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Hanna Loikkanen Chief representative, Moscow, East Capital Private Equity

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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Hanna Loikkanen Chief representative, Moscow, East Capital Private Equity

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  1. ECFF Investor update Hanna LoikkanenChief representative, Moscow, East Capital Private Equity

  2. EMEA and European banks performance Sharepriceperformance, % Source: Bloomberg, last price as of October 3, 2011

  3. Downside risks are being priced in P/BV multiplesbased on 2010YE book Source: VTB Capital, Banks Watch monthly issues

  4. 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

  5. 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

  6. The banks are mostly deposit funded Deposits/assets Source: Banks data, National banks green circles= RU tradedbanks that are not Fund’sholdings

  7. Improved asset qualityaddstohigherprofitability Provisions/gross loans Source: Banks data, National banks green circles= RU tradedbanks that are not Fund’sholdings

  8. NIM and ROaEsareimproving in 1H2011 Return On Average Equity (in EUR) Net InterestMargin (in localcurrency) Source: Banks data

  9. 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

  10. 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

  11. 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

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