acting for ASBISc Enterprises Plc and no-one else in connection with the proposed offering and will not be responsible to any other person for providing the protections afforded to its clients, or for providing advice in relation to the proposed offering.


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Presentation team

Chief Financial OfficerMarios Christou

Constantinos Tziamalis Corporate Credit Controller and Investor Relations Director

Siarhei KostevitchChief Executive OfficerFounder of the business and core shareholder

ING Securities Managing DirectorAndrzej Olszewski


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1. Company overview


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Introduction to ASBIS

• Leading IT distributor across EMEA markets

- particularly strong in the FSU (nearly 50% of sales), the Czech Republic, Slovakia, Romania and Poland

- established in 1992 in Minsk, headquartered in Limassol (Cyprus) since 1995

• Distributor of choice for global industry suppliers

- preferred Top 1-Top 3 regional distribution partner for Intel, AMD, Seagate, Samsung and Microsoft

• Wide product and IT components portfolio, distributed on a ‘one-stop-shop’ basis

- CPUs, HDDs, other components, laptops, peripherals, accessories

• Increasing share of private label, high-margin products and accessories marketed under Prestigio and Canyon brands

• Distribution network physically present in 23 countries

- reaching 14,000 customers in 70 countries with a unique B2B on-line solution applied to over 50% of sales value

• Experienced management and strong operational and financial controls

• Solid operational and financial performance: US$1bn revenues and US$11m net profit in 2006

- listed on AIM since October 2006 for technical reasons (shareholders’ agreement) with non-representative share price

- shares listed on the WSE will not be fungible with AIM shares


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Milestones

• Development of Canyon and Prestigio private labels

• Launch of the IT4Profit platform, on-line (B2B) purchasing platform for electronic trading with customers

• US$10m private placement of shares to institutional investors to fund growth

• ASBIS incorporated in Cyprus

• Headquarters moved to Limassol, Cyprus

• Aggressive expansion across the CEE region

• Distribution agreement with Intel

• Launch of mobile PC strategy

• Distribution agreement with AMD

• Listing on AIM in October 2006

• Revenues in excess of US$1bn

• Listing and share offering on the WSE planned for 2007

• Established in Minsk, Belarus

• Distribution agreement with Seagate

• Distribution hub in Amsterdam

2001-2002 2003-2005 2006-20071992-1994 1996-20001995

1 008,8930,4

755,7679,7

539,5

379,3285,8

0

200

400

600

800

1 000

1 200

2000 2001 2002 2003 2004 2005 2006

CAGR = 23.4%


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Competitive strengths

Broad geographic coverage in CEE combined with local presence

• Unlike most of international competitors, the Group has strong local presence in a number of countries

• Reduced shipping and revenue collection costs and consistent marketing approach

Experienced management team combined with local expertise

• Key managers have been with the Group for several years

• Regional operations managed by local experienced managers with an in-depth understanding of the local markets

• In excess of US$1bn revenues in 2006 with sales in c.70 countries and operating facilities in 23 countries

• Authorised distributor status achieved thanks to the size and scope of operations, leading to tangible commercial benefits

Critical mass

Price and stock rotation protection granted by suppliers

• Beneficial contract terms providing protection from declining prices and/or slow moving inventory

• Main local competitors tend to buy in the open market

One-stop-shop

• Complete solutions to producers and integrators of server, mobile and desktop segments


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Market position

• In 2006 ASBIS sold 3.4 million CPUs and 3.3 million HDDs, while in total 14.1 million PCs were sold across the CEE region

- implies c.23% market share

• One of the leading distributors for Intel, AMD and Seagate across the CEE region

• Top 1 – Top 3 EMEA distributor for other key suppliers

• 14,000 active customers in over 70 countries

• Local B2B e-shops integrated with a Group-wide on-line supply chain management system


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2. Market overview and competitive landscape


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11.413.7

15.217.2

19.421.6

0

5

10

15

20

25

2005 2006 2007 2008 2009 2010

US

$bn

Market growth

• Number of PCs worldwide expected to almost double before it reaches saturation

• Strong position of local PC manufacturers in the emerging markets

• IT products increasingly affordable with shortening life cycles

• Faster IT sector growth in the emerging markets underpinned by

- higher economic growth

- historically lower IT spending as a percentage of GDP

- lower level of PC ownership

- expansion of internet usage

• CEE IT distribution sector projected to grow at 14.0% CAGR (by volume) and 13.6% (by value) to reach 24.7 million PCs per annum, worth US$21.7bn in 2010

IT spending as a percentage of GDP by region (2005)CEE growth market by value of PCs shipments (US$bn)

