TRUST Investment Bank & National Bank TRUST

TRUST Investment Bank & National Bank TRUST 1st Half 2007 Results and Business Strategy 20 September 2007

Disclaimer This presentation has been prepared and issued by National Bank TRUST and TRUST Investment Bank (collectively and jointly known as “TRUST”). This publication is intended for professional and institutional customers. Any information in this presentation is based on data obtained from sources considered to be reliable, but no representations or guarantees are made by TRUST with regard to the accuracy of the data. The opinions and estimates contained herein constitute our best judgment at this date and time, and are subject to change without notice. This presentation is for information purposes, it is not intended to be and should not be construed as an offer or solicitation to acquire, or dispose of any of the securities or issues mentioned in this presentation. TRUST and/or its subsidiaries may use the information in this presentation prior to its publication to its customers. TRUST or its employees may also own or build positions or trade in any such securities, issues, and derivatives thereon and may also sell them whenever considered appropriate. TRUST may also provide banking or other advisory services to interested parties. TRUST accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this presentation.

1 Executive Summary 2 Rationale for Merger 3 Group History & Structure 4 Group Strategy 5 Group Business Overview 6 Group Risk Management 7 Group Financial Forecasts 8 Group Merger Implementation Plan

Executive Summary • The shareholders of Investment Bank TRUST (“IBT”) and National Bank TRUST (“NBT”) announced the merger of the two banks on July 17th, 2007 • The merger will optimise both the capital and asset structure of the merged bank • Although the merged bank will be a universal bank, the focus of growth will be on the retail and SME portfolios • The branch expansion plan will be largely completed by the end of 2008 allowing management to greater focus on achieving higher ROAE targets • Including the announced and funded RUB3.4bn capital increase of NBT, the merged bank will have sufficient capital for at least 24 months and will be in the top 20 financial institutions in Russia by capital and assets

Executive Summary: NBT’s Stand Alone Profile NBT in Figures: 1H 2007 IFRS (RUB mln.) • Total Assets:54,977 • Net profit (6 month): 145 • Shareholders’ equity: 5,497 • Loan portfolio:32,676 Branch Network as of 20 September, 2007: 171 offices in 118 cities of Russia and in process of opening 42 offices by the end 2007 • Employees: 6,357 • Ratings: • “B1”, outlook “Positive” by Moody’s • “B-” , outlook “Positive” by Fitch What We Are: NBT provides full range of commercial banking services to corporate and private clients. Bank primarily focuses on Retail and SME loans to corporate and individual customers and federal / municipal governmental entities. NBT is a member of Deposit Insurance System. Key Clients: Mass Retail segment, Trade and Service Industries, SME Current Geographical Coverage: Strong presence in cities with population of over 100,000 and satellite towns of large cities Strategic Goal: In the next two years to become a TOP 5 Russian retail and SME bank in Russian regions with high growth potential based on • Size of assets • Number of clients • Coverage of branch network

Executive Summary: TIB’s Stand-Alone Profile TIB in Figures: H1 2007 IFRS (RUB mln.) • Total Assets:43,647 • Net loss (6 month): (36) • Shareholders’ equity: 6,633 • 2007 YTD League Tables: 1st Qtr 2007, #2 CLNs (37.5%) 1st Qtr 2007, #2 Domestic Owned Bank, Eurobonds (1.3%), #17 overall 1H 2007: #1 Domestic owned Bank, Eurobonds and CLN 1H 2007: #3 Domestic Owned Bank, IPOs Employees: 409 • Ratings: • “B1”, outlook “Positive” by Moody’s What We Are: TIB provides a full range of investment banking services to corporate and institutional clients. The Bank’s primary focus is to act as an intermediary between second and lower tier corporate Russia and domestic and international investors. Key products include DCM, ECM, Hybrids, Securitizations, Real Estate, Corporate Finance, Investment Banking and Principal Investments. Key Clients: Primary: Second and lower tier Russian & Ukrainian corporates with an appropriate size within the next 18 months to be seen as a qualified issuer of debt or equity to investors. Investors: Global Hedge Funds, International and Domestic Banks, Insurance Companies, Pension Funds, Private Clients and Asset Managers Location: Moscow based with FSA registered office in London with plans of expansion to Asia (licensed office in Hong Kong) within next 12 months. Strategic Goal: In the next two years: • Remain in top 3 domestically owned banks in fixed income credit product (CLNs, Eurobonds, Hybrids) • Move into top 3 domestically owned banks participating in IPOs, by number of deals • Retain research leadership in Fixed Income and Second Tier Equity

