CEE AND POLAND MARKETS DIVISIONS · HR,BG,RO,TK,RU,Serbia,BiH and UA (2) Population for UK as of 2004 (3) Excluding Turkey and Russia (4) The aggregate refers to CEE16 + Macedonia

CEE AND POLAND MARKETS DIVISIONS

Erich Hampel

Andrea Moneta

2

AGENDA

Vision, strategy and financial targets

UniCredit’s strategic positioning in CEE

CEE macroeconomic scenario

Scenario, positioning and targets

3y plan strategic pillars

Summing up

3

THE CEE REGION IS A LARGE MARKET WHERE UNICREDIT IS WELL POSITIONED …

Real GDP Growth (%)

Year 2005 data

Population, mln

GDP, Euro bn

Per Capita GDP, Euro

EU 15385(2)

10,264

26,655

CEE 16(1)

386

4,324

1,668

Inflation (%) 2.1 4.6(3)

Source: UniCredit-NE Research Network(1) CEE 16 aggregate includes PL, HU, CZ, SK, SI, EE, LV,LIT,

HR,BG,RO,TK,RU,Serbia,BiH and UA(2) Population for UK as of 2004

(3) Excluding Turkey and Russia(4) The aggregate refers to CEE16 +

Macedonia

2006-08F (avg)1.7

5.2

2002-05 (avg)1.3

5.7

CEE(4)

Eurozone Note: Data 2005. Countries are ranked in terms of net profit before UniCredit’s minorities generated by UniCredit CEE banks. Turkey figures are pro-quota and pro-formed.

Countries

PolandCroatiaTurkeyRussiaHungaryCzech RepublicBulgariaRomaniaSlovakiaBiHSloveniaS&MUkraineEstoniaLatviaLithuania

49.0%

10.9%

9.3%

6.6%

5.9%

5.4%

4.9%

3.9%

2.5%

0.8%

0.8%

0.5%

0.5%

0.3%

14,4%

1,9%

17,4%

36,9%

5,3%

5,9%

1,3%

4,8%

2,2%

0,5%

1,6%

1,3%

3,9%

0,6%

0,8%

1,2%

% Net Profit

UniCredit CEE Banks

Weight on GDP of CEE

%

Real. GDP growth

(avg 06-08)

4.3%

4.0%

5.5%

5.6%

4.0%

4.9%

5.7%

5.3%

6.1%

5.8%

3.9%

5.2%

3.9%

8.8%

7.7%

6.3%

4

… CHARACTERIZED BY STRONG ECONOMIC GROWTH AND IMPROVING RISK LEVEL …

Source: UniCredit - NE Research Network

Real GDP % growth in CEE

(Index 2000 =100)

75

135

195

2000 2001 2002 2003 2004 2005 2006f 2007f 2008f

CE (PL,HU,SK,CZ)SEE(SI,HR,RO,BG,BiH,Serbia,MK)CIS (RU,UA)BalticsTKEurozone

Baltics7.3%

CIS5.4%

SEE 4.9% TK 5.5%

CE4.5%

Eurozone1.7%

CAGR 05-08

Rating Upgrade Rating DowngradeNote: *+ means under review with positive implication

Current ratings and revisions in the last 2 years

Countries

PolandHungaryCzech RepublicSlovakiaSloveniaEstoniaLatviaLithuaniaBulgariaRomaniaCroatiaTurkeyMacedoniaBosnia-H.Serbia & Mon.UkraineRussia

A2/Stable

A1/Negative

A1/Positive

A2/ *+

Aa3/*+

A1/Positive

A2/Positive

A3/ *+

Baa3/Stable

Ba1/*+

Baa3/Stable

Ba3/Stable

-

B2/Stable

-

B1/Stable

Baa2/Stable

BBB+/Stable

BBB+/Negative

A-/Positive

A/Stable

AA/Stable

A/Positive

A-/Stable

A/Stable

BBB/Positive

BBB-/Stable

BBB/Stable

BB-/Stable

BB+/Stable

-

BB-/Positive

BB-/Stable

BBB/Stable

Moody’s S&P’s

5

BANKING PENETRATION IN 2005

... AND BY FURTHER BANKING GROWTH POTENTIAL ACROSS COUNTRIES, WITH RUSSIA AND SEE LEADING THE GROWTH PATTERN

(Loans+Deposits)/GDP

Russia33% p.a.