PC penetration level (June 2006)

79.4

58.246.4

27

23.5

22.617.1

15.7

12.310.4

0 20 40 60 80 100

US

UKGermany

Spain

GreeceCzech Republic

Hungary

PolandRussia

Rest of Europe

1.6%

2.3%

3.4%3.8%

0%

1%

2%

3%

4%

5%

FSU CEE US UK

% o

f GD

PCAGR = 13.6%

Source: Gartner

Source: IDCSource: IDC

PCs/100 head of population


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StrategyA

SB

IS’

str

ate

gy

Enhancement of B2B and B2C on-line sales channels

Continued re-balancing of product mix with a view to improving profit margin

Leveraging success of private label business (Canyon and Prestigio)

Expansion to new emerging markets

Increasing sales and market share in the EMEA region, through increased penetration and new ventures


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3. Operations


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Other 19.7%CPU 27.7%

HDD 21.4%

Software 10.0%

Laptops 6.1%

RAM 6.0%

Mainboards & VGA cards 4.4%

Peripherals 2.3%Displays 2.4%

Sales overview

Primary business lines

• Sales and distribution of

- IT components supplied by Intel, AMD, Seagate, Hitachi, etc.

- Private labels (Prestigio, Canyon) manufactured by leading ODM/OEM in the Far East

- Software (Microsoft) and end-user products (Toshiba)

Value drivers

• Economies of scale due to continuing process automation

• Organic growth in high growth markets

- underlying increase in PC penetration

- in-depth understanding of the local markets

• New product lines

• Increasing market share

Own label products – Canyon and Prestigio

• Increasing share of sales: 5.8% in 2005, 7.6% in 2006

• Higher margin brand products

- utilising existing distribution network

- leveraging on the strong components business

- innovative, aspirational products

• Technical support provided locally

Revenue breakdown by value (1H 2007)

Key suppliers – by sales contribution (1H 2007)

Intel 22.8%

Seagate 13.5%

AMD 9.3%

Other 26.9%

Samsung 4.6%HP 2.3%

Hitachi 3.2%Canyon 2.6%

Prestigio 5.0%

Microsoft 9.8%


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33.4%

9.7%48.3%

4.8%3.8%

33.7%

9.1% 48.7%5.9% 2.6%

34.0%

8.8% 48.7%6.8% 1.7%

365

491

252

314343

73 85 89

36 55 69

453

2429 17

0

100

200

300

400

500

2004 2005 2006

(US

$)

Key regions

• Key markets (1H 2007)

- CIS (47%)

- CEE (32%)

- Western Europe (10%)

- Middle East & Africa (8%)

- Other (3%)

• Stable geographical sales split, focused on high-growth countries

- Middle East and Africa growing fast

Former Soviet Union Central & Eastern Europe Western EuropeMiddle East & Africa Other

Revenue breakdown by region 2004-2006

Note: Data have been subject to rounding adjustments, therefore the sum of the numbers may not conform exactly to the actual total figure


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Distribution network

• Four distribution centres in Prague, Amsterdam, Helsinki & Dubai

• 31 local warehouses in 19 additional countries

• JIT stock replenishment system

• 331-strong Sales & Marketing team across all countries of operations

• Local technical support Ballinloough

Amsterdam

Bratislava

Casablanca

Algiers Tunis

Vilnlus

Ljubljana Zagreb

Istanbul

Warsaw

Minsk

Sofia

Moscow

Kiev

Bucharest

Limassol

Alma-Aty

Prague

Belgrade

Tallinn

KosiceBudapest

Cairo

Dubai

Hong KongHong Kong

Distribution centers

Helsinki


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IT4Profit

On-line management and control

• ASBIS’s business is real-time managed and controlled through an on-line management system- gives visibility and transparency

• B2B e-shops, CRM, inventory and sales reporting systems - multilingual, multi-currency and tailored to local regulations

• Lead times and transaction costs minimised due to system integration with key suppliers and subsidiaries

• 50% of 2006 revenue generated on-line and centralised purchasing in Cyprus- goods shipped from one of the four distribution centres; small sized, high price dynamics and/or value products delivered directly by manufacturers

• Direct sales in all countries of Central and Eastern Europe and indirect sales in countries with under-developed infrastructure via a network of authorised resellers (e.g. Russia, Ukraine, North Africa)

• On-line ‘marketplace’ developed by the Group

• IT4Profit functionalities

- interconnectivity with suppliers

- B2B and B2C on-line shops for both front and back office administration

- on-line supply chain management with GPS tracking

- statistics for product pricing and stock management

- comprehensive reporting and a balanced scorecard management system

- licence agreement in place


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4. Financials


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Key historical indicators 2004-2006

