Asseco Poland - CEE IT LeaderUniCredit Emerging Europe Conference

Istanbul, September 4th 2008

Agenda

� Introduction

� Financial activity

� Potential synergies

� Foreign operations

� Appendix

1

Asseco Poland – basic info

� Largest IT company in Poland and CEE

� Leader in development of software for banking, enterprises and public administration

� Leader of an international IT group

� Experienced in execution of the largest IT projects (Social Insurance Institution, PKO BP)

� Present in 15 European countries

� Stable financial standing

� Over 8 500 employees

Shareholders

Company profile Stock data

PLN m EUR m

Market cap. 4 350 1 322

Free float 2 271 690

Avg. daily turnover on WSE

16,4 5,1

No. of shares 71 292 980

Adam Góral

11,4%Treasury shares

16,4%

Other

approx.52,2%

ING TFI

>5%

Pioneer TFI

>5%ING OFE

>5%CU OFE BPH CU WBK

>5%

Source: WSE, as on September 1st 2008

2

Asseco in Europe

FIBa Software: software for banking

Net Consulting: integration and IT services

Pexim: Software for banking

Logos: authentication & security

Arbor Informatika: billing systems

Pexim Cardinfo: ATM, POS

Antegra: software for banking

Software and integration

Top ranked Czech IT company

Automation & Productivity: ERP software producer

matrix42: Lifecycle Management Software

Public software and exposure to Russia

Foundations for Asseco Eastern Europe

Software for financial sector and public administration

No 1 IT company in Slovakia

Uniquare Software Development: Software for financial services

� One of the largest IT Capital Group in Europe� Over 8 500 employees� Leading position in several IT segments

3

Asseco vs. European IT leaders

Market capitalization (EUR m)

2 810

2 447

2 403

1 322

1320

1 066

1058

992

940

821

262

178

5 868

0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000

SAP AG

CAP GEMINI SA

INDRA SISTEMAS SA

ATOS ORIGIN SA

LOGICACMG PLC

ASSECO POLAND SA

SOFTWARE AG

TEMENOS GROUP AG

DIMENSION DATA HOLDINGS PLC

MISYS PLC

TIETOENATOR OYJ

ALTEN

COMPUTACENTER PLC

COMARCH SA

46 760

Source: Bloomberg, as on September 1st 2008

4

� Introduction

� Financial activity

� Potential synergies

� Foreign operations

� Appendix

Agenda

5

502

1168

1H 2007 1H 2008

Consolidated results of Asseco Poland

6

15%17%EBIT

122%77,1171,2Net profit with minorities

15%15%Net

18%21%EBITDA

Margines

166%57,2151,8Net profit ex. minorities

158%77,5199,8EBIT

166%92,1245,1EBITDA

133%501,81168,3Revenues

change1H 20071H 2008PLN m

Revenues

133%

78

200

1H 2007 1H 2008

57

152

1H 2007 1H 2008

EBIT Net profit

158% 166%

188

395

1H 2007 1H 2008

Standalone results of Asseco Poland

7

26%31%Net

25%32%EBIT

27%35%EBITDA

Margins

150%48,6121,7Net profit

170%46,3124,9EBIT

174%50,5138,5EBITDA

110%187,6394,8Revenues

change1H 20071H 2008PLN m

Revenues

110%

46

125

1H 2007 1H 2008

49

122

1H 2007 1H 2008

EBIT Net profit

170% 150%

Financial results vs. consensus

1 283

2 917

0

500

1 000

1 500

2 000

2 500

3 000

3 500

2007 2008 consensus

Revenues

Net profit

163

294

0

50

100

150

200

250

300

350

2007 2008 consensus

443

237

0

50

100

150

200

250

300

350

400

450

500

2007 2008 consensus

EBIT

2008 – PLN m; market consensus of forecasts of 9 brokers

Revenues by products

Revenues by sectors

Enterprises

32%

Public adm.