1 Executive Summary 2 Rationale for Merger 3 Group Structure 4 Group Strategy 5 Group Business Overview 6 Group Risk Management 7 Group Financial Forecasts 8 Group Merger Implementation Plan

Rationale for Merger • Focus remains to grow branch network to cover all cities with population greater than 100,000 people. However the management recognises that the expansion plan will discontinue by the end of 2008 • Further asset growth and diversification, namely across retail and SME • ROAE is forecasted to start to pick up in 2007 and normalize during 2008 • Release app. $150mln of capital from Investment Bank TRUST by optimising asset structure through spin-off of the proprietary position to an asset management structure – needed in 12 months time (including current capital increase)(1) • Yukos deposits no longer represent a material component of the group balance sheet(2) • Become one of the top 20 Russian banks and reduce cost of funding • For every 50bp improvement to overall effective funding rate the earnings of the merged bank will increase by approximately $13mln leading to an improved ROE of additional app. 2.1% • Recognised cost synergies of at least $7.5mln per year; headcount reduction of 80 people • Merger advisors: Merrill Lynch as exclusive financial advisor, Allen & Overy as legal counsel and KPMG as auditors and financial advisors (1) See page 47 for further information (2) See page 55 for further information

Executive Summary Rationale for Merger Group History & Structure Group Strategy Group Business Overview Group Risk Management Group Financial Forecasts Group Merger Implementation Plan

NBT (AKB “Menatep SPb”) was founded as a 50/50 JV between Yukos (Menatep) and Gazprom • Servicing Menatep and Gazprom • In 2002 Menatep purchased Gazprom’s stake • 2003 IBT management takes over management of NBT • May 2004 - Management Buyout (IBT management) • Re-branding of TRUST: The Two Banks • Hired professional retail banking team NBT’s History 1995–2002 2003–2004 2005 2006 • May 2005 – MBO fully paid • Branch Network & Product Expansion • Hired team from one of the top SME banks’ in Russia • Continue Branch Network & Product Expansion • Leading Retail and SME Bank “New Era” 2005-present • March 2005 – First Auto Loan • April 2005 – First Cash Loan • July 2005 – Retail loan program available at all branches • March 2006 – First SME Loan • April 2006 – Credit Cards program launched • October 2006 – First Mortgage Loan

Bank was founded by Group Menetep • Leading Fixed Income and Investment Bank in Russia • May 2004 - Management Buyout (IBT management) • Re-branding of TRUST: The Two Banks TIB’s History 1998–2003 2003–2004 2006 – 1H2007 Beyond • September 2006, hired new CEO • Restructured institution to meet the demands of clients and investors • Built equity platform (trading, research, sales) • Opened regulated sales office in London • Execution of broader product range • Derivatives platform (JV) • Expanded distribution with non-exclusive relationships with international banks and funds • Alternative Investments (Private Equity, Hedge Fund and Asset Management) • Open regulated sales office in Asia “New Era” 2H2006 to Present • Summer 2006 – Institutional Investor Ranked Research Team • Sept. 2006 – TIB $150m, Reg S Eurobond placed. First Capital Markets Transaction post the MBO • Dec 2006 – First Subordinated CLN placed (BSP) • Jan 2007 – Announced Bank restructuring and staff upgrade program • April 2007 – First non-group Eurobond lead manger role • May 2007 – First Official IPO role (Nutritec & Dixy)

Current Shareholding Structure Other shareholders Terzyan Artashes Beliaev Sergei Fetisov Nikolai Yurov Ilia 8,12% 16,44% 21,55% 21,55% 32,33% Beliaev Sergei Fetisov Nikolai Yurov Ilia 100% 100% 100% TIB Holdings Limited (Cyprus) Neaspal InvestmentsLimited (Cyprus) Winsala InvestmentsLimited (Cyprus) Zaploma InvestmentsLimited (Cyprus) 68,10% 9,12% 9,12% 13,66% Yurov Ilia– 18,1699% Beliaev Sergei – 3,8225% Fetisov Nikolai – 1,1589% Terzyan Artashes– 1,031% Other shareholders Management company TRUST (Russia) Other shareholders Yurov Ilia 24,18% 0,55% 0,1% 99,35% 68,38% 7,44% National bank TRUST (Russia) TRUST Investment Bank (Russia)