7.1 5.4

12.616.5

2.2

8.411.1

1,008.8930.4

755.7

26.9

38.4

47.7

18.3

14.3

0

20

40

60

800

1,000

2004 2005 2006

US

$m

Revenues Gross profit EBITDA EBIT Net profit

3.6%

4.1%

4.7%

1.8%

1.5%

0.9%

0.7%

1.6%1.4%

0.3%

1.1%0.9%

0%

1%

2%

3%

4%

5%

2004 2005 2006

%

Gross margin EBITDA margin EBIT margin Net margin

Margins (%)Key historical data (US$m)


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[US$]’000s 1H 2007 1H 2006 2006 2005 2004

Revenue 540,055 426,368 1,008,795 930,389 755,720

Cost of sales (516,277) (408,829) (961,102) (892,020) (728,774)

Gross profit 23,779 17,539 47,693 38,369 26,946

Gross profit margin (%) 4.4% 4.1% 4.7% 4.1% 3.6%

Selling and administrative expenses (18,135) (13,069) (31,609) (26,065) (21,762)

Amortisation of goodwill - (39) - (14) (64)

Profit from operations 5,644 4,431 16,084 12,291 5,120

Other operating income 120 103 383 359 253

EBIT 5,764 4,534 16,467 12,649 5,372

EBIT margin (%) 1.1% 1.1% 1.6% 1.4% 0.7%

EBITDA 6,677 5,375 18,310 14,349 7,084

EBITDA margin (%) 1.2% 1.3% 1.8% 1.5% 0.9%

Financial expenses, net (1,917) (1,603) (3,708) (3,332) (2,282)

PBT 3,846 2,930 12,759 9,318 3,091

PBT margin (%) 0.7% 0.7% 1.3% 1.0% 0.4%

Taxation expense (678) (444) (1,689) (939) (842)

Effective tax rate (%) 17.6% 15.2% 13.2% 10.1% 27.2%

PAT 3,168 2,486 11,070 8,378 2,249

PAT margin (%) 0.6% 0.6% 1.1% 0.9% 0.3%

P&L

Note: Data have been subject to rounding adjustments, therefore the sum of the numbers in a column may not conform exactly to the total figure given for that column


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[US$]’000s 1H 2007 1H 2006 2006 2005 2004

Assets 235,146 236,152 236,152 207,073 169,502

Current assets 226,294 227,622 227,622 198,876 160,993

Inventories 59,534 46,178 46,178 58,702 46,426

Trade receivables 134,120 148,790 148,790 110,971 84,442

Other current assets 4,512 4,726 4,726 4,020 4,256

Cash and equivalents 28,127 27,928 27,928 25,106 25,868

Non-current assets 8,853 8,530 8,530 8,197 8,509

PPE 7,629 7,162 7,162 6,664 6,754

Intangible assets 1,125 1,268 1,268 1,443 1,652

Investments 99 100 100 90 90

Goodwill - - - - 14

Liabilities and equity 235,146 236,152 236,152 207,073 169,502

Liabilities 172,658 175,999 175,999 156,113 126,220

Current liabilities 171,892 175,214 175,214 155,212 125,097

Trade payables 117,982 117,453 117,453 114,276 86,754

Current taxation 334 278 278 - 159

Bank overdrafts and short-term loans 32,737 34,377 34,377 20,315 19,131

Other current liabilities 20,839 23106 23,105 20,620 19,053

Non-current liabilities 766 786 786 901 1,124

Equity 62,488 60153 60,153 50,960 43,233

Share capital 9,600 9,600 9,600 9,600 9,600

Share premium 8,138 8,138 8,138 8,138 8,138

Reserves 44,750 42,415 42,415 33,222 25,495

Balance Sheet

Note: Data have been subject to rounding adjustments, therefore the sum of the numbers in a column may not conform exactly to the total figure given for that column


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Commercial and financial risk management

• IT components distribution is inherently a risky business

- industry dominated by global manufacturers on the supply side

- frequent price wars between major players (e.g. Intel vs AMD)

- shortening product life cycle due to innovation

- stocks become obsolete rapidly

- quality of components is crucial from the point of view of business clients

• As a preferred partner for players such as Intel, AMD, Seagate or Hitachi, ASBIS enjoys several privileges which reduce commercial and financial risk

- contractual price protection – against product price decline with reimbursement for inventory in transit or held in warehouses

- stock rotation policy – right to return slow-moving inventory, with terms based on sales performance in the preceding quarter

- return material authorisation policy – defective items (e.g. CPUs or HDDs) may be returned for credit, replacement or refurbished products