22%

Banks and

financial institutions

46%

Other 1% Outsourcing

10%

TelCo 5%

Proprietary

software & services 43%

Third party

software & services 17%

Integration &

Hardware 24%

Source: Company annual report for 2007

8

-971,2

-459,3

-57,3

-246,3

-354,8

-319,2

-183,3-110,4

-1 100,0

-1 000,0

-900,0

-800,0

-700,0

-600,0

-500,0

-400,0

-300,0

-200,0

-100,0

0,0

Q3/2007 Q4/07 Q1/08 Q2/08 Q4/08

ACP capital increase for

10%, disposal of COMPPLN +316m PLN +70m

PLN 100m repaiment from

Prokom Investments

Disposal of ABG to

the level of 33%PLN +50m

Repaiment from Prokom

Investments and operational cash flow

PLN +84m PLN+130m

Debt pro-forma

� Forecasted debt level for Q4/08 – PLN (57)m and includes new planned acquisitions

� Cash flow from operations in Q3 and Q4 estimated at PLN 130m

� Non operative assets: real estates (Orłowo 40 mln, Warsaw office PLN 10m, Zeto PLN 7m, Combidata PLN 20m) and treasury shares PLN 660m

9

Agenda

� Introduction

� Financial activity

� Potential synergies

� Foreign operations

� Appendix

11

Post mergers cost synergies

Done (79 m)

Planned (63 m)

Marketing

28 m

HR

18 mln

Office space

4 m

Advisors, transport and others

13 m

Marketing

26 m

HR

23 m

Office space

4 m

Advisors, transport and others

26 m

� Ex-Prokom G&A expenses in 2007

amounted to PLN 187m, including

restructuring costs of 20m and costs

attributable to costs of products sold of 35m

� Potential benefits from the above should fix

the G&A expenses of ex-Prokom business

on the level of 50m by the end of 2009

� 100% share in ABG Group from Q4 2008

� Clear competences split within the capital group

� Potential profits from the increase of the effectiveness of software development in ABG

� Asseco Systems as a dedicated integrator for Asseco Group

� Estimation of real needs and eventual restructuring of Asseco Systems

(currently integration assets of approx. 600 people)

� After first calculations, optimal employment on the level of 430 people, what implicates

potential further savings

Merger with Prokom Software

Merger with ABG

12

Product development and sales synergies

� Empirium (matrix42) to be implemented in Asseco Group

� Empirium already offered through Pexim, Arbor, Net Consulting, Anica,

Asseco Poland

� Pexim - Antegra – close co-operation, prices up

� Pexim - Net Consulting – first sale, use of discounts of Net Consuting

� Pexim – Pexim Cardinfo – better positioned to partners and vendors

� Pexim – Logos – Antegra – product portfolio integration, use of Logos

experience in the field of IT security systems

� Asseco Poland – Logos – upcoming sales of Logos products for Polish banks

� Asseco Poland – Asseco Slovakia – development of IT solution dedicated to

insurance sector (country independent), potential sales of StarCARD to Polish

banks

13

Agenda

� Introduction

� Financial activity

� Potential synergies

� Foreign operations

� Appendix

15

Foreign expansion policy

� Asseco principles:

� Development of strong group of companies able to compete with

large international IT leaders

� Federation model

� Continuation of subsidiaries strategies

� Joint interest in long term value creation

� Operations based on solid and transparent basis

� Advantages

� Partnership in a strong international group

� Strong financial capacity

� Recognized brand

� Human potential – over 8500 employees

� Long list of certificates, products and references

� Access to new markets through existing sale network

16

Upcoming IPO of Asseco SEE

� 7 companies in portfolio

� Expected net income of EUR 14 million

� One of the fastest growing IT markets in Europe

(population of approx. 57 million people)

� Dominant position in the region

� Ready for IPO

� Issue of approx. 25%

� Cash acquired for new acquisitions

� Further consolidation

SEE, Greece, South East

17

Asseco Group today

Asseco Poland, Asseco Business Solutions, Asseco Systems, ABG

Asseco Germany

Asseco Slovakia

Asseco South Eastern Europe

Sintagma (Asseco Eastern Europe)