Pro-forma Post Merger Shareholder Structure Other shareholders Terzyan Artashes Beliaev Sergei Fetisov Nikolai Yurov Ilia 8,12% 16,44% 21,55% 21,55% 32,33% Beliaev Sergei Fetisov Nikolai Yurov Ilia 100% 100% 100% TIB Holdings Limited (Cyprus) Neaspal InvestmentsLimited (Cyprus) Winsala InvestmentsLimited (Cyprus) Zaploma InvestmentsLimited (Cyprus) 68,10% 9,12% 9,12% 13,66% Yurov Ilia– 5,99% Beliaev Sergei – 1,25% Fetisov Nikolai – 0,38% Terzyan Artashes– 0,34% Other shareholders Management company TRUST (Russia) 89,24% 7,96% 2,8% • Calculation based on the following numbers • NBT BV multiple = 2.5 X IBT multiple • Total equity NBT, thousand RUR 5492425 • Total equity IBT, thousand RUR 6651134 National bank TRUST (Russia)

Retail Origination SME Markets Network Research Sales & Syndicate Asset Management Merged Bank Organisational Structure Board of DirectorsChairman: Yurov CEO & Chairman of Management Board Eggleton Management CommitteeChairman: Fetisov President Fetisov CFO CRO CIO COO Treasury HR Retail Bank Investment & Corporate Bank Committee Chairman: Eggleton

Group Management Structure (Post Merger) Board of Directors Chairman: Yurov Credit CommitteeChairman: Yurov Investment &Corporate Banking CommitteeChairman: Eggleton Management CommitteeChairman: Fetisov ALCO CommitteeChairman: Eggleton Retail Risk Commitments Committee Technology Committee Products Committee SME Risk Corporate Risk

Biographies – Shareholders and CEO

Group Strategy • Upon the completion of the merger, become and remain one of top 20 Russian banks based on capital, assets, number of clients and branch network in Russian regions with long term recurring ROAE of >20% • In top 5 banks by full city coverage by end of 2008 • In top 5 banks by portfolio and number of retail clients within 3 years • In top 5 SME banks by loan portfolio by the end of 2007 • In top 2 Russian-owned banks league table for CLNs and Eurobond • In top 3 Russian-owned banks league table for IPO by 2009 • At least 2 Institutional Investor ranked team members • Continue to provide a full range of banking and investment services to its existing corporate clients, but primarily focus on the retail and SME clients in order to grow the balance sheet while remaining a leader of financial intermediation of Russian corporate sector to international and domestic investors • Reduce leverage and absolute MTM securities portfolio across both banks by spinning off IBT proprietary position into asset management JV with internationally recognised partner • Focus on ROAE growth through deceleration of branch expansion by the end of 2008 and increased product penetration through the network • Utilise the experience of the management and sales department, the large regional network and cross-selling opportunities to increase the scope and depth of its banking business • Continue to introduce new risk management systems to make operations within the retail and SME sectors of the business more efficient

Integrated Multi-Product Platform RETAIL SME CORPORATE CAPITALMARKETS • Auto loans • Cash loans • Consumer loans • Credit cards • Savings products • Current accounts • Funds transfer • Safe custody • Debit cards • Micro loans • Medium loans • Small loans • Overdrafts • Factoring • Payments and cash management • Savings products • Working capital facilities • Collateralised loans • Overdrafts • Trade finance • Export-import finance • Payments and cash Management • Treasury products • Savings products • Asset management • Commercial banking • Debt products • Equity products • Hybrid and structured products • Fixed income • Equities • Derivatives • Corporate finance • Focus on car loans, cash loans and mortgage lending • Diversify and standardise product lines • Reclassify loans less than RUB 30mln to SME, and focus corporate business on loyal client base • Further reclassify loans less than RUB 75mln to SME in 2008 • Broaden the product and services base • Focus on mid-cap companies Investment and Corporate Banking