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5. Offering


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Use of proceeds

• Proceeds to the company will be in PLN, converted into USD at the rate prevailing on the pricing date

• Based on the top of the price range, we are looking to raise c.PLN 82.9 million (US$ 29.6 million) (*)

• Use of proceeds:

- Development of Prestigio and Canyon brands (marketing, design, sourcing and quality control) – approx. PLN 39,1 m (US$ 14.0 m) (*)

- Taking advantage of early payment discounts offered by some of the key suppliers (eg. Seagate and Hitachi Global) in order to increase gross profit margins – approx. PLN 21.8 m (US$ 7.8 m) (*)

- Expansion of the branded end-user products range on offer (eg. Toshiba notebooks) – approx. PLN 15.4 m (US$ 5.5 m) (*)

- Completion of local HQ and warehouse in Slovakia – approx. PLN 2.0 m (US$ 0.7 m) (*)

• Capex plans – no major capex spending planned

(*) US$ amounts converted at 1 US$ = PLN 2.80 rate of 20 June 2007


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• PLN 511m (US$ 191m) post-money (at the top of the price range)

• PLN 7.50 (US$2,8) to PLN 9.20 (US$ 3,4) per share. Pricing in PLN as base currency

• Up to 38.2% post-greenshoe (33.2% pre-greenshoe)

• 15% of the base deal (2,765,888 shares, all secondary)

• Warsaw Stock Exchange. The shares offered will not be listed on AIM

• 12 months on pre-IPO shareholders holding in excess of 1% and the Company (reflects 90.6% of all pre-money shares)

• Up to PLN 170 m (US$ 63m) - base deal, PLN195m (US$73m) – post-greenshoe

• ASBISc Enterprises PLC, KS Holdings, Maizuri Enterprises, Alpha Ventures and 15 other smaller shareholders

• Up to 21,205,144 shares, primary - 7.5 m (36%), secondary - 13,7 m (64%)

• Retail tranche – 2.65 m (12.5%), Institutional tranche – up to 18.55 m (87.5%)

• Claw-back possible if tranches are not fully subscribed

Offering details

Expected market capitalisation

Price range

Free float

Greenshoe

Listing

Lock up

Offer size

Selling Parties

Offer structure


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Timeline

• On or about 30 October 2007

• 24 October 2007

• Not later than 19 October 2007

• 10 October 2007• 18 October 2007 (18:00 CET Warsaw, 17:00 GMT London)

Syndicate

• ING

• ING

• 10 to 18 October 2007 Roadshow

Listing

Settlement (T+3)

Pricing and allotment

Books openBooks close

Global Co-ordinator and Bookrunner

Institutional distribution

• ING, BPH, BZ WBKRetail distribution


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6. Summary


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Key selling pointsK

ey

se

llin

g p

oin

ts

One-stop shop for server, desktop and laptop segments

Unique, pan-regional business model

Preferred distributor status with key suppliers

Exposure to the fast growing markets of Central Eastern Europe and Middle East

Critical mass and scale of operations – revenues in excess of US$1bn, operations in 23 countries

Growing gross margins and overall profitability

Wide product portfolio with aggressive introduction of high margin own label brands

Professional and experienced management team

Significant barriers to entry • Thorough knowledge and understanding of the local markets • Size and product portfolio depth


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Appendix


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Own labels – Prestigio

• Launched in 2002 to supply premium quality IT products

• Positioned to profit from growth of flat panel/LCD displays

• Product range

- laptops,

- LCD TVs & monitors

- digital media centers

- data storage devices

• Target audience – urban/urban professional

• Marketing message – ‘The Art Of High Tech’ with a premium, high-spec design


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Own labels – Canyon

• Launched in 2001 to supply motherboards and VGA cards to Eastern European markets

• Currently, IT and consumer electronic peripherals and accessories sold through retail chains

• Product range

- RAM and flash memory modules

- networking products

- external HDDs

- MP3 players

- speakers

• Target audience – teens/mid-twenties

• Marketing message – good quality at affordable price


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Siarhei Kostevich, 43, CEO and President

Holds a Masters degree in radio engineering design from the Radio Engineering University of Minsk (1987). Between 1987 and 1992, Siarhei worked as a member of the Research Centre at the Radio Engineering University in Minsk, where he published a series of articles on microelectronics design in local and world-wide specialist magazines. In 1990, Siarhei established a design and manufacturing business in Minsk, Belarus, a predecessor of ASBIS, and within 17 years built it into the leading computer component distributor in Eastern Europe and the former Soviet Union.

