CAPITAL MARKETS INVESTMENT BANKING SERVICES

Оtkritie Capital

1 WHO WE ARE

OTKRITIE Financial Corporation is one of Russia’s leading financial institutions, focused on investment banking,

commercial banking, brokerage services, and asset management.

The key constituents of Otkritie Financial Corporation are Otkritie Capital, Otkritie Bank, Otkritie Brokerage, Otkritie Asset

Management, Otkritie Securities Limited and Otkritie Finance (Cyprus) Limited.

At present, the companies that comprise the Otkritie Financial Corporation provide a wide range of services to

institutional, retail, and corporate clients and on both the domestic and global stock markets. Clients are also offered

a traditional set of banking products.

Established in 1995, OTKRITIE has become a trusted partner for many Russian and international individual

and institutional clients.

Accredited by most European exchanges where Russian instruments are traded, OTKRITIE offers global market

connectivity and order-routing from its offices in London, Frankfurt, Moscow, New York, Bermuda, Limassol and over

50 major cities across Russia.

2 HISTORY

• TOP-10 in terms of trading volumes and number of clients in Russia – since 1999;

• TOP-10 player in terms of trading volumes in depository receipts at LSE – since 2009.

Source: RTS, MICEX, LSE, Company data

3 GEOGRAPHY

• Offices of the companies, banks and brokerage house of OTKRITIE Group are located in over 50 cities* of Russia (in 30 regions), as well as in Great Britain, Germany, the Republic of Cyprus and Ukraine.

• Regional network of the group in Russia includes more than 30 branches and around 220 points of sales

* Including offices in Dolgoprudniy, Reutov, Zhukovskiy and Khimki

4 MAIN LEGAL ENTITIES OF OTKRITIE FINANCIAL CORPORATION

BENEFICIARIES

Mr. Vadim Belyaev 39,24%

Mr. Boris Mints 39,24%

VTB Bank 19,90%

Others 1,62%

• Commercial Banking, Global Markets & Investment Banking

• Asset Management

• Brokerage

OTKITITIE FinancialCorporation JSC

OTKITITIE CAPITAL

OTKRITIE Bank (JSC)

OTKRITIE Brokerage house JSC

OTKRITIE Brokerage house JSC (Ukraine)

OTKRITIE Securities Limited (UK)

OTKRITIE Finance Limited (Cyprus)

OTKRITIE Asset Management Ltd.

5 BOARD OF DIRECTORS OTKRITIE FINANCIAL CORPORATION

Mikhail V. BELYAEVCEO, Board Member

Sergei K. DUBININBoard Member

Boris I. MINTSChairman of the Board

Vladimir A. MAUIndependent Director, Board Member

Oleg V. KISELEVIndependent Director, Board Member

Vadim S. BELYAEVPresident, Board Member

Board of Directors of OTKRITIE FC JSC

6 LINES OF BUSINESS OTKRITIE FINANCIAL CORPORATION

OTKRITIE Financial Corporation (OTKRITIE)

• Fixed Income Trading

• Money Market

• Debt Capital Markets

• Equity Capital Markets

• Mergers & Acquisitions

• Prime Brokerage

• Electronic Trading

• Retail brokerage

• Depository service

• Sales and Trading

• Research

• OTKRITIE CapitalGlobal Markets and Investment Banking• Corporate Banking

• Retail Banking

• SME Lending

• Private Banking

• OTKRITIE Commercial Banking

• Management of collective investments

• Trust management

• OTKRITIE Asset Management

7 KEY FIGURES AND FACTS OTKRITIE FINANCIAL CORPORATION

OTKRITIE Financial Corporation JSC

- USD equals 31 RUR- 2007-2009 according to audited financial results under IFRS

- 1H 2010 according to unaudited management report under IFRS- Trading turnover according to the data from www.micex.ru and www.rts.ru and off the market

Source: financial reports and management forecasts

• TOP-10 M&A adviser in Russia and Eastern Europe as of 2008, according to Dealogic International Research Agency

• Leading positions on the Russian stock market in terms of trading volumes

• Widely represented in Russia (more than 50 major cities of the country)

• Well established on the European market with offices in London, Kiev Frankfurt and Limassol

• More than 5200 employees as at the end of 2010

Assets ($ mln.)

