El delito de Lavado de Dinero y de Activos en El Salvador.

Receivables Under Management 1998 – 2001 (CZK millions) 10,000 8,000 6,000 4,000 2,000 0 1998 1999 2000 2001 Receivables Structure in 2001

1 Receivables under loan agreements 90.9% 2 Receivables under finance leases 9.1%

1 2

48

One instrument that supports the company’s success in this business area is its dynamic, matrix-like structure that allows for the existence of separate business groups to implement individual jobs. These business groups are run by project managers who are responsible for successful realization and completion of the jobs.

Another important activity of the company is providing advice on restructuring the balance sheets of legal entities that have been under defective financial management in the past and that are in need of systemic changes in their business behavior. CM - Credit a.s. can take over a company’s administration, analyze its legal and financial situation, develop a timeline of operational goals and, in cooperation with other specialists, implement all the steps necessary to put the company back on its feet.

In addition to managing extensive portfolios of receivables, the company is also engaged in the management of small client receivables. This type of management is useful especially for companies involved in selling on credit (installment plans) which provide consumer loans to large numbers of people, as well as for leasing companies. These services give the company an opportunity to build up a strong position in the area of “trade receivables” management and subsequent commercial exploitation those receivables.

In the course of increasing the quality and accessibility of its services, the company has developed and placed on its website (www.cmcredit.cz) an application that allows current and future company clients to gain basic, generalized financial advice. The application will also provide detailed information on portfolios under management. It is the company’s hope that this application will facilitate further acceleration of the debt collection process on behalf of its clients.

Successful Receivables Management

CM - Credit a.s. currently manages a portfolio of receivables valued at approximately CZK 10 billion. The vast majority (90%) are receivables that arose under loan agreements, while the rest are receivables owned by leasing companies. Last year, the company collected on receivables in an amount of nearly CZK 170 million for its clients, thereby building on its successes from years past.

The company will continue to actively manage its clients’ portfolios of receivables and diversify them with the aim of achieving a commensurate rate of collection. The company will also focus on further acquisitions in this area and on gaining new clients for whom to provide comprehensive receivables management. The year 2002 is bringing with it new possibilities in the area of receivables management: significant growth in demand for the sale of receivables is expected. CM - Credit a.s. will endeavor to build on its successes; to date it has won a number of tenders for receivables managers.

Area of business: asset management and securities brokerage

Date of inception: 9 February 1998

License obtained: 1998 (from Central Bank of Cyprus)

Registered office: Nicosia, Cyprus

Basic capital: USD 75,736

Auditor for 2001: KPMG Cyprus

Memberships: CIFSA – Cyprus International Financial Services Association

Board of Directors: Miroslav Horský – Chairman

Arlin Nahikian – Member

Spyroulla Papaeracleous – Member Georgios Syrimis – Member Athinodoros Athinodorou – Member

Company management: Miroslav Horský – Chief Executive

Principal businesses: providing financial services associated with asset management and securities trading

PPF (Cyprus) Ltd. is a 100% subsidiary of PPF a.s. and all its operations are located abroad. The company was established in early 1998. Like the other members of PPF Group, it offers financial services relating to asset management and management of third-party portfolios in accordance with the laws of Cyprus. In 1998 the company obtained a license from the Central Bank of Cyprus to provide asset management services.

PPF Financial Services Ltd. is a sister company of PPF (Cyprus) Ltd. It has also obtained a license from the Central Bank of Cyprus to provide financial services. As a securities brokerage, the company provides its clients services related to trading in securities, either acting as an intermediary or trading directly.

PPF Financial Services Ltd. is a member of CIFSA – Cyprus International Financial Services Association, an organization that, thanks to its strict disclosure requirements, is only open to highly regulated and transparent players in the Cyprus market.

Both companies provide financial services to foreign investors who are interested in gaining exposure to and investing in the Czech capital market. Subsequently it provides for all aspects of managing their investments in the Czech Republic. The principal aim is to offer foreign clients high-quality, professional management of their assets and ensure effective generation of returns on their investments over the desired time span. Assets under management of both Cyprus-based members of PPF Group total approximately USD 60 million.

50

Area of business: management of portfolio investments

Date of inception: 18 November 1996

Address: Na Pankráci 1658/121, 140 21 Prague 4, Czech Republic

Registered capital: CZK 1,000,000

Auditor for 2001: KPMG Česká republika Audit, spol. s r.o.

Board of Directors: Petr Kellner – Chairman

Aleš Minx – Member (from July 2002) Petr Chajda, MBA – Member (from July 2002)

Supervisory Board: Lubomír Král – Chairman (from July 2002)

František Tlustoš – Member Lenka Šafránková – Member

Company management: Pavel Tomšů – Project Manager

Principal businesses: advising solutions for selected equity holdings that resemble portfolio investments

providing recommendations for effective exercise and protection of basic shareholder rights

PPF Group’s portfolio is not limited to strategic investments alone; it also contains portfolio investments. Their management is the responsibility of PPF CONSULTING a.s. The main thrust of the company’s activities in 2001 was in the areas of active protection of shareholder rights and qualified consulting for selected non-strategic equity participations. The company currently manages slightly under CZK 400 million in assets.

Effective Exercise of Shareholder Rights

The aim of PPF CONSULTING a.s. is to provide legal protection to those of its clients who find themselves in the role of minority shareholders in corporations. The company also acts on behalf of its clients to effectively exercise their shareholder rights and defend their interests in corporations. Last year, the largest companies in clients’ portfolios included Kablo Kladno, Český porcelán, České aerolinie, Všeobecná stavební spořitelna Komerční banky and Massag.

Specialized Companies of PPF Group