Board of Directors - executive

Constantinos Tziamalis, 32, Director of Credit and Investor Relations

Holds a B.Sc. in Banking and Financial Services (1998) and a Masters (M.Sc.) in Finance (1999) from the University of Leicester. He worked at the private banking department of BNP Paribas in Cyprus and then joined a brokerage house, Proteas Asset Management Limited, for 3 years as Investor Accounts Manager. Constantinos joined the Company in January 2002 as Financial Project Manager. He was promoted to his current position as Corporate Credit Controller & Investor Relations in March 2003 and became Director of Credit and Investor Relations as of 23 April 2007.

Marios Christou, 39, CFO

Holds a B.A., dual major in Accounting and Information Systems and Economics, from Queens College of the City University of New York (C.U.N.Y.) (1992), and an M.B.A. in International Finance from St. John’s University, New York (1994). Marios is also a Certified Public Accountant (CPA) and a member of the American Institute of Certified Public Accountants (AICPA).

Marios worked with Deloitte & Touche Limassol, Cyprus, for four years, as an audit manager. Marios then worked as a Financial Controller at Photos Photiades Breweries Ltd (part of the Carlsberg Group of companies) for three years. Marios joined the Company in August 2001.

Laurent Journoud, 36, Sales and Marketing

Holds an M.I.T. (Management – International Trade) and M.M.E. (Master’s in European Management) from ICL Lyon, France (1993 and 1994 respectively). For more than 10 years, Laurent held senior international product management positions in the EMEA distribution industry with major multinationals, including Ingram Micro, Karma International and Actebis.

Laurent joined the Company in January 2002 as Director of Product Lines. He is responsible for the Group’s product portfolio and market development for each of the Group’s technology offerings.


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John Hirst, 54, Non-executive Director

Holds a B.A. in Economics from Leeds University. He is also a Companion of the Chartered Management Institute, Associate in Corporate Treasury Management and a Fellow of the Institute of Chartered Accountants in England & Wales. Between 1979 and 1998, John served in various roles at Imperial Chemicals Industries plc, including that of CEO for ICI Performance Chemical, and from 1988 until 2005, he was the CEO of Premier Farnell plc, the UK listed global electronics distribution company. From 2005 until he joined the Company in 2006, John was a non-executive director of Hammerson Plc

Board of Directors – non-executive

Paul Swigart, 36, Non-executive Director

Holds a B.A. in History (magna cum laude) (1992) from Princeton University. Paul was a partner at United Financial Group, a brokerage and London Stock Exchange market maker for a leading Russian investment bank. Paul has also worked at Scudder Kemper in New York as a Latin American analyst; at Omega Advisors in New York in the Emerging Market Equities department; and at CS First Boston in New York as a corporate finance analyst.

He is the founder and controlling partner of Steep Rock Capital, an investment company established in May 2006.


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Shareholder structure

Holding (%)

Shareholder Pre-IPO Post-IPO Post-IPO

Over-allotment option not exercised

Over-allotment option not exercised

Over-allotment option fully exercised

KS Holdings Limited(1) 53.49% 42.66% 37.67%

Maizuri Enterprises Ltd 10.00% 0.00% 0.00%

Alpha Ventures 6.67% 0.00% 0.00%

Sangita Enterprises Limited(2) 5.83% 4.79% 4.79%

Mr Richard Coasby 3.28% 2.55% 2.55%

Other (mainly employees and ex-employees) 20.73% 16.78% 16.78%

Free float 0.00% 33.22% 38.21%

Notes:(1) Investment vehicle controlled by Mr Siarhei Kostevich(2) Investment vehicle controlled by Mr Yuri Ulasovich, VP for product marketing, and his wife


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Country 2006 2005 2004

Russia 25.8% 28.5% 27.6%

Ukraine 15.6% 12.9% 11.4%

Slovakia 9.2% 8.5% 9.8%

Czech Republic 6.5% 9.5% 6.2%

Poland 4.5% 3.7% 4.2%

Belarus 4.2% 4.6% 6.1%

Romania 4.1% 2.5% 1.9%

Germany 3.4% 3.3% 3.6%

United Arab Emirates 3.3% 3.3% 2.6%

Kazakhstan 2.5% 2.2% 2.5%

Other 20.9% 21.0% 24.1%

Key countries

Geography of operations – revenue breakdown by countries (2004-2006)Revenues by country – 1H 2007

Top 5 countries by sales

28.2%

13.5%

8.8%

30.9%

4.5%

4.1%

5.0%5.0%

Russia Ukraine Slovakia

Germany Romania Poland

Czech Rep Other

• Over 60% of the total sales in 1H 2007 generated in Top 5 countries

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