281.0 21.8 68.0 30.0 15.8 17.5 12.7 183.0 4.3 3.1 07B 08E 1Q 2007 Retail Banking Retail Strategy Net Retail Portfolio Size (RUB bn) • Enter TOP 5 by portfolio and number of clients within 3 years • Offer the widest and most flexible product lines • Focus on mass market segment of clients living in the Russian regions • Serve clients in all cities with the population of over 100,000 40.6 5.7 2.8 7.7 23.6 1.1 16.9 0.1 1.6 0.8 6.7 13.9 12.2 0.05 5.7 10.0 0.6 24.4 8.1 0.5 5.3 5.3 0.3 5.2 0.2 10.3 5.1 14.2 3.2 1.9 7.9 6.5 4.7 4.6 3.4 2Q 07 1Q 06 2Q 06 3Q 06 4Q 06 1Q 07 07B 08E Cash Auto Cards Mortgage Number of Clients in Portfolio (‘000) Retail Deposits (RUB bn) 341.0 CAGR: 48% 97.0 234.0 33.0 48.0 158.0 29.0 13.5 19.0 12.3 128.0 11.7 11.0 27.0 211.0 85.0 7.3 23.0 10.0 8.9 8.3 157.0 4.5 19.0 4.1 112.0 94.0 2.2 66.0 3.5 3.4 3.4 3.2 2.3 2Q 07 2004 2005 2006 1Q07 1Q 06 2Q 06 3Q 06 4Q 06 2Q 2007 Call Deposits Term Deposits Cash Auto Cards

3,285 858 51 2,376 1Q2007 SME Banking Overview SME Loans Classification as of 2Q07 • Hired professional team from one of the top Russian SME banks in 2005 • At 30.06.2007 SME loans accounted for 13.5% of NBT’s total loan portfolio • Even though SME lending was launched in March 2006, in 2006 NBT was ranked 9th among Russian banks by loan portfolio • Number of clients at the end of June 2007 reached 8,207 comparing to 3,842 at the end of 2006. It is expected to reach 15,000 by the end of 2007. • Factoring business is expected to reach RUB6bn by the end of 2007 and RUB10bn by the end of 2008 SME Portfolio Size (RUB mln) 34,700 SME Strategy 5,187 • Diversify SME loan portfolio • Increase the range of banking services to SME clients • Standardise the products • Increase service efficiency • Be in top 5 SME bank by loan portfolio by the end of 2007 18,144 20,127 2,638 (2) (2) 4,399 11,372 2,274 1,353 718 (1) 9,386 48 296 22 540 156 4,134 669 2,890 1,734 2Q2007 1Q2006 2Q2006 3Q2006 4Q2006 2007B 2008E Micro Small & factoring Medium (1) Doesn’t include factoring (2) Off balance sheet factoring of RUB 3.3bn as of 2Q 2007 , currently RUB3.5bn

31.3 32.7 (1) 12.1 9.7 21.9 10.1 21.6 20.6 11.8 1Q 07 07B 08E Pro- forma Corporate Banking Net Corporate Loans (RUB bn) Overview • Number of corporate clients as of 31 July 2007 was c.13,400 (compared to 13,800 corporate customers as of 31 December 2006) • Reorganization: focus on relationship with medium-sized clients (up to RUB 5bn annual turnover), interested in multiple value-added banking services, while small clients are redirected to SME banking • Cross-sell opportunities for capital market products to regional customer base • Approximately $300mln higher yielding structured deals (collateralised) to be retained on Balance Sheet as support to distribution, however this business is not active through the end of the 2nd quarter. • Widening of existing product range CAGR: 8% 23.8 18.7 17.7 14.4 14.0 13.1 7.9 1Q 07 2Q 07 2004 2005 2006 07B 08E Corporate Deposits (RUB bn) 30.7 30.4 29.3 (1) 9.6 10.5 13.1 17.8 1.0 16.2 21.1 19.9 16.8 2Q 07 2004 2005 2006 Call Deposits Term Deposits (1) Expected budget due to withdrawal of Yukos-related deposits during 2007

Capital Markets Overview Strategy • The Bank provides various services including: • Lending and structured lending • Private placements • Corporate finance • Capital markets (ECM and DCM) • Client flow trading • Research • Sales • Asset management • National and international presence through: • 450 international clients • 400 domestic clients • Institutional Investor ranked research team members • Diversify revenue stream and investor base by expanding products and services • Focus on mid-cap companies providing bridge to global capital markets • Focus on origination to distribution model • $13.5m of risk free origination income, including $11.2mln of fee income for 1H 2007 vs. less than $7mln for all 2006. Adjusted Target $25mln for full year 2007