Turkey9% p.a.

SEE13% p.a.

CE7% p.a.

CAGR 05-08

Tota

l CEE

dep

.’ vo

lum

es g

row

th(1

)

(200

0 =1

00, i

n E

uro

term

s)

Sources: UniCredit-NE Research Network based on data from local Central Banks(1) Total loans/deposits include general govt, non-financial corporations, households and when available NPISHs and Non-MFIs

Russia34% p.a.

Turkey18% p.a.

SEE 16% p.a.

CE13% p.a.

CAGR 05-08

Tota

l CEE

loan

s’ v

olum

es g

row

th(1

)

(200

0 =1

00, i

n E

uro

term

s)

Eurozone

208%

71%

CEE

0

500

1,000

1,500

2000 2001 2002 2003 2004 2005 2006f 2007f 2008f

Central Europe (Poland,Czech R.,Hungary,Slovakia)SEE (Croatia,Slovenia,Serbia,Bosnia,Romania,Bulgaria)

RussiaTurkey

0

500

1.000

1.500

2000 2001 2002 2003 2004 2005 2006f 2007f 2008f

Central Europe (Poland,Czech R.,Hungary,Slovakia)SEE (Croatia,Slovenia,Serbia,Bosnia,Romania,Bulgaria)RussiaTurkey

6

Volumes

Spreads

Retail vs. corporate mix

Fees & Comm. vs. interest income mix

Favourable macroeconomic outlook

Mix retail vs. corporate loans

High loan volume growth

Source: Central Banks and UniCredit-CEE Research Network(1) CAGR of regional net profit, with countries weighted according to relevance for UniCredit net profit in 2006. Including Poland,

Turkey, Croatia, Russia, Bulgaria, Czech R., Hungary, Romania and Slovakia

AS A RESULT, OVERALL EXPECTED NET PROFITS CAGR 05-08 IS 15% IN THE REGION (12% IN UNICREDIT’S(1) MARKETS)

Euro bn

CAGR+15.2%

PROFIT BEFORE TAX

2005

21.0

32.0

2008

Revenue Drivers

Impact on revenues

Credit Risk Drivers

Impact on cost of risk

7

AGENDA






Summing up

8(1) Defined as countries to be integrated in the new CEE Division of BA-CA, including the transfer of assets

UNICREDIT HAS A UNIQUE FRANCHISE IN THE CEE REGION WITH A PRESENCE IN 17 COUNTRIES …

~ 84 Euro bnTotal Assets

~ 3,000Branches

~ 64,700 Employees

~ 17 mlnCustomers

~ 400 mln Inhabitants

CEE region(4)

Czech. Rep.No. 4 – 8.4

SlovakiaNo. 5 – 3.4

SloveniaNo. 5 – 1.9

Croatia(2)

No. 1 – 9.7

BosniaNo. 1 – 1.4

SerbiaNo. 5 – 0.5

BulgariaNo. 1 – 3.4

Romania No. 3 – 3.3

HungaryNo. 7 – 4.1

Turkey(3)

No. 5 – 27.5

RussiaNo. 8 – 4.7

UkraineNo. 13 – 0.3

EstoniaNo. 6 – 0.1

LatviaNo. 10 – 0.4

LithuaniaNo. 8 – 0.4

AzerbaijanNo. 9 – 0.05

PolandNo. 1 - 31.1

Integration countries(1)

Merger countries

Ranking on 2005 Total Assets (TA) – TA in Euro bn

(2) Excluding Splitska Banka (3) 100% of total assets (4) CEE Region total considering Turkey pro-quota for total assets and at 100% for other items

9

Proforma 2005, as of perimeter May 2006(i)

(1) Excluding Splitska Banka; including pro-forma NBB, Tiriac and Hebros, and with Turkey at pro-quota; (2) Including Azerbaijan; (3) Including proforma Erste Serbia; (4) Including proforma BCR; (5) Including proforma Impexbank; Bank Aval fully consolidated since 1st Oct 2005; (6) Including proforma Splitska Banka; (7) Including proforma KMB and Intesa Beograd; (8) Including proforma Ukrsotsbank and UPI Banka (as of Sep ’05); (9) Revenues for KMB and UPI Banka n.a.; (10) Including proforma Niska Banka and Zepter Banka; profits are before tax; P&L of OTP Hrvatska doesn’t include Q1 2005; (11) Excluding Kosovo

Consolidated Assets (Euro bn)(i)

Total Revenues (Euro mln)

Net Profit before min. int. (Euro mln)(ii)

Countries of presence(iii)

… AND IS THE LEADING PLAYER AMONG INTERNATIONAL COMPETITORS ...

