Eight years of successful investments in Eastern Europe

1. Eight years of successful investments in Eastern Europe Olle Olsson, Senior Sales Manager March 2006

2. East Capital • A leading investment house specialised in Russia, the Baltic States and Eastern Europe. • Company founded in 1997 by former executives at Enskilda Securities, the investment bank of the leading Scandinavian universal bank SEB. • Offices in Stockholm, Paris and Moscow, soon in Tallinn • International staff of 90 employees with Eastern European nationals at all levels of the firm. • Currently over 2.8 billion EUR (~27 billion SEK) in AUM.

3. UCITS funds Russia & CIS Baltic States Balkans Central Europe Russian Fund Baltic Fund Balkan Fund Eastern European Fund Offshore funds Bering Russia Fund Bering Ukraine Fund Special fund products Amber Fund Explorer Property Fund-Baltic States Explorer Financial Institutions East Capital’s three fund families

4. East Capital Russian Fund Launch: 05/98 928m euro East Capital Baltic Fund Launch: 06/98 367m euro East Capital Balkan Fund Launch: 10/04 306m euro Four open-ended public equity funds, soon five East Capital Turkish Fund Launch: 03/06 East Capital Eastern European Fund Launch: 03/02 587m euro • Status: UCITS III. Notification of cross-border activity in Austria estimated to be approved on March 27, 2006 • Trading and pricing: Daily with no notice period • Identical fee structure in all four funds: • Subscription fee: 2.5% • Management fee: 2.5% • - No performance fees, no lock-up or exit fees and no other hidden fees

5. Our Bering funds – two offshore funds for qualified investors Investment focus • 2nd and 3rd tier Russian and CIS companies (Bering Russia) – ranked best equity fund in the world by Nelson Marketplace 4 quarters ending June 30, 2005 (89.4%) • Ukraine across all asset classes, including private equity and debt (Bering Ukraine) Fund structure • Cayman-domiciled, semi-closed with quarterly liquidity • Exit fees – payable to the fund – for those investors who choose to redeem before 4 years have passed • Capped at 50 MUSD (Russia) and 100 MUSD (Ukraine) East Capital Bering Russia Fund (launched June 2004) East Capital Bering Ukraine Fund (launch in July 2005) Vitus Bering – the explorer of far-away lands in Russia

6. Our private equity products • East Capital Amber Fund • 12 MEUR private equity fund dedicated to Russian and Baltic consumer goods sector, started in November 2002 and now fully invested • Main investments include a Russian clothing retailer and a Baltic fashion and styling group • Explorer Property Fund – Baltic States • A 53 MEUR real estate fund targeting the Baltic states, started in June 2005, jointly managed by East Capital and Arco Real Estate, the leading real estate company in the Baltics • Primary targets are properties in suburban areas or in other major regions of the three countries (A-/B+ locations) • Explorer Financial Institutions Fund • A 327 MEUR private equity fund that will invest in the banking and financial sector in Eastern Europe, focused mainly on Russia and the former Soviet states • The fund was launched at the end of November 2005 and is now closed for further investments

7. A large, diverse and stable client base- More than 250,000 private and institutional clients from around the world Institutional ~30% 3rd party distribution ~50% Direct private clients ~20% Almost 20.000 direct clients serviced directly by East Capital’s client service team Examples of private clients: Everyone from the smallest private investor ($30 minimum) to some of Europe’s most wealthy persons Around 50 major institutional investors Examples of institutions: A $1.5 billion US philanthropy, the pension scheme of a major European country’s Postal Service, four of the largest life insurance companies in Finland Around 200.000 indirect clients through agreements with around 50-60 partners Examples of 3rd parties: SEB, Dexia-BIL, Nordea, Swedbank, Banque de Luxembourg, Skandia, E-Trade, The Swedish Premium Pension Authority, SNS Fundcoach The wide range of clients ensures the stability of the funds, something which is particularly important in volatile equity markets such as those of Eastern Europe

8. Investment philosophy and process Investment philosophy • Focus on absolute return without benchmarking, long term view • Bottom-up stock-picking – with both value and growth in mind • Overweight in high-potential small-caps, with maintained daily liquidity in the funds • High portfolio diversification in order to lower company-specific risk Investment Process • Macroeconomic and political overview, leading to a selection of “themes” • Long-term investment theme: exposure to domestic growth • Bottom-up selection of stocks, in accordance with the “themes” • Hands-on contact with the portfolio companies and their management – frequent company visits

9. Investment process Right region Right sector Right company Right instrument Macro- economics Politics Reforms Growth Consolidation Valuation Growth Management Corporate Governance Direct / indirect Common / Preferred

10. East Capital Asset Management’s Investment Committee Örjan Berner, former Ambassador of Sweden to Russia, leading expert of Russian and Eastern European macroeconomic and political issues. Bengt Dennis, former Governor of The Central Bank of Sweden,Senior Adviser to SEB, leading expert of the Baltic States. Carl Bildt, former Prime Minister of Sweden, former High Commissioner in Bosnia and the United Nation’s special envoy to the Balkans. Leading expert on southeastern Europe.