Trading turnover MICEX and FORTS ($ mln.)

Revenue ($ mln.)

8 IFC – NEW SHAREHOLDER OF OTKRITIE BANK

OTKRITIE Bank: target capital structure

Sale of up to 17% shares of OTKRITIE Bank (JSC) to IFC in amount of $100 mln.* is in progress. It is going to be the most significant investment of IFC in the Russian market after 2008. * The project is approved by BoD of IFC, deal closure is expected in 1Q 2011

16%

17%

67%

67% OTKRITIE Financial Corporation

16% International Finance Corporation (Word BankGroup)

17% Deposit Insurance Agency

9 AWARDS & RECOGNITIONS: OTKRITIE FINANCIAL COMPANY

London Stock Exchange

Most active brokers, IOB section (www.

londonstockexchange.com)

TOP 5

MICEX members firms’ equity trading

volumes & the most active broker for institutional clients

on MICEX (data from

www.micex.ru)

TOP 2

Ranking among Russian asset management

companies accordingto the National Rating Agency

(data from www.nra.ru)

TOP 5

Exchange-traded bonds arrangers’ rating, as of end of 2010

(data from www. cbonds.ru)

TOP 10

Ranking among Russian Bank in terms of

assets and shareholders equity (data from Bank of Russia, as

of end of 2010)

TOP 30

Most active derivative broker on FORTS with

the market share of more than 18% & most active

broker on FORTS, options section (data from

www.rts.ru)

TOP 1

1st place on RTS Standard exchange market in terms of

trade volume (data from www.rts.ru)

TOP 1

MICEX membersfirms’ fixed income trading

volumes (data from www.micex.ru)

TOP 3

Second place according to bonds arrangers’ rating: subfederal/municipal

sectors, as of end of 2010* (data from www. cbonds.ru)

TOP 3

Summary rating of commercial paper program arrangers, as of end of 2010

(data from www. cbonds.ru)

TOP 5

* Excluding Moscow Financial Agency (Mosfinagentstvo)

• Successfully completed IPOs for two Russian companies on MICEX, with a market capitalisation of RXbn / US$Xbn

• The licensed company in foreign jurisdiction (UK) provides access to 30 leading exchanges of the world through

10 OTKRITIE CAPITAL: An Emerged Force in Emerging Markets

Otkritie Capital is the investment banking, securities, capital markets and corporate finance business of

Otkritie Financial Corporation.

Since it’s establishment, the business has grown to be among the strongest and most successful firms

in Russian in it’s target markets.

Working with clients across the institutional, corporate, government, regional and HNWI sectors, Otkritie has developed a business

of size, scale, scope and profitability, developing a leading-edge electronic execution platform as well as hiring and developing some

of the most experienced professionals in its key markets

The business has extended its geographic footprint beyond its strong base of Russia, with operations in the UK, Germany and Cyprus.

Further expansion is planned for Hong Kong and New York in the near future, with a substantial opportunity to enhance its client

offering, its physical presence and its profitability amid market consolidation and a flight to quality among clients.

Brokerage services for retail clients in the Russian securities market.

Key targets For 2011 Continue to build out the universal investment

banking business model through expanded product range, strategic hiring and geographic operations.

Support the ongoing process preparing Otkritie FC for IPO in 2013.

