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Information on FBK

Information on FBK. Moscow · 20 1 1. FBK. Founded in 1990 One of the leading audit and consulting companies Recognized throughout the world A member of PKF International Ltd . Diploma of RA Expert in nomination “Market Leader in terms of Volume of Business” (2009).

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Information on FBK

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  1. Information on FBK Moscow·2011

  2. FBK Founded in 1990 One of the leading audit and consulting companies Recognized throughout the world A member of PKFInternational Ltd. Diploma of RA Expert in nomination “Market Leader in termsof Volume of Business” (2009)

  3. FBK – a member of PKF International Limited • PKF International (PKFI) is a network of legally independent member firms • The 10th largest global accountancy network in 2010 (according to International Accounting Bulletin January 2011) • Representation in around 125 countries • Over 245 Member and Correspondent firms located in over 400 offices • Founded in 1969 • Over 17, 600 staff employed by PKF International Member firms • PKF International Ltd is a member of the Forum of Firms within the International Federation of Certified Accountants (IFAC) • President of FBK Sergey Shapiguzov is a member of PKFI European, Middle East and India Regional Board

  4. FBK (PKF) –International company • Experts with ACCA, CPA qualification • Our methods and techniques meet international standards and market requirements • Joint projects with the Big Four • Working with the western market entry projects (IPO, bonds) • Working with international investment companies • Working with international rating agencies • Large-scale IFRS projects

  5. FBK (PKF) –International company At the moment FBK is a leading Russian company in terms of quality of projects implemented for international organizations. Over 250 projects so far. We are working on different projects financed by: UNESCO TACIS CIDA DFID IBRD EBRD

  6. Partners working under FBK brand FBK –Povolzhje(Kazan, Republic of Tatarstan) FBK YuzhnyUral(Zlatoust, Chelyabinsk region) FBK Bel(Minsk, Belarus)

  7. FBK in regions Cooperation agreement: DSS Consulting(Saint-Petersburg) ARKOAudit(Novosibirsk) EkaterinburgAudit Center(Ekaterinburg) SAPA Audit(Almaty, Republic of Kazakhstan) Auditinform(Kurgan) BlackstoneCapital(Astana, Republic of Kazakhstan) MakAlyansAudit(Tashkent, Republic of Uzbekistan) Realization of joint projects: Expert-Auditor (Ryazan) Etalon (Cheboksary) Prioritet(Yaroslavl)

  8. FBK is a diversified company FBK audit company FBK Consulting Economic and law school FBK (ELS FBK) FBK-Legal Moscow Bar Personnel consulting agency «FBK-Personnel»

  9. Advantages in competition • Impeccable business reputation • Experience in working with the companies which are up to the world standards • Quality of our services recognized by business leaders • A variety of professional services • Known as influential think tank, enlightener and educational centre • Unique methods and techniques

  10. Advantages in competition • High skilled experts proficient in different areas of professional services • Combination of professional expertise and range of skills required to understand related objectives and problems • Cumulative and integrated practical experience • Working techniques enhancing project efficiency • Support from auditors, accountants, appraisers etc.

  11. Mission FBK mission is far beyond professional service delivery —we are seeking to contribute in market-oriented economy in Russia in every possible way.

  12. FBK – one of the leading companies in termsof implementing international projects FBK Company often takes part in important projects supporting reforms of government administration and national economy. The most considerable of them are as follows: • TACIS Project “Administrative Reform 2. Government Civil Service Reform” jointly with DFID Project “Administrative Reform”; • TACIS Project “Accounting Reform in Russian Federation III” (in consortium with PricewaterhouseCoopers); • Project “Development of Strategy for Russian Enterprise Support in Transition towards IFRS (in consortium with International Centre for Accounting reform (ICAR)); • TACIS Projects in Russia: “Russian Audit Reform”, “Insolvency Phase II: Efficiency of Insolvency Procedures”, “Supporting Public Service Reform (Administrative Reform 2)”; • “Comprehensive Financial Review of the Pension Fund of the Russian Federation” (jointly with Ernst & Young); • The Program of Federal Railway Transport Structural Reform; • “The RF Treasury System Modernization” (jointly with IBS); • DFID-financed “Technical Assistance to Russian Regional Finance Reform” (the Department for International Development, UK); • Project for International air transport association (IATA) to bring Russian standardsof Air-Tickets’ form in correspondence with the international requirements; • Elaboration of solutions for building at the RF Ministry for Finance the system of evaluation and monitoring of subnational projects of Eurasian Development Bank (in consortium with KPMG).

