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Debt Purchase at EOSInfluence of provided information by a creditor on price

Sochi, September 20101

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Spain *

Italy

France Austria

Turkey

Romania

Bulgaria

Ukraine

Hungary

SlovakiaCzech

Republic

Poland

Belarus

Denmark

Germany

Nether-lands

Great Britain

Ireland

Switzerland

Mace-donia

Slovenia

Belgium

Sweden

Russia

Croatia

SerbiaMonte-negro

Albania

BosniaHerzeg.

Molda-wien

Latvia

Lithuania

Estonia

EOS acquires debt portfolios in all its markets around Europe as well as in the USACountries in which EOS purchases debt portfolios in Europe

Greece

Norway

Portugal

Finland

* New marekt entry in 2009, no debt purchase yet

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In 2008/09 4,298 employees realised EUR 297m turnover worldwideKey figures EOS Group by region 2008/09

Germany Western Europe Eastern Europe USA and Asia

13%

15%

11%

61%

Turnover by region

26%

11%

7%

56%

Volume of debt purchases1)

40%7%

16%

37%

Employees by region

EUR 297m

EUR 953m

4,298empl.

1) Face value

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Standardized process at EOS regarding calculation and binding offer preparation for portfolios

1. Invitation to bid

3. Binding Offer

local EOS Affiliate receives

Analysis by local EOS Affiliate

Raw data

Recovery forecast

Cost forecast

EOS debtor database

Local Due Diligence if offered/needed

Fact Sheet EOS Affiliate summarizes all qualitative and quantitative facts and the recommended Purchase Price of local EOS Affiliate

Investment decision by EOS Board based on the recommendation of EOS Risk Management

Local EOS Affiliate submits bid to seller

Main process steps binding offer

2. Calculation Process

EOS Risk Management evaluation

Analysis by EOS Affiliate and EOS Risk Management under consideration of

Benchmark portfolios

Regression/mathematical/ cluster analysis

Verification of work out and external transaction costs

EOS Risk Management will give a recommendation regarding the pricing range

Close communication between local EOS Affiliate and EOS Risk Management

Tender documentation

Raw data

Time schedule

A B

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Typical challenges debt purchase

More than 20 years of experience in debt purchase have taught EOS how to master challenges in new or existing markets

Challenge Approach

Lack of realization history available for portfolio valuation due to

New type of receivables

Foreign markets

Apply data from mandate work

Apply data from other markets

Analyses of substantial recovery changes due to regional economic development

Changes of environment for NPL and collections

Monthly monitoring of development

Implement knowledge into calculations

Short timeline Defined processes and skilled staff

Due Diligence not always possible

Limited data available

Apply data from historic deals where applicable

Risk specific discounts

Contractual requirements, i.e. exclusion criteria

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Impact on the price by standardized information

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Impact on the price by standardized information

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Conclusion

Лишь в 10% случаев, агентство в состоянии составить полную картину о выставленном на продажу портфеле.

В случае отсутствия тех или иных данных, агентство производит оценку по пессимистическому сценарию, что приводит к значительному снижению цены портфеля

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Спасибо за внимание