Source: Unicredit-NE Research Network; numbers converted using avg and eop ex. rates from UIC for P&L and BL figures, respectively. Data for UniCredit may differ from the applied methodology to be in line with 3YP figures

(i) 100% of total assets, revenues and profit after tax (before minorities) for controlled Companies (stake > 50%) and share owned for non controlled companies; proforma results include also banks acquired during 2005 and 2006;

(iii) After tax, before minority interests(iv) Including direct and indirect presence in 21 CEE countries, excluding representative offices

530

608

556

301

490

460

1,405(1)

Erste 48.7(4) 2,406(4) 711(4)

RZB

KBC

42.3(5) 2,026(5) 481(5)

SocGen

Intesa

OTP 19.1(10)

22.1(8)

30.1(6)

1,561(10)

1,212(8)(9)

1,551(6)

609(10)

326(8)

531(6)

9(8)

10(6)

6(4)

6(10)

(3) (3)(3)

(7) (7) (7)

19.0

39.4

42.7

20.1

26.9

40.7

84.5(1) 4,196(1)

1,898

1,435

1,083

1,928

1,545

1,744

5

5

5

7

9

15(11)

17UniCredit (2)1,405(1)

10

0

2

46

8

10

12

0 5 10 15 20

Number of countries of active presence(1)

Num

ber o

f Top

5

Source: UniCredit-NE Research Network(1) Including both direct and indirect presence

Strategic positioning: country of operation and size in each market(size = total assets controlled in the region)

…WITH THE BEST POSITIONING IN THE MARKET

https://www.kbc.be/IPA/D9e01/~N/~KBC/-BZIQJDK/

11

AGENDA






Summing up

12

OUR VISION

■ Be a key pillar of UniCredit Group’s value and identity developing the best banking franchise in Central and Eastern Europe

■ Deliver high and sustainable profitability and growth through:

a strong local coverage (“be close to our customers”) …

… formed by a passionate pool of talents and employees with a customer oriented culture and approach (“to exceed their expectations and being the bank of choice”) …

… strengthened by being part of a world-class banking group (“to provide them with the best services and value for money”)

13

THE STRATEGY IS DIFFERENTIATED BY MARKET POTENTIAL AND UNICREDIT POSITIONING …

(1) Turkey merger expected to be completed by end 2006(2) For Ukraine and BiH Revenues CAGR is 2004-2008(3) Sum do not square to 100% since few countries of the Region are not included in the chart

PositioningMarket share 2005 in TA

(%)

Market Growth PotentialRevenue Pool 2005-2008 (%)

Size 2005 UCI Net Profit Contribution

15%

30%

10% 30%

Poland

Turkey(1)

Croatia

5% 15%

Czech Rep.

Bulgaria

Hungary

Russia

Romania

Slovakia

BiH(2)

Ukraine(2)

Slovenia

Serbia

Merger countries

31%

% Country revenues as % of the total Region revenue pool 2008(3)

30%

11%

2%

5%

5%

3%

2%4%1%

2%

2%

1%

14

… AND BASED ON 3 STRATEGIC PILLARS OF THE 3YP …

■ Cross border initiatives

■ Successfully completing mergers in 6 countries

■ Selective growth in specific countries

15

… WHICH TRANSLATES INTO REMARKABLE OPERATIONAL AND FINANCIAL RESULTS(1)

2005 CAGR 05-08

4,196 ~11%Total revenues, mln

FTE ~54,800

20082005

Branches 3,004

~53,000

3,180(3)

