Oleg Belay and the TRINFICO Story

1. Oleg Belay and TRINFICO: Achievements of the Past, Success in the Present, and Goals for the Future TRINFICO is one of the largest private investment groups in modern Russia. It entered the financial landscape in 1993, and its history mirrors the entire evolution of Russia’s investment market-from post-Soviet voucher trading to full digitalization. To understand TRINFICO's story, it’s also worth looking at the biography of Oleg Belay, Managing Director and one of the company’s founders. He has been involved in the company's development since 1993 and took the helm as CEO in 2013. The decisions made by a strategic leader shape the business agenda, corporate culture, and the company’s future. That’s why this article takes a dual-focus approach: ●On one hand, we’ll trace the 32-year journey of TRINFICO-from its first steps in 1993 to its current status in 2025; ●On the other, we’ll examine the leadership philosophy of Oleg Belay, the company’s co-founder and head. How the Business Began Entrepreneur Oleg Belay was born in 1972. He studied in Zelenograd, a city within the Moscow metropolitan area, graduating from School No. 897 with excellent results in physics and mathematics. In 1989, he enrolled at the Moscow Institute of Electronic Technology-one of the country’s top technical universities and a Soviet leader in microelectronics education. Belay studied during an extraordinary era: he witnessed the collapse of the USSR and the birth of a new country. In this new Russia, business and securities trading were legalized-sparking the young student’s interest. He began gaining business experience and earning his first money. He also found like-minded peers-other students inspired by the sweeping changes. They took an interest in the stock market, wrote for emerging economic publications, and explored trading mechanisms firsthand. In 1992-1993, for example, they dealt in privatization vouchers, a hallmark of the transitional economy. In 1993, they founded the brokerage firm TRINFICO. Oleg Viktorovich Belay became the company’s Chief Financial Officer.

2. Key Moments in Business Development Initially, TRINFICO positioned itself as a brokerage, but within a few years, its range of services expanded significantly. In the 1990s, the company was involved in: ●Establishing voucher investment funds; ●Consolidating enterprise shares; ●Developing mechanisms for handling various types of securities. By 1997, TRINFICO began offering trust management services, primarily targeting institutional clients. In the early 2000s, it entered the pension management sector, becoming one of the first to offer asset management services to non-state pension funds. In 2008, Belay began developing new business areas: private equity and investment banking. He led these efforts as Director of Corporate Finance from 2008 to 2013. In 2013, Oleg Belay became CEO of the investment group. Under his leadership, ESG principles were integrated into the company’s long-term strategy. He also initiated the establishment of the “Together We Can” charitable foundation, which supports socially significant projects. The Business Today Over three decades, TRINFICO has consistently expanded its expertise, broadened its service offerings, and entered new business niches. Today, it is a confident player in Russia’s asset management market. The company develops custom institutional- quality strategies for its clients, actively utilizing closed-end mutual funds. However, TRINFICO’s activity is about more than financial expertise. Behind the numbers and charts lies a broader mission-the belief that business can be a force for good. Since 2020, ESG practices have become a core part of the company’s business model. That year, it became the first Russian asset manager to receive an ESG rating. In 2021, the rating was raised to A2.esg. In 2023, this strategy culminated in the launch of an innovative product-the open-ended mutual fund “TRINFICO EcoFinance.” Principles and Values Belay sees the investment market as a highly competitive environment. So what enabled TRINFICO to weather the challenges of time and earn its place among Russia’s top investment groups? The answer lies in the fundamental principles embedded in the company’s strategy from day one: respect for knowledge and professional development, belief in

