Investor Presentaiton

Poor Company Valuation Company Market Price/Earnings Capitalization Gazprom Sberbank Rosneft $120 bn 2.9 $65 bn 6.4 $60 bn 5.2 VTB Transneft Rostelecom Federal Grid $18 bn 5.0 $10.3 bn 1.8 $10.2 bn 9.1 $8.6 bn 6.5 Source: Troika Dialog, September 2012

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