  13. FBK has unique experience in working with the leading companies of Russian economy FBK has been successfully working with leading Russian and international companies in strategic industries for over 16 years. FBK’s clients include Gazprom, Rosneft, Rosneftegaz, GazpromNeft, Transneft, ALROSA, Russian Railways, leading companies in the electricity generating industry (FSK, OGK 1, OGK 3, TGK 2, TGK 10, IDGC Holding, IDGC of the Center, IDGC of the Ural, IDGC of the North-West, IDGC of the South, IDGC Volga etc.), EVRAZ Group, Novolipetsk Metallurgical Works, OMC, Magnitogorsk Metallurgical Works, Olimpstroy, Deposit Insurance Agency, Rustechnologies, Sovcomflot, RUSNANO, and many others. More than 350 projects have been implemented for GAZPROM and its subsidiaries since 1996.

  14. FBK takes part in the process of economic and governmental administration reform High qualification and great practical experience of our experts allow FBK participate in the main projects of economic reform in Russia. Services are elaborated considering practice of effective business development and specifics of public sphere that allows our clients to overcome any possible hurdles of the reform. FBK implemented projects for the following Governmental Offices The RF Presidential Executive Office, The RF Government Executive Office, Accounts Chamber of the Russian Federation, Ministry of Finance of the Russian Federation, Federal Service of Financial and Budgetary Oversight, Federal Treasury, Federal Tax Service, Ministry of Economic Development of the Russian Federation, Ministry of Agriculture of the Russian Federation, Ministry of Health and Social Development of the Russian Federation, Federal Labor and Employment Service etc., Regional Public Authorities of Republic of Bashkortostan, Komi Republic, Republic of Tatarstan, Chuvash Republic, Udmurtian Republic, Astrakhan Region, Vologda Region, Irkutsk Region, Nizhny Novgorod Region, Novgorod Region, Tver Region, Chelyabinsk Region and other RF constituent entities.

  15. Membership of recognized national and international organizations FBK Company is a member of: • PKF International Limited (www.pkf.com); • Non-Commercial Partnership “The Audit Chamber of Russia” (NP APR) (www.new.aprussia.ru); • Association of Russian Banks (www.arb.ru); • Association of Regional Banks of Russia “Rossiya” (www.asros.ru); • Association of Managers of Russia (www.amr.ru); • The Russian Union of Industrialists and Entrepreneurs (www.rspp.ru). Since 2002 FBK has been a member of Non-commercial partnership Partnership for Supporting Valuation Companies Accredited by the Russian Appraisers Association and is actively engaged in activities of professional associations of appraisers. ELS FBK is a member of Russian Association of Business Education (RABE) (www.rabe.ru)

  16. FBK’s organizational structure and services AuditServices

  17. FBK’s organizational structure and services • CОNTINUE Consulting Services

  18. FBK’s organizational structure and services • CОNTINUE Consulting Services

  19. FBK’s organizational structure and services • CОNTINUE • TaxandLegalServices • Valuation Services

  20. FBK’s organizational structure and services • CОNTINUE • Corporate Finance Services • M&A • Consulting Services • for Public Sector

  21. FBK’s organizational structure and services • CОNTINUE • IFRS Services

  22. FBK’s organizational structure and services • CОNTINUE • Information Security • Strategic Analysis

  23. FBK’s organizational structure and services • CОNTINUE BusinessEducation

  24. Project implementation stages. FBK

  25. Client Servicing Philosophy Independence.FBK is an independent company. We have adopted instructions and standards ensuring staff independence in delivering our professional services. Our audit and consulting businesses are separated from each other organizationally. Integrity, impartiality. Our lack of affiliation guarantees our customers an impartial, unbiased and independent approach when addressing all professional issues, making judgments and reaching conclusions. Confidentiality. FBK strictly follows the principle of confidentiality. Our security service and internal information storage and protection system enabled FBK to obtain a license to work with state and government secrets and secure repeated extensions of the license. The FBK management cares deeply about ensuring required and adequate guarantees to our customers. Our company therefore observes statutory requirements and restrictions laid down by current Russian legislation and International Standards on Auditing, as well as the performance criteria of professional associations and our own corporate standards. The company also strictly observes professional principles of ethics in everyday operations.