11 BUSINESS SEGMENTS OTKRITIE CAPITAL

Direct Market Access

• Client execution & settlement via electronic platform

• Custody of DMA clients

• Brokerage

Equity Sales & Trading

• Client execution & settlement

• Custody of equity clients

• Prop trading

• Derivative execution & settlement for clients, prop, or hedging

Corporate Finance

• Buy/sell-side advisory

• Valuation

• Restructuring

• Mergers and acquisitions

Fixed Income Sales & Trading

• Client execution & settlement

• Custody of FixedIncome clients

• Prop trading

• Derivative execution & settlement for clients, prop, or hedging

• REPO with CBR

Debt Capital Market

• Bond issuance

• Commercial paper issuance

• CLN/LPN issuance

• Securitization

• Syndicated loans issuance

• Secondary placement of bonds

• Underwriting

• Bridge financing

• Market Making

• Restructuring debt

• Financial advisory

• Agent services and debt management

Money Markets

• Money market (interest) operations

• FX spot and derivatives transactions

• REPO desk

Research

• Macro

• Equity

• Fixed Income

12 SENIOR MANAGEMENT TEAM: OTKRITIE CAPITAL

Roman LOKHOVHead of Global Markets and Investment Banking

Member of the Board, Otkritie Financial Corporation

CEO, Otkritie Securities Ltd.

Igor VAYNManaging Director Deputy Head of Capital Market

Operations and Investment Banking Services Head

of Capital Market Trends and Corporate Finance

Dmitry POPKOVManaging Director Deputy Head of Capital Market

Operations and Investment Banking Services

13 GLOBAL MARKET TRENDS

Equity Sales & Trading

Otkritie Capital has quickly established a reputation in the institutional investment sector as a trusted market

participant across a broad range of investors, offering them access to principal equity trading platforms, providing

a stable pricing and execution environment, while helping to develop and implement diverse strategies on stock

markets globally.

We are now a leading domestic prime broker for emerging markets, with a strategic focus on Russia. Our clients include

Russian and international institutional investors, large corporations and private entrepreneurs. Our business is growing

at a fast pace as we continue to stay ahead of the latest market trends. Otkritie Capital acts as a Moscow-based market

maker, providing trading capabilities from Moscow through Cyprus, Frankfurt, London, and soon New York.

Derivatives

Otkritie Capital is one of the biggest operators on FORTS in terms of futures and options trading volumes, as recently

as January 2011 handling over 35% of the overall turnover on the exchange. We offer our clients a wide range of

derivative instruments, including Russian index futures, index options, futures and options on local shares and shares of

Russian entities traded on other stock exchanges (in London, Frankfurt and New York).

Beyond providing liquidity in derivatives on more than 30 underlying securities, we also help our clients design and

implement individual strategies using both listed and OTC instruments.

Otkritie Capital is steadily expanding its range of products and number of underlying securities, which allows us to

retain a leading position on the Russian Derivatives market.

14 FIXED INCOME SALES & TRADING

Otkritie Capital is one of the leading market participants in the Russian debt markets and ranks among

the top three domestic companies in terms of turnover on the secondary bond market on MICEX.

We have a highly skilled team which specializes in fixed-income instruments and we offer our clients a full array

of fixed-income services both in Russia and internationally through our London operation, including Russian

bonds denominated in rubles and foreign currency, as well as bonds issued in CIS countries.

Otkritie Capital is also an increasingly active player in the promissory notes market, working with a broad range

of instruments issued by Russian companies.

Across all fixed income products, we offer corporates and Russian regions one of the most high-quality

and competitive services on the market for raising capital and placing funds through the fixed-income market.

On the secondary market we offer investors highly efficient terms for executing orders, while issuers have access

to market maker services aimed to support the liquidity of their securities.

We also provide financing for institutional investors, using securities as collateral, including standard

pledge and repo operations.

Our clients have access to full support from a team of top-notch analysts in our Research division. Our research products

and analysis provide insight into key market trends on daily and weekly basis, followed by strategic forecasts

on the mid-term outlook, overviews of primary placements, recommendations and trade ideas.