AUM (mutual funds), mln 9,285 ~25-30%

Avg. RWA, bn

FTE w/o organic growth ~54,800

(1) All Turkey figures are pro-quota except for branches

~50.6 ~17%

Cost of risk, bp

Cost/Income 55.4% ~49%

~49,800

EVA, mln ~480 ~870

(3) Excluding 200 outlets in Poland

62(2) ~68

(2) 67 bp if adjusted for positive one-off write-back in Zaba

16

AGENDA



Summing up

Merger in Poland

Successfully completing the mergers

Cross border initiatives

Selective growth: the cases of Turkey and Russia

17

CREATING VALUE BY CROSS BORDER INITIATIVES TO ENHANCE QUALITY, IMPROVE CUSTOMER SATISFACTION AND BOOST PERFORMANCE

■ Achieve synergies and improve quality leveraging on GBS IT applications and competence centers

■ Set homogeneous segments of customers and business models across the Region

■ Introduce common MIS and CRM approaches and tools

■ Export best practices across the Region (customer acquisition development and retention, sales effectiveness, product innovation and product catalogue streamlining)

■ Market the corporate franchise in the Region to:

➼ leverage both Group’s customers (A, DE, ITA in cooperation with C&SME) and corporate investors where the Group is not present

➼ offer dedicated value propositions and services for intra-Region import/export (e.g. payments, factoring)

■ Leverage the strengths of the Group in Asset Management and Investment Banking

18

AGENDA



Summing up

Merger in Poland




19

ALL MERGERS WELL ON TRACK …Po

land

Assets: Euro 31,061 mln■ Ranking(1): #1■ Mkt Sh.(1) : 21.4%N. Branches: 1,290

Cze

ch R

ep.

11%

5%

Rom

ania

■ Details follow

■ Strengthening market share through organic growth

(1) On Total Asset at the end of 2005

Assets: Euro 8,375 mln■ Ranking(1): #4■ Mkt Sh.(1) : 7.0%N. Branches: 77



3%

2005 2006 2007 2008 Strategic guidelines

% % weight on total Region revenue pool in 2008 Date of Merger

(Under evaluation)

(Under evaluation)

20

… AND EXPECTED TO BE COMPLETED BY MID 2007 …Sl

ovak

iaB

ulga

ria Maintain market share and improve efficiency

2%

% % weight on total Region revenue pool in 2008 Date of Merger

Bos

nia

■ Maintain market share and improve efficiency





2%

1%

Strategic guidelines2005 2006 2007 2008

(1) On Total Asset at the end of 2005

(Under evaluation)

21

■ Total Restructuring Charges 2006-08 are Euro 104 mln

■ Cost synergies in 2008 amount to Euro 108 mln (of which Euro 60 mln in Poland), additional synergies expected from Poland in 2009

(1) Turkey excluded since the merger will be completed before end 2006(2) Excluding cost of organic growth in Romania(3) Average inflation calculated based on average weight on GDP(4) At current exchange rates

Revenue and Expense Growth in Merger Countries (in Euro mln)

Restructuring Charges and Cost Synergies in Merger Countries (in Euro mln)

■ Strict cost control in 6 merger countries (PL, CZ, SK, BG, RO, B&H)(1), lead to a CAGR(2) 05-08 of 2.1% vs an average inflation(3) of 3.3% in the same period and with average market cost growth of +11%

■ Revenue growth 3.9 times higher than expense growth (CAGR 05-08 of 8.1%)

CAGR8.1% p.a.(4)

CAGR2.1% p.a.4

… CREATING VALUE THROUGH COST SYNERGIES WHILE KEEPING REVENUE GROWTH

1,6221,6351,5321,461

3,4913,214

2,8552,655

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2005 2006 2007 2008

Operating Expenses Total Revenues

5

41

58

108

69

13

0

20

40

60

80

100

120

2006 2007 2008

Restruct. Charges (p.a.) Synergies (p.a.)

22

AGENDA



Summing up

Merger in Poland




23

Eurozone(1) Poland(2) Eurozone Poland

Source: Unicredit-CEE research network and ECB

97

545

66

208

(1) As of 2004, including branches of Cis from EEA and third countries(2) As of Sep 2005 excluding cooperative banks and sub-branches(3) Aged 15+

THE POLISH BANKING SECTOR IS AMONG THE MOST ATTRACTIVE IN CEE IN TERMS OF SIZE AND UNICREDIT ENJOYS THE BEST POSITIONING

Branches per mln inhabitants (2005)

(Loans+Deposits)/ GDP (2005)

Strengths Strengths

■ Sales effectiveness and focus on AUM

■ Efficiency■ Risk management

■ Acquisition capabilities■ Fee based services for

corporate■ MIS and CRM tools

Euro bn, as of 2005

Total Assets 31.0 1 21.4%

Deposits 21.5 1 20.7%

Gross Loans 17.3 1 21.2%

AuM 6.2 1 39.3%

Credit Cards (#, mln) 0.8 2 -

Customers (#, mln) 5.6 2 -

Branches 1,290 1 _

FTE 26,493 2 -

Total Revenues (mln) 1,825 1 -

Net Profit (mln) 634 1 -

RANKING MKT SH.