  26. Client servicing philosophy Independence • CОNTINUE FBK is an independent company both in terms of structure of its participants and in terms of personnel.FBK has adopted instructions and standards ensuring staff independence in delivering professional services. Our audit and consulting businesses are separated from each other organizationally. Requirements towards FBK’s employee in terms of maintaining independence and criteria confirming independence of employee are governed by regulatory documents related to audit activity as well as international and domestic ethical codes of auditors. Every year all FBK’s employees: • Fill in the receipt, confirming independence from FBK clients, which list is maintained in Lotus Notes database, available for the employees; • Provide data on changes in employee’s independence from LLC FBK clients. Every year all LLC FBK partners: • Fill in the receipt, confirming independence from FBK’s clients; • Provide data on changes in their independence from FBK’s clients.

  27. Client servicing philosophy Honesty, objectivity, professional behavior norms • CОNTINUE • Objectivity principle imposes on the auditors an obligation to be impartial, have professional honesty and not to have conflicts of interests when performing professional duties. • In our activity we strictly observe all requirements of the current legislation and the controlling bodies. We avoid any activities that may harm our reputation and discredit us as professionals. • At least once a year all auditors and experts fill in the set forms confirming that they observe FBK’s requirements and procedures in terms of principles of honesty, objectivity and provisions of professional behavior. Auditors and experts are completely liable for correct nature of data they provide.

  28. Client servicing philosophy Professional competence • CОNTINUE FBK was incorporated by employees of Accounting and Audit Chair of Department of Economics of Moscow State University. And still, leading Russian higher education establishments remain the Company’s source of manpower. At the moment, among FBK staff there are: • 2 Doctors of Sciences; • 25Candidates of Sciences (Ph.D equivalent); • 117Certified Auditors; • 48professionals with ACCA diplomas(DipIFR); • 32professionals with IAB diplomas; • 27IAB certified specialists; • 11Certified Professional Accountants

  29. Client servicing philosophy Confidentiality • CОNTINUE FBK strictly follows the principle of confidentiality Our security service and internal information storage and protection system made it possible for FBK to obtain a license for working with state and government secrets and secure repeated extensions of the license. Confidentiality requirements are contained in confidentiality agreements, signed with each employee when he/she gets employed. Within its activity FBK has been observing confidentiality requirements in terms of data received from the auditees in the process of audit and the accompanying services. Before the Law On Commercial Secret was enacted, the company had necessary documents developed on this issue. When the above law became effective, a corresponding Provision on Commercial Secret was developed, that was timely added and amended under the renewed legislation. It is mandatorily introduced to FBK’s employees.

  30. Quality Control over Audit The purpose of quality control is to improve and to standardize audit services’ quality and to decrease audit risk through control within the audit and through independent control Control over audit engagement execution during audit is performed by auditor-in-charge who is responsible for audit, its quality and work of all audit group members, as well as conducts preliminary, ongoing and subsequent control over his/her group’s work. Control is carried out at all audit stages, preliminary, ongoing and subsequent. Independent control over audit quality is conducted by quality inspector, who does not directly participate in execution of audit engagement. The given control provides independent assessment of due conclusions, which the group preparation of an audit report is based on.

  31. Arrangement of Quality Control Over Audit Engagement Execution Control by Auditor-in-charge • CОNTINUE Auditor-in-charge ’s responsibility is strictly defined and notified to the auditor-in-charge him/herself within corresponding intra-company instruction. The identity and responsibility of auditor-in-charge are notified to the key managers of the client. The ongoing control over audit includes: • Inspection of audit group members in terms of professional skills necessary for execution of entrusted work; • Inspection of comprehension of audit’s aims and objectives; • Compliance of audit with audit’s general plan and program; • Revelation of accounting and audit material problems within the given inspection; evaluation of these problems and corrective measures under the authorities of general plan and audit program; • Recording of audit; • Achievement of audit procedures’ aim; • Making of decision within the limits of one’s authorities should there is no opportunity for unambiguous determination of auditor’s operations procedures, or making of decision on the necessity to consult.

  32. Arrangement of Quality Control Over Audit Engagement Execution Control by Quality Inspector • CОNTINUE Quality Inspectors are appointed from FBK’s employees who have the necessary qualification. The necessary qualification means availability of required experience and authority suitable for objective assessment of material estimations made by audit group members in audit engagement and conclusions that are the basis for audit report. Independent control over audit planning, execution of audit procedures and preparation of final documents is executed during audits.