15 FIXED INCOME SALES & TRADING

OTKRITIE’s turnover on the secondary bond market on the MICEX, mln.RUR

OTKRITIE’s Market Share

• Negotiated deals mode

• Main trading mode

OTKRITIE’s Market Share in 2010

• OTKRITIE; 8,01%

Source: www.micex.ru

16 DIRECT MARKET ACCESS

Access to more than 30 equity and derivatives markets with strong focus on Russia and Emerging Markets

Compatibility with all major international trading systems and global networks

Comprehensive global electronic trading solutions based on advanced order-routing, market data and connectivity

technologies:

Direct Market Access (DMA) – directly to a number of Russian and international

exchanges including MICEX, RTS/FORTS, LSE, XETRA, NYSE/NASDAQ

Execution Desk Access (EDA) – routing orders to our trading desk for execution

in care with real-time status updates on the client’s side

OTKRITIE Capital is an active player on global securities lending and borrowing market

Low Latency & Algo Trading

• Dedicated infrastructure enables algo-traders with faster-than-the-market electronic trading tool

• Exchange collocation solutions for trading at MICEX, RTS/FORTS, LSE and other global markets

• The minimum of intermediate hubs and systems involved ensures efficiency and speed of data

processing and transmission

• OTKRITIE uses industry-standard technology ensures reliable connectivity, smooth and low-latency handling

of orders with effective support for active trading style

17 DIRECT MARKET ACCESS

CLIENT

LSE EDX

LONDON

MICEX

FORTS

RTS

XETRA

OSL

London

OTKRITIE

Moscow

Global Equity &

Derivative

Exchanges

via partner

brokers

• OSL is a UK registered, FSA authorised broker

• OSL is a member of The London Stock Exchange, EDX London, Deutsche Bourse & Chi-x and offers access to global markets

• OSL acts as an agent for its clients and trades on MICEX, RTS/FORTS via OTKRITIE broker in Moscow. OSL takes full responsibility for its affiliated entities

• OSL clients have no direct exposure to Russian regulatory or tax regimes

18 DEBT CAPITAL MARKETS (DCM)

Competitive advantages / Additional services

• Rendering listing agent services

• Offering agent services to help companies restructure public liabilities

• Assist issuers in directly managing their own debt pursuant to the effective RF legislation

• Provide domestic ruble bond issuers with bridge financing to supplement their working capital until the proceeds are raised from a bond placement, bond buyback obligations are fulfilled on the secondary market, coupon yield is paid or until bond issue costs are redeemed (amortized)

Core services provided to our Clients:

Origination and placement of bond issues• Structuring bond issues, drafting the prospectus and related

documents, support in bond offerings

• Underwriting and distribution of primary issues

Support on the secondary market• Market making – raising liquidity on the fixed income market

• Advising on enhancing corporate transparency

• IR and PR assistance

Placement of treasury bonds/ secondary debt offerings• Selling bonds not floated in the course of the primary offering or bought

back from investors due to various binding terms

Assistance in the execution of call and put options • Optimizing the number of bonds repurchased under call and put options

NOTABLE IMPLEMENTED PROJECTS 2010

* Excluding Moscow Financial Agency (Mosfinagentstvo)

Source: CBONDS Information Agency

Second place according to bonds arrangers’ rating: subfederal / municipal sectors, as of end of 2010*

TOP 3

Seventh place in bonds arrangers’ rating according to number of deals, as of end of 2010

TOP 10

Summary rating of commercial paper program arrangers, as of end of 2010

TOP 5

Exchange-traded bonds arrangers’ rating, as of end of 2010

TOP 10

19 DEBT CAPITAL MARKETS (DCM) 1H10 – launching a DCM business line within Otkritie Group’s Investment block

2010 highlights:

• Building a full-fledged team of Debt Capital Market professionals

• Completing 21 public and 17 non-public DCM transactions

• Otkritie Bank has organized bond and promissory note issues for 17 issuers

• Otkritie Bank has raised capital in excess of RUB 56 bn

• Otkritie Bank has now joined the ranks of the Top 10 of investment banks involved in issuing bonds*

Our clients represent the following sectors of the economy:

• Financial services

• Agricultural sector

• Food industry

• Metals & Mining

• Machinery-construction

• Development

• Infrastructure and life support system

• Sub-federal/ municipal sector

Otkritie market share of the municipal sector

Otkritie market share of the corporate sector

Otkritie market share of the entire market

* in different ratings prepared by Cbonds information agency

14,09%

• Overal mun sector

• Otkritie

5,50%

• Overal

• Otkritie

• Overal corporate sector

4,21%

• Otkritie

Otkritie Capital helps its clients protect their businesses against unfavorable price changes,

exchange rate fluctuations and shifts in base commodity prices.