3. teamwork, quality management, a systematic approach to risk, and adherence to internal ethical standards. 1. Continuous Skills Development A hunger for knowledge, the acquisition of new skills, and constant improvement are among Belay’s core values. He started his career at a time when business literature was virtually nonexistent in Russia. Everything had to be learned on the job: mastering trading mechanisms and understanding market dynamics. Later, he earned certifications as a specialist in managing various types of investment funds and developed a strong understanding of related fields like tax law. Belay believes that ongoing learning and development are essential to long-term success. 2. People as the Core Asset In interviews, Belay consistently highlights people as TRINFICO’s most valuable asset. He notes that many core team members have been with the company since its founding, having gained experience and overcome challenges together. Ratings agencies emphasize the company’s exceptional staff stability, with many employees having 20- or even 30-year tenures. At the same time, TRINFICO remains open to young professionals. According to Expert RA, the group invests significantly in strengthening its talent pool. This contributes positively to its ratings, as a strong team of portfolio managers is crucial for high-quality investment decisions. 3. Adaptability TRINFICO builds its operations around external factors, client needs, and financial market trends. Each market shift, according to Belay, has impacted the business. He sees adaptability and an ability to sense market direction as vital business skills. This approach has guided TRINFICO for three decades and continues to do so. For instance, in recent years, the firm has actively targeted retail investors. Its mutual funds are affordably priced and deliver strong returns. In 2024, they became available on the popular Finuslugi platform. 4. Management One of Belay’s key achievements as CEO is building a robust management structure that ensures effective collaboration among senior executives. Ratings agencies also highlight the company's adoption of modern management practices. TRINFICO has a Responsible Investment Code, promotes gender balance in leadership, and has established an Investment Committee to ensure sustainability principles are observed when selecting issuers.

4. 5. Effective Risk Management For an asset management company, strategy and returns are important-but so is rigorous risk control. This becomes especially clear during periods of volatility. Belay believes that luck in the market is fleeting, and “financial happiness is fragile.” One cannot rely on fortune alone when building a serious investment strategy. Reliability, predictability, and competent risk management are essential to a mature investment business that can withstand crises. The National Rating Agency and Expert RA consistently note TRINFICO’s structured, multi-component risk management system. This has helped the company maintain high ratings for years-and even improve them. In 2024, the NRA upgraded the company’s reliability rating to “A+.” 6. Ethical Decision-Making From its earliest years, TRINFICO has operated on a foundation of strong ethical principles. As early as 1994, it was among the initiators of establishing a regulatory body for the stock market. To appreciate how important this was, consider the state of Russia in the early 1990s. The stock market was in its infancy, legal regulation was nearly nonexistent, and financial pyramids were flourishing. Citizens lacked any financial literacy- understandably so, since the USSR had only one type of security: government bonds. The government itself created a massive investment pyramid that led to the 1998 default (which, incidentally, TRINFICO’s analytics team predicted six months in advance). At a time when Russia was experiencing an economic “wild west” and legal institutions were just forming, TRINFICO chose the path of systematic development, professionalism, and internal ethics. As time has shown, a commitment to values proved just as important as a commitment to expertise. Today, ethical principles remain a cornerstone of the group’s investment policy. Each investment decision undergoes a multi-level issuer analysis, including ESG assessments. If a business harms the environment or society, TRINFICO declines to invest in it. This stance also extends to social initiatives. The “Together We Can” foundation operates under the group’s patronage. It was established during the difficult post- COVID period, which brought many social problems to light. The foundation organizes annual grant competitions for NGOs. TRINFICO’s employees and partners actively participate-volunteer activities have become a tradition within the company. 7. Looking Ahead

5. TRINFICO has many accomplishments to its name. It has received numerous professional awards (Investor Awards, CRE AWARDS, Financial Elite of Russia), and its mutual funds often rank among the top in returns. Yet the company’s ambitions remain high. Belay is not someone who rests on his laurels. After achieving one goal, he immediately sets a new one. The world is changing and offers no time to pause. TRINFICO’s journey-from trading vouchers to launching digital services-illustrates how dramatically the economic landscape and financial technologies can evolve in a single generation. There’s no doubt that tomorrow will bring new challenges-and new opportunities.