2005 CAGR 05-08

12

9

11

7

6.2 5.7(6)

Loan growth(4), %

Deposit growth(4),%

Spread(5), %

AuM growth(4),% 63 15

38.2

241

-

4.3% (real)

Population, mln

GDP, Euro bn

Banked population(3),% 62 -

(5) End-of-period Banking System data; compound rates calculated on average of FX and LC Loans and Deposits;

(6) 2008(4) Nominal Growth

24

5 April 2006

THE MERGER

BSC Authorization to exercise the voting rights on BPH

19 April 2006 Agreement with the Minister of Treasury:

Sale of 200 outlets, related activities and former BPH brand

2 possible structures for the transaction

By October 2006 Identification of structure and activities to be sold

Year end 2006 Filing with the authorities

2007 2007 sale and merger

PRELIMINARY

25

POLISH MERGER TO SET THE “UNIVERSAL BANK BENCHMARK” IN THE REGION

IT and operations merger

Tight cost control and effective risk management

Growth in retail with focus on AUM, consumer lending and cards

Selective growth in SME and mid-Corporate

Added value services for Corporate

KEY STRATEGIC INITIATIVES

No perimeter changes and no capital gains included in the plan

Cost savings and synergies of 60 mln in 2008 (additional savings expected in 2009)

KEY FINANCIALS

2005 2008

1,825 ~7% CAGRTotal revenues, mln

AUM (mutual funds), mln 6,235 ~30% CAGR

Avg. RWA, bn 16.0 ~12% CAGR

53.3% ~46%Cost/Income

79 stableCost of risk, bp

EVA, mln ~240 ~370

26

AGENDA



Summing up

Merger in Poland




27

Eurozone(1) Turkey(2) Eurozone Turkey

86

545

81

208

TURKEY: A HUGE MARKET WHERE UNICREDIT IS VERY WELL POSITIONED …


(Loans+Deposits)/GDP (2005)

Strengths Strengths

■ Efficiency■ Risk management■ Sales effectiveness and

focus on AUM

■ Card Business■ Wide branch network■ Large customer base

Euro bn, all data at 100% as of 2005


Deposits 17.0 4 10.6%


AuM 4.2 1 22.7%

Credit Cards (#, mln) 5.0 1 21.1%

Customers (#, mln) 7.2 - -

Branches 642 5 9.3%

Employee 16,189 - -

Total Revenues (mln) 1,712 - -

Net Profit (mln) 217 - -

RANKING MKT SH.

2005 CAGR 05-08

51

27

23

14

6.2 4.7(5)

Loan growth(3), %

Deposit growth(3),%

Spread(4), %


71.6

291

-

5.5% (real)

Population, mln

GDP, Euro bn

(1) As of 2004, including branches of Cis from EEA and third countries(2) As of Sep 2005

Source: UniCredit-CEE Research Network and ECB

(3) Nominal Growth(4) End-of-period Banking System data; compound rates calculated on average of FX and LC Loans and Deposits

(5) 2008

28

… FOCUSING ON SUSTAINABLE PROFITABILITY AND GROWTH TO BECOME THE BANK OF FIRST CHOICE FOR CUSTOMERS AND EMPLOYEES

Complete IT and operations integration in order to achieve synergies through tight cost management

Strong risk management both on market and credit risk

Improve sales effectiveness and leverage on the huge potential of YKB’s customer base

Consolidate leadership in AUM and credit cards and focus on consumer lending

Selective growth in Corporate and SME and increase in fee-based services

Expand branch network by 100 to 745 achieving break-even in 12-18 months (as per Koc bank experience)

KEY STRATEGIC INITIATIVES KEY FINANCIALS

2005 2008

653 ~13% CAGRTotal revenues, mln

AUM (mutual funds), mln 1,794 ~14% CAGR


57% ~47%Cost/Income

1.1%Cost of risk

EVA, mln 35 ~180

~0.9%

Figures are pro-quota (proportional consolidation of banks according to the share of ownership), except number of branches

all figures are pro-quota

29

Strengths

Euro bn, as of 2005


Deposits 3.2 9 1.6%


Customers (#, mln) 0.2 - -

Branches 30 10 -

Employee 1,497 - -

Total Revenues (mln) 214 - 1,2%

Net Profit (mln) 85 9(7) 1,6%(7)

RANKING MKT SH.