We offer a number of methods and financial instruments designed to provide an effective and efficient hedging

strategy – a comprehensive approach to protect corporates and investors against risks associated with price swings

in commodities or fluctuations in currency exchange rates in order to mitigate their impact on your profit.

The most widespread instruments are futures, swaps and options. Alongside this, we offer our clients ready-made

hedging strategies packaged as the following structured products:

• Capped/Floored Average

• Improved Capped/Floored Average

• Cap/Floor

• Min/Max

Our experts hold vast expertise in and help our clients to choose the right instrument or strategy

to meet their individual needs.

Structured products enable investors not inclined to a high degree of risk-taking to enter such complex markets as

electric power utilities or base metals. Moreover, they are the ones to select the desired level of risk tolerance, ranging

from 100% (risk-free investments) to 0%.

Otkritie Capital offers its clients not only custom-made structured products, but also products

developed by leading global issuers.

20 STRUCTURED PRODUCTS

21 CORPORATE FINANCE

Team members of the investment division have extensive experience in working with utilities:

• Developing OGK-3’s acquisition plan, strategy, management reshuffle

• Acquiring and managing a 3.5% stake in RAO UES, swapping the stake for OGK-3’s shares and other assets

• Managing portfolio investments in utility stocks (aggregate amount of about $1 bn)

• Developing and implementing OGK-4’s strategy, including the management strategy for several power plants

• Taking part in developing the capacity market model in the Russian Federation

• Resolving issues related to fuel supplies to power generation companies

• Restructuring and managing TGK-1’s stake

• Consolidating distribution grid assets in the course of reorganization of RAO UES of Russia – establishing inter-

regional distribution grid companies (MRSKs), merging Moscow City Electric Grid Company (MGEsK) OJSC with

Moscow United Electric Grid Company (MOESK) OJSC.

22 RESEARCH

OTKRITIE VTB RenCap Troika

10

20

30

35

Russian research headcount – in line with competition

Otkritie produces ongoing research on 95 stocks (as at 31st

December 2010), which accounts for X% of the market in terms of

market capitalisation and y% of number of companies.

This has increased from 5 stocks covered in early 2009 and we

have a target of covering up to 110 stocks by the end of 2011

We have increased our research focus on the less covered names,

broadening our CIS exposure, and reviewing the small cap

companies

We have a coherent and comprehensive product line including:

• Daily, Strategy, Macro, Sector reports, flashnotes,

and trading ideas

• Value-adding sector reports

Our marketing efforts for companies includes analyst marketing

in Moscow , Continental Europe, London and the US and Non Deal

Roadshows in Moscow and Continental Europe

• Equity

• Fixed Income

Source: Source: OTKRITIE Research

23 CONTACTS

Moscow Office12, bld.1, Yakovoapostolsky pereulok, Moscow, 105064, Russia Phone: +7 (495) 411-7900 Fax: +7 (495) 232-0300 info@otkritie.comwww.otkritie.comwww.openbank.ru/en

London Office12th Floor, 88 Wood Street, London, EC2V 7RS, UK Phone: +44 (0) 207 826-8200 Fax: +44 (0) 207 826-8201 info@otkritie.comwww.otkritie.com

Cyprus OfficeOffice No.2, 42, Leoforos Amathountos, Millios Building, Agios Tychonas, 4532 Limassol, CyprusPhone: +357-25-431456Fax: +357-25-431457infocyprus@open.ruwww.otkritie.com

Frankfurt OfficeOpernTurm, Bockenheimer Landstrasse 2–4, Frankfurt am Main, 60306, Germany Phone: +49 69 667748-156 Fax: +49 69 667748-158 otkritie-frankfurt@open.ruwww.otkritie.com