11. Major indices are not reflecting economic reality Breakdown of the MSCI EM Eastern European Index vs. the countries’ GDP (2004) vs. EC EE Fund CZECH REPUBLIC 14 OTHEREE COUNTRIES 11 OTHEREE COUNTRIES CROATIA CROATIA HUNGARY UKRAINE UKRAINE ROMANIA ROMANIA TURKEY TURKEY POLAND CZECH REPUBLIC CZECH REPUBLIC HUNGARY HUNGARY POLAND POLAND RUSSIA RUSSIA RUSSIA

12. Industry diversification SERVICES SERVICES INDUSTRY SERVICES INDUSTRY OIL & GAS INDUSTRY OIL & GAS OIL & GAS

13. Valkyries petroleum; 0,83% Yukos adr; 1,02% Tatneft pref; 1,10% Ukrnafta adr; 2,07% Yaroslav nos pr; 1,02% Ufaneftekhim; 1,15% Rengaz holdings; 10,17% Novy neft; 4,77% Ufimsky npz pr; 0,39% Ritek; 1,01% Yaroslav nos; 0,17% YUKOS; 1,22% Rengaz holdings 2; 0,74% Ufimsky npz; 4,17% Rosneft-Purneftegaz; Bashneft pref; 0,93% Onako; 0,04% Ufaneftekhim pr; 1,91% Ufaneftekhim; 1,62% Ryazannefteproduct; Bashneft; 1,49% Orenburg ng; 0,40% 0,01% Saratov ng; 0,05% Neftemaslozavod; 0,88% Sibneft; 6,89% Saratov ng pr; 0,09% Orenburgnefteproduct; Tnk; 2,60% 0,01% Transneft pr; 13,77% Udmurtneft; 0,03% Tatneft; 8,00% Varyogan ng; 0,02% Udmurtneft pr; 0,72% Bashneft pr; 2,49% LUKOIL 34,90% Varyogan ng pr; 0,37% Bmb munai; 0,59% Orenburg ng pr; 1,77% Caspian energy; 0,42% Tatneft pr; 2,42% Evraz gdr; 0,98% Transneft pref 9,63% Tatneft co; 0,30% Lukoil; 2,48% Tatneft adr; 1,96% Surgut ng pr adr; 5,82% Surgut ng pr; 1,03% Surgutneftegaz pref; 10,54% Lukoil adr; 18,81% Surgut ng adr; 7,06% Ritek; 1,68% Surgutneftegaz; 21,85% Nelson resources; 1,84% Nelson resources new; Petrokazakhstan adr; 0,85% Sibneft adr; 0,84% Novoil pr; 0,62% Novatek; 0,20% Company diversification Russian Energy According to the RTS Index Russian Energy According to Us Data from September 27th 2005

14. Magnitogorsk MK Izhstal Vyksa Chelyabinsk Trubny The East Capital steel portfolio Severstal Mechel Novolipetsk MK Nizhny Tagilsky MK Spreading of investments between several companies allows exposure to sectors with sometimes low liquidity and also lower the overall portfolio risk East Capital Russia Fund steel portfolio Viktor Rashnikov Alexey Mordashov Vladimir Lisin Alexandr Abramov Source: East Capital, end of 2004

15. Annualized performance since inception: East Capital vs. index Russian Fund Baltic Fund Eastern European Fund Balkan Fund Note: As of 31 January, 2006

16. Performance since inception (May 1998) SEK East Capital Russian Fund RTS-Index Russian Fund

17. Performance since inception (June 1998) East Capital Baltic Fund Baltic 30-Index Baltic Fund

18. Performance since inception (March 2002) East Capital Eastern European Fund MSCI EM Eastern Europe Index Eastern European Fund

19. Performance since inception (October 2004) SEK East Capital Balkan Fund MSCI EM Eastern Europe Index Balkan Fund

20. East Capital Eastern European FundRisk/Reward analysis first three years Source: Moneymate (18 March 2002 – 18 March 2005) All figures in SEK

21. Awards LIPPER 2006 Netherlands ”Best Emerging Europe Fund over Three Years”

22. What East Capital offers – in summary • Superior performance since 1998 • High diversification • A larger investment universe, covering more Eastern European countries • Full transparency in the funds and the asset management company • Broad and solid investor base • Wide range of funds enabling a tailor-made exposure • Innovative approach to client service (three large investor trips every year etc)

23. East Capital in Austria • Notification of cross-border activity in Austria estimated to be approved on March 27, 2006 • Initial partners are Raiffeisen Zentralbank, Erste Bank and Capital Bank, but we welcome more and negotiations with several other partners is under way • We are looking to hire a local, German-speaking sales representative for Austria

24. Contacting East Capital East Capital Asset Management AB Kungsgatan 30, Norra Kungstornet SE-111 93 Stockholm, SWEDEN www.eastcapital.com Olle Olsson Senior Sales Manager Telephone: +46 8 505 88 512 olle.olsson@eastcapital.com