Investor Presentaiton

Market funding Low dependence on market funding 1st syndication - due March 2009 . • Successfully rolled-over in 2008 Increased from $50.0 to $59.8 million • 6M LIBOR + 1.8% ~ 4.2% 2nd syndication - due October 2009 • $ 53 million • 6M Libor + 1.2% -6.0% Debut bond issue: - Market funding uncertainty – small impact on business • Uncertain access to new international market funds • Strategy to grow business on the basis of domestic sources . • Growth plans developed not relying on market funding Focus on improvements: Efficiency Risk Management Corporate Governance Bond trading Bonds 900 000 • - RUB 3 bln. due March 2010 • Coupon -8.95% 750 000 • MICEX A1 - CBR Lombard List 600 000 Market funding policy - less than 10% of liabilities 450 000 300 000 150 000 VOZROZHDENIE BANK Volume of Yield of the last deal % 48 40 40 32 24 ཧྨསཾ 29,62 16 8,95 Coupon rate 8 0 0 01.04.2007 01.07.2007 01.10.2007 01.01.2008 01.04.2008 01.07.2008 01.10.2008 14

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