THE RUSSIAN BANKING MARKET PRESENTS STRONG OPPORTUNITIES FOR GROWTH AND IMB IS WELL POSITIONED …

2005 CAGR 05-08

41

39

33

31

7.9 5.6(6)

Loan growth(4), %

Deposit growth(4),%

Spread(5), %


143.5

616

-

5.6% (real)

Population, mln

GDP, Euro bn

Banked population(3),% 51 -

(1) As of 2004, including branches of Cis from EEA and third countries(2) Figures refer to regional branches(3) Age 15+

Eurozone(1) Russia(2) Eurozone Russia

23

545

51

208


(Loans+Deposits)/GDP (2005)

■ 8th largest bank in Russia with focus on Corporate Banking (1.7% market share and ~60% revenues)

■ Outstanding track record of sound growth and profitability

■ Solid reputationSource: UniCredit-CEE Research Network and ECB

(5) End-of-period Banking System data; compound rates calculated on average of FX and LC Loans and Deposits

(6) 2008(7) Calculated on pre-tax profit(4) Nominal Growth

30

Leverage strong positions in Corporate and business partners (e.g. dealers, real estate agents) to acquire new retail customers

Finance expansion in Retail through Corporate business (both local and Group customers in Russia)

Expand branch network (increase of ∼70 to ∼110 by 2008) concentrate in Moscow and St. Petersburg’s Regions

Expand Retail lending (car loans, mortgages, credit cards and consumer loans) mostly to payroll customers

Maintain strict market and credit risk control

2005 2008

215 ~30% CAGRTotal revenues, mln


~42% ~46%Cost/Income

0.5%Cost of risk

EVA, mln 26 ~60

~0.6%

… TO EXPLOIT THE MARKET POTENTIAL VIA A FOCUSED GROWTH STRATEGY

KEY STRATEGIC INITIATIVES KEY FINANCIALS

31

AGENDA



Summing up

32

SUMMING UP

By 2008 CEE and PM Divisions will have …

Successfully completed all mergers

Achieved state-of-the-art operations with high efficiency and sound risk control

Reinforced the leadership in the Region through a selective growth on relevant and fast growing markets

Delivered huge value for the shareholders

EVA ~ 870 Euro mln in 2008

CI < 50% in 2008

Set the basis for further sustainable growth

33

ANNEX

34

CEE REGION (INCLUDING POLAND MARKETS): 2005 P&L

Net Interest income (excl. div.)

Net non interest income

Total revenues

Operating costs (incl. dep.)

Operating income

Net income

Net provisions

(mln Euro)

Net income for the group

- of which: Staff costs

- of which: Other admin. expenses

- of which: Net write-downs of loans

Cost/income Ratio

Profit/loss & net write-downs on investments

2005

2,626

1,570

4,196

1,870

-905

-1,116

-2,326

1,405

1,003

-294

-317

208

55.4%

35

CEE DIVISION (EXCLUDING POLAND MARKETS): 2005 P&L

2005

1,526

830

2,356

-1,008

-556

-620

-1,347

764

633

-174

-192

150

57.2%

(mln Euro)



Total revenues


Operating income

Net income

Net provisions





Cost/income Ratio


36

POLAND MARKETS DIVISION: 2005 P&L

2005(mln Euro)

1,099

741

1,840

862

-350

-496

-978

641

370

-120

-124

58

53.2%



Total revenues


Operating income

Net income

Net provisions





Cost/income Ratio


Poland (Pekao, BPH, Xelion Poland) and Ukraine

Documents

CEE AND POLAND MARKETS DIVISIONS · HR,BG,RO,TK,RU,Serbia,BiH and UA (2) Population for UK as of 2004 (3) Excluding Turkey and Russia (4) The aggregate refers to CEE16 + Macedonia