  33. Arrangement of Quality Control Over Audit Engagement Execution Monitoring Audit Quality Control System • CОNTINUE Monitoring quality control system functioning takes place in FBK minimum once a year in order to determine its suitability and efficiency to provide audit quality. The objective of monitoring is to provide assessment to: • FBK’s activities compliance with professional standards and legislative requirements; • Correctness of development and efficiency of current quality control system; • Correct application of procedures and policy of LLC FBK quality control, i.e. to provide evaluation of audit reports confirming their appropriateness in the given circumstances. Monitoring is conducted by employees of department for methodology (hereinafter – quality control group), i.e. independent employees who did not participate in audit, who are not liable for its results, and who are not quality control inspectors within the corresponding departments. Quality control group is liable for its actions and reports before the audit partner and LLC FBK Board of Partners.

  34. Limit of Liability Under Federal law On audit activity N307-FZ and the applicable regulations (standards) for audit activity approved by Commission for audit activity under the President of the Russian Federation, audit company is liable for poor quality execution of audits. Property liability of FBK in the form of reimbursement of damage caused to clients and the third parties by execution of professional audit activity by FBK emerges if an error is made by FBK in the process of execution of its professional obligations under the contract. Considering the fact that audit activity is admittedly of risk nature, FBK insures its professional auditor’s liability. Under insurance policy and Regulations for insurance of professional auditors’ activity, the object of insurance is FBK’s proprietary interests related to its obligation to reimburse damage caused to the clients and the third parties (affected) under the procedure set by legislation.

  35. Limit of Liability • CОNTINUE Insured accident is an emerging obligation of the insured party to reimburse damage caused to property interests of the beneficiary due to errors, unintentionally made by the insured party (employees of the insured party) in the course of execution of insured professional activities Hence property liability of FBK is determined under procedure defined by civil legislation of the Russian Federation on the basis of reasonable civil legal claim or court’s decision entered into effect. Usually when providing audit services the parties to the contract conclude agreements on limitation of liability and procedure for use of such limitation. Risks of FBK audit activity are insured in Insurance joint-stock company Ingosstrakh. The amount of insurance coverage is 15,000,000 USD.

  36. FBK’s Major Clients

  37. FBK’s Major Clients

  38. Experience of providing services to MCC EuroChem and to its structure's enterprises * Tax audit

  39. References and recommendations of clients ALROSA Alrosa has been closely cooperating with your company in terms of accounting, economy, optimization of taxation for over 10 years now. Due to high professional level of your specialists in the field of audit and accounting, taxation and law, property evaluation, analysis of economic activity, we implemented projects that were of high importance for company’s economy. You company has played a special role in formation of financial statements. Certification provided by World bank in terms of audit of profitable projects, that this large-scale company implements in Russia, is of special pride for the company. Alrosa highly appreciates the investment of your company within our cooperation and hopes for strengthening and continuation of joint projects.

  40. References and recommendations of clients OAO GAZPROM Since 1996, within years of successful cooperation in the field of professional services, FBK has become a reliable partner for Gazprom. In these years OAO Gazprom and its affiliates used services of specialists from various departments of FBK. Under contracts with Gazprom and its affiliates, FBK specialists have conducted over 300 projects. Consulting, legal and audit services provided by FBK, are of constant high professional level. OAO Gazprom is planning to continue its cooperation with FBK, the audit and consulting company, and can recommend FBK as highly professional and reliable partner.

  41. References and recommendations of clients EASTLINE Representative office of Airport Management Company Limited expresses its thanks to you and company employees for highly professional and effective audit support of EAST LINE activity in the previous year. Due to your consultations and help of your employees we were able to improve quality of EAST LINE group’s financial statements. We hope for further cooperation between our organizations.

  42. References and recommendations of clients ISOVER Herewith we confirm that LLC FBK has been providing audit and consulting services to Saint-Gobain Isover RUSSIA group of companies since 1996. For the whole period of cooperation with LLC FBK, we were able to make ourselves sure in efficiency and high quality of services provided by this company. LLC FBK conducts audits and provides consulting services in the field of accounting, taxation and law. A peculiarity of company’s work is complex approach to solving of tasks, efficiency of professional services and high level of specialists. We would like to note that LLC FBK is distinguished with operational flexibility and high quality of consulting services on the most complicated issues both in the field of accounting, taxation and law. Saint-Gobain Isover RUSSIA is planning to continue its cooperation with LLC FBK, audit and consulting company and recommends it as a reliable business partner.

