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ECFF Investor update. Hanna Loikkanen Chief representative, Moscow, East Capital Private Equity. EMEA and European banks performance. Share price performance , %. Source: Bloomberg, last price as of October 3, 2011. Downside risks are being priced in.

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ECFF Investor update

Hanna LoikkanenChief representative, Moscow, East Capital Private Equity

emea and european banks performance
EMEA and European banks performance

Sharepriceperformance, %

Source: Bloomberg, last price as of October 3, 2011

downside risks are being priced in
Downside risks are being priced in

P/BV multiplesbased on 2010YE book

Source: VTB Capital, Banks Watch monthly issues

banking sector growth has remained strong
Bankingsectorgrowth has remained strong

Depositgrowth in ourregions y-o-y % change in localcurrency

Loangrowth in ourregions y-o-y % change in localcurrency

The bankingsectorin our regions havecontinuedtogrow on both sides ofthe balancesheetwithmorepronouncedgrowth in Russia and Georgia

improved ltd ratios favourable for nim
Improved LTD ratios favourable for NIM

Net customer loans to deposits

Source: Banks data, National banks

green circles= RU tradedbanks that are not Fund’sholdings

the banks are mostly deposit funded
The banks are mostly deposit funded

Deposits/assets

Source: Banks data, National banks

green circles= RU tradedbanks that are not Fund’sholdings

improved asset quality adds to higher profitability
Improved asset qualityaddstohigherprofitability

Provisions/gross loans

Source: Banks data, National banks

green circles= RU tradedbanks that are not Fund’sholdings

nim and roaes are improving in 1h2011
NIM and ROaEsareimproving in 1H2011

Return On Average Equity (in EUR)

Net InterestMargin (in localcurrency)

Source: Banks data

east capital financials fund performance
EastCapitalFinancialsFundperformance

%Inception y-t-d 3m

NAV -46,3 -11,6 -15,0

RTS FI 4,1 -28,9 -27,2

OTC Price -71,0 -12,1 -25,6

Latest NAV as ofOctober 31, 2011

Jan 2006 - Oct 2011

portfolio valuation as of october 31 2011
Portfolio valuation(as of October 31, 2011)

1 Latest available book value, currency adjusted *38.1m Equity and 19.3m Convertible debt

2 Several purchases and thus various multiples ** 1m Equity and 4m Convertible loan

3 Not applicable

4 Asian - Pacific Bank merged with Kolyma Bank and Kamchatprombank. Purchase price and fair value are the

sums of banks’ prices and valuations the Fund received by external appraiser

road towards exit
Road towards exit
  • Focus on value enhancement
    • Secure availability and sufficiency of funding
    • Focus on profitability (ROE, F&C income, cost of risk)
    • Strengthen market position and brand recognition
  • Active preparation for exit
    • Mandate advisors/quiet marketing
    • Review and update marketing material
  • Increase in market valuations necessary to facilitate exits