18

Asseco Group in 2009

Asseco DACH

Asseco South Western Europe

19

Agenda

� Introduction

� Financial activity

� Potential synergies

� Foreign operations

� Appendix

� Major projects & customers

� Product offer & references

20

Major projects & customers - PKO BP

� Implementation, development and service of proprietary software(ZORBA, CESAR, CEKOR, PROMAK) and third party software and services (ALNOVA)

� New projects: Centralized Calculation System (SSR), Distrust Transaction and Fraud Location Monitoring Software (AMTF)

� ZSI implementation should be finished as planed in 2010

� We prepared such operational plan for this business unit, to maintain its high effectiveness

21

Major projects & customers – ZUS

� Basing on the agreements signed in December 2007 Asseco executes the project of exploitation and maintenance of KSI ZUS and modifies the system according to the ZUS requirements (general agreement valid till the end of 2010)

� Further steps:

� Start of exploitation of new system applications

� Modernization of operating systems

� Technological development of infrastructure

� Replacement of exploited elements of infrastructure

� System adaptation to the organizational changes in ZUS

� Development of Service Center

22

Major projects & customers – PZU Group

� Under the existing agreement (dated on 08.2005) Asseco provided the service, modification and development services to CSI INSURER (wealth insurances) and FKX (finance and accounting system). Agreement expires 09.2008

� In the current year Asseco signed several agreements regarding among others parameterization of CSI INSURER or integration of CSI INSURER with CSI SLS (PZU solution)

� Continuation of co-operation under the existing projects

� Co-operation with Asseco Slovakia, regarding the development of the successor of INSURER system for PZU

23

� Maintenance and modifications of Support system for handling Structural

Funds

� Development of homestead register

� Land identification system development

� Maintenance and modifications of Integrated Management and Control

System IACS (subcontractor of HP)

� Further co-operation in the field of maintenance and modifications of IACS

system

� Development of remaining systems supporting processes controlled by

ARiMR

Major projects & customers - ARiMR

24

Major projects & customers - banking sector

� Dynamic development of commercial bank department in 2008 and good

perspectives for further years

� def3000 implementation for Allianz Bank Polska

� Co-operation with existing clients such as Deutsche Bank, BGŻ, Postal Bank, BOŚ i GBW

� Five large projects planned, based on the implementation of def3000 for

large international and local financial institutions

� 4 local

� 1 international

25

Major projects & customers - telco sector

� Maintenance of SERAT billing system at TP SA. (several years

perspective)

� Portal type solutions (external, internal, sales support, etc.) for the

majority of telecommunication operators

� E-commerce systems

� New billing system for TP SA based on BRM Oracle technology,

developed in the co-operation with Accenture

� Rollout of the above solutions to PTK Centertel

� Several additional services for mobile operators (high ways toll

payments, mobile telemetric, etc.)

26

Product offer

� Proprietary software

� Systems for banks

� Systems for enterprises

� Systems for insurances

� Systems for utilities

� Systems for publicadministration

� Systems for healthcare

� Systems for telecoms

� Systems for uniform services

� Systems for agriculture(ARiMR)

� Third party software

� Hardware and integration

� e-learning

� Outsourcing

27

Chosen references

� Banking sector

� PKO BP, Allianz, BNP Paribas,

Commerzbank, Deutsche

Bank, DnBNord, Erste, Fortis,

ING, Intesa, KBC, Raiffeisen,

Rabobank, Societe Generale,

Unicredit

� Insurance sector

� Allianz, Eureko, Intesa, KBC

� FCMG

� Cadbury, Heineken, Henkel,

Kraft, Mars, Nestle, Unilever

� Enterprises

� Daimler, Siemens,

Volkswagen, Bioton

� Telco

� Deutsche Telecom, France

Telecom

� Utilities

� E.ON, RWE

� Public administration

� Social Insurance Institution,

Ministry of Internal Affairs

and Administration

28

Contact

29

Contact to IR:Bartłomiej DrywaTel: +48 (22) 878 63 33 Mob.: +48 691 991 072E-mail: Bartlomiej.Drywa@asseco.pl

Contact to PR & IR:Katarzyna DrewnowskaTel: +48 (22) 878 64 78Mob.: +48 609 132 648E-mail: Katarzyna.Drewnowska@asseco.pl