  43. References and recommendations of clients PARMALAT Since 1999, FBK has been providing audit and consulting services to OOO Parmalat MK. For the whole period of cooperation with FBK were had an opportunity to assure in efficiency and high quality of company’s services. Under contracts with OOO Parmalat MK, FBK specialists provide the next services: • Audit of financial statements; • In the field of accounting, legal and tax consulting; • In the field of representation of interests in tax disputes in tax bodies and in court. Considering our multi-year experience of cooperation with FBK, we recommend it as highly professional and reliable partner.

  44. References and recommendations of clients SC OLIMPSTROY FBK has been rendering audit and consulting services for SC Olimpstroy since 2008. Distinctive aspects of work of FBK are comprehensive approach to solution of tasks set by SC Olimpstroy, effectiveness of professional services and proficiency of FBK experts. It ought to be noted that that responsiveness and high quality of consulting services rendered with regard to complicated issues of accounting, taxation and law distinguish FBK. SC Olimpstroy recommends FBK as a reliable business partner. Chief accountant Karmanova V.A.

  45. References and recommendations of clients EVRAZ GROUP This letter is to confirm that FBK has been rendering audit and consulting services to metallurgical and mining entities of Evraz Group since 2005. In our cooperation with FBK we satisfied ourselves of efficiency and high quality of services of this company. We would like to note comprehensive approach to task solution and high proficiency of FBK specialists. We plan to continue our cooperation with FBK and recommend the company as a reliable business partner. Senior Vice-President of Corporate Development Tatyanin P.S.

  46. References and recommendations of clients NOVOLIPETSKY METALLURGICAL PLANT This letter is to confirm that FBK has been rendering audit and consulting services to companies of NLMK Group since 2004. In our cooperation with FBK we satisfied ourselves of efficiency and high quality of services of this company. FBK experts show high proficiency and apply comprehensive approach in task solution. We plant to develop further cooperation with audit and consulting company FBK and recommend it as a reliable business partner. Chief accountant Sokolov A.A.

  47. References and recommendations of clients UNITED METALLURGICAL COMPANY This letter is to express our gratitude for high quality of audit and consulting services, provided by your company. We would especially like to note high professional level of FBK auditors when conducting audit of CJSC OMK affiliates, notably of OJSC Vyksa Metallurgical Plant. We hope for future mutually rewarding cooperation. Director of Economy and Finance CJSC OMK Shkhiyants Y.I.

  48. IBS Group of Companies FBK have been providing audit and consulting services to IBS Group of Companies in accounting, tax and law since 1999. Cooperating with our companies for over 10 years FBK have proved to be a team of professionals capable of solving tasks of any complexity on high professional level. FBK employees showed themselves as proficient, stirring professionals, broadminded, considerate and friendly towards client. FBK care not only for continuous professional development of their specialists, but also for raising the level of skills of employees of financial and accounting departments of their clients, arranging seminars and providing resource materials. IBS Group of Companies plan to continue working with FBK under a wide range of projects. We would like to express our profound satisfaction with results of our cooperation and recommend FBK as reliable business partner. Financial Director of IBS Group of Companies Yukhadi Y.V. References and recommendations of clients

  49. Rosoboronexport State Corporation FBK have been providing audit and consulting services to Rosoboronexport State Corporation since 2007. Throughout this period of time FBK have been rendering audit services, including services for statutory audit of annual accounting (financial) statements as well as accounting advisory, tax and legal advice. For the whole period of cooperation with LLC FBK, we have been able to ascertain in efficiency and high quality of services provided by this company. Characteristic of company’s work is complex approach to solving tasks, efficiency of professional services and high level of specialists. Cooperation with FBK delivers considerable practical use for our company. Rosoboronexport State Corporation recommend FBK as reliable business partner. Chief Accountant — Head of Accounting Department Zavyalova L.I. References and recommendations of clients

  50. Public and Charitable activities • For years FBK has been the general consultant of Pushkin Museum of Fine Arts, has been acting as a partner in projects of worldwide charity movement World stars to children, has been providing assistance to international charity fund Children of Russia. • Various public and charity activities are the essential part of our corporate culture.

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