Budapest - Today, the PFS Program publishes its ninth semi-annual survey of online investor relations of the ten largest listed companies (by market capitalization) in eleven Central and Eastern European (CEE) countries. PFS Program interns Joanna Karnat and Tomasz Zych conducted the survey in July and August 2005.

Investor Relations Online: Survey of Websites of the Largest Listed Companies in CEE analyses the websites of the ten largest listed companies (by market capitalization) in Czech Republic Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic and Slovenia for the ninth time and in Bulgaria, Croatia and Romania for the third time. The survey provides current data as of August 15, 2005 and comparisons with the eight previous surveys, published in February 2005, August 2004, February 2004, August 2003, February 2003, August 2002, February 2002 and August 2001. Moreover, in response to a request from the Federation of Euro-Asian Stock Exchanges, a first survey of websites of the ten largest listed companies (by market capitalization) in Greece and Turkey is also published.

The survey demonstrates that online disclosure in CEE has improved since the last survey, conducted in February 2005. In particular, the number of companies with local-language and English-language websites has increased to the highest levels recorded since the PFS Program began its surveys in August 2001.

Survey results include the following:

• In August 2005, 97% of the CEE companies surveyed have a local-language website. This is the highest percentage recorded since the first survey, conducted in August 2001. In February 2005, 95% of the companies surveyed had a local-language website.

• In August 2005, 87% of the CEE companies surveyed have an English-language website. This is also the highest percentage recorded since the first survey. In February 2005, 82% of the companies surveyed had an English-language website. Furthermore, there has been improvement in the underperformers; now, in each of the 11 countries at least 7 of the 10 companies surveyed have an English-language website. In February 2005, in two countries only 6 of the 10 companies surveyed had an English-language website.

A comparison of the results of the ninth survey of the eleven CEE countries and the first survey of Greece and Turkey includes the following:

• 97% of the companies surveyed in the eleven CEE countries have a local-language website compared with 90% in Greece and 90% in Turkey;

• 87% of the companies surveyed in the eleven CEE countries have an English-language website compared with 90% in Greece and 90% in Turkey;

• 78% of the companies surveyed in the eleven CEE countries provide a list of management online compared with 70% in Greece and 70% in Turkey;

• 40% of the companies surveyed in the eleven CEE countries provide additional information on management online compared with 50% in Greece and 50% in Turkey;

• 69% of the companies surveyed in the eleven CEE countries provide a list of board members online compared with 90% in Greece and 80% in Turkey; and

• 29% of the companies surveyed in the eleven CEE countries provide additional information on board members online compared with 60% in Greece and 50% in Turkey.

Starting today, the survey is available online at: http://www.pfsprogram.org/capitalmarkets_research.php

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About the Partners for Financial Stability (PFS) Program
The Partners for Financial Stability (PFS) Program, established in December 1999, is a cooperative program of the United States Agency for International Development (USAID) and East-West Management Institute (EWMI), a New York-based non-profit organization.

The objective of the PFS Program is to accelerate financial sector reform and development in Central, Eastern and Southeast Europe in order to integrate these countries more quickly in the European and international financial system. The PFS Program works in a broad range of areas integral to the financial sector: accounting, audit, banking/bank supervision, capital markets/corporate governance; financial sector research, insurance, pension reform/regulation and prevention of money laundering.

From late 1999 through 2005, the PFS Program was active in eight Central and Eastern European (CEE) countries that joined the European Union (EU) in 2004: Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic and Slovenia. In 2005, the PFS Program expanded its activities and changed its geographic focus to Southeast Europe (SEE): Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Macedonia, Montenegro, Romania and Serbia.

For more information, please visit the PFS Program website at http://www.pfsprogram.org.

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