Investor Presentaiton

SBERBANK 170 YEARS. BY YOUR SIDE ANNUAL REPORT OPERATIONS ONFINANCIAL MARKETS 2011 Λ management report 38 SECURITIES TRANSACTIONS Trading in securities Sberbank's securities portfolio decreased 10.8% to RUB 1,626 bil- lion at year-end. Repayment of the bonds by the Bank of Russia for RUB 430 billion provided Sberbank with additional Ruble liquidity (these securities were acquired for liquidity management purposes). The Bank acquired other securities throughout the year, predominantly those included in the Bank of Russia's Lombard List, which ease an access to additional liquidity should the need arise. The most notice- able increase was observed in corporate bonds. To achieve a wider diversification of our securities portfolio, we con- tinued to expand into new segments of the debt market, such as Eurobonds issued by sovereign borrowers in the CIS (including Ruble- denominated bonds issued by the Republic of Belarus), Eurobonds issued by CIS-based corporate issuers and sovereign bonds issued by emerging market countries (Turkey and Brazil). Citigroup Fund- ing Inc. and Barclays Bank PLC's Ruble-denominated bonds were added to the Bank's securities portfolio. At the end of 2011, Sberbank was the undisputed leader on the domestic bond market by the size of securities portfolio and one of the market leaders in terms of the volume of deals. Sberbank received the 2011 REPO Market Dealer Award from the Na- tional Stock Exchange Association, the leading professional organisa- tion of members of the Russian securities market, for its significant contribution to the development of the Russian stock market. Brokerage services Sberbank is successfully expanding its brokerage business. Starting in the first quarter of 2011, the Bank began providing brokerage ser- vices on the OTC market: eurobonds, depositary receipts, participatory interests in foreign mutual funds and other foreign securities are offered for trading to clients. In the second quarter of 2011, the Bank launched brokerage services on FORTS, the RTS futures market. Futures contracts for shares, foreign currency rates, MosPrime rates and the RTS index are now available for clients. In October-November, Sberbank was ranked the best FORTS broker by number of new clients. The third quarter saw the launch of the Unsecured Transaction Service on MICEX (margin trading), the major brokerage project of the year. In September, the service was expanded across Russia, with more than 670 points of sale where brokerage contracts are signed using an Internet trading service. Based on investment bank ratings published by Cbonds, Sberbank and Troika Dialog together were the top bond issue arranger on the Russian bond market in 2011 Thanks to the extensive product range that Sberbank was offering by the end of the year, the Bank is now well placed to compete with major brokers. The Bank's client base grew 12% year-on-year, with the number of new internet-banking clients increasing 2.4 times to 28,300. The average monthly volume of brokerage deals, excluding repo transactions, was around RUB 55 billion, up 1.5 times year-on- year. The share of Internet client transactions increased from 52% to 81%. In December 2011, Sberbank was awarded the Breakthrough of the Year Award for Outstanding Achievements in the Development of a Civilised Market of Qualified Investors in Russia. The award is bestowed for promoting and providing real substance to the concept of qualified investors. The award was founded by IMAC, a Russian consulting company that specialises in providing legal, financial and investment advice to domestic and foreign participants on the Russian financial markets. Underwriting services In 2011, the Bank provided underwriting services following the in- tegration of Troika Dialog, a Russian investment company. In 2011, Sberbank and Troika Dialog placed or assisted in placing 65 third-party bond issues worth close to RUB 200 billion at par. The share of Sber- bank and Troika Dialog in total Ruble-denominated bond placements was 20%. Based on investment bank ratings published by Cbonds, Sberbank and Troika Dialog together were the top bond issue arranger on the Russian bond market in 2011. A 39 170 YEARS. IT'S JUST THE BEGINNING WWW.SBERBANK.RU management report

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