CEE emerging markets.

Outlook for Central and Eastern European countries remains positive. Europe is still Nr.1 for US export. In terms of corporate taxes in New Europe it is about 20% vs. 38% in Western Europe (Germany, France, Italy etc.). Also currency appreciation is helping to lift your CEE investments higher. Local currencies are the strongest against both, USD and EUR.

Russia - With boosting economy (7% growth per year) is attracting many investors and is currently the biggest investment country in CEE region. Mainly energy, materials and telecommunications are shaping RTS index.

Poland - By 2-3% exceeding average GDP growth in EU-15. This year economic growth 6,2% is expected.

Hungary - New law protecting local companies against enemy takeover spreads negative feelings all over.

Czech Republic - Till 2010 corporate taxes will be decreased from 24% to 19%. The leader is energy sector after announcement that energy prices will be up by 9% in year 2008.