Head of Domestic Sales Coordination CAPITAL MARKETS OVERLAY TRUST INTERNATIONAL Global Syndication & IBT Alternative Investment Products Investment & Corporate Banking Committee Origination Markets Sales Investment Banking and Structured Solution Fixed Income & Equity Sales & Distribution • Proprietary (Asset Management JV) • Client Flow • Repo • Derivatives (negotiating JV) • Corporate Book (Lending & Structured Credit) Products Research DCM & Private Placements Macro & Quantitative Analysis DCM & Private Placements Head of International Sales Coordination ECM, Hybrids & Private Placements Corporate Fixed Income Transaction Management Group Fixed Income • Primary/Secondary • Flow Equity • Primary/ Secondary • Flow Treasury • Funding • Treasury Products • Alternative Investments Capital Markets Securitization Equity Real Estate Real Estate IBSS Legal Counsel Corporate Finance and Investment Banking Domestic Syndication Financial Institutions Prinicpal Investments Structured Solutions Origination Distribution DEAL FLOW

Top 10 Banks in RF Cities as of September 20, 2007 No Bank # of Cities 1 Sberbank 938 Target area of regional expansion 2 Russian Agricultural Bank 268 3 Rosbank 220 4 Russky Standard 175 5 VTB 118 6 National bank Trust 118 7 Uralsib 104 8 Vozrozhdenie Bank 74 9 VTB Retail 73 10 Investsberbank 73 Nationwide Branch Network (Domestic Distribution) Critical Regional Indicators (as of September 20, 2007) Network Expansion Targets As of As of As of As of 2007 As of 2008 2005 2006 20/09 / 07 (planned) (planned) Regions 47 50 55 59 70 Cities 74 77 118 150 - 160 220 Sales offices 125 128 171 190 - 200 300 The bank owns app. 80% of the branches The average branch reaches break-even at app. 2 years * Source: NBT estimates * - at the end of December 2006 with the exception of NBT

Latvia Estonia Sweden Germany Denmark USA UK Luxembourg Switzerland Kazakhstan France Italy USA Turkey Spain Portugal Greece Thailand Israel Hong Kong Philippines Singapore Chile South Africa Established and Recognised Global Platform (International Distribution)

Group Risk Management Architecture

Risk Management Strategy

Pro-forma Credit Portfolio Diversification Loan Portfolio Regional Breakdown as of 2006YE Corporate Retail SME Far East 2.5% North-West Central 8.6% 22.0% Ural 11.2% Siberia West 12.2% 16.2% Privolzhskyj South 13.2% 14.0% Loan Portfolio Regional Breakdown as of 2Q 2007

Individuals Individuals Trading Enterprises Trading Enterprises Financial Intermediaries Financial Intermediaries Manufacturing Manufacturing Engineering and Metal Processing Engineering and Metal Processing Construction Construction Energy Energy Chemicals and Petrochemicals Chemicals and Petrochemicals Oil and Gas Oil and Gas Transport Transport State Administrations State Administrations Pharmaceuticals Pharmaceuticals Other Other Credit Portfolio Diversification (Cont’d) Industry Breakdown as of 2006YE Top 10 Credit Concentration - NBT Top 10 Credit Concentration - IBT Industry Breakdown as of 2Q 2007 * Fully repaid as at 30.06.2007 (total amount is RUR 1 945 mln)

11.68% 11.33% 3.00% 2.22% 2.50% 10.60% 1.80% 10.00% 2006 2Q 2007 2007B 2008E 2006 2Q 2007 2007B 2008E Small 21.0% 19.7% - - Auto 25.7% 24.9% - - ive Interest Rate Micro 23.4% 22.8% - - Cash 35.8% 33.6% - - ffect E Blended - - 18.38 % 16.38 % Blended - - 28.0 % 21.75 % Credit Portfolio Quality Non-Performing Loans / Total Loans (%) Provisions / Non-Performing Loans (%) 6.98% 6.67% 5.23% 5.16% 5.12% 4.28% 4.19% 3.70% 3.62% 3.80% 77.12% 72.23% 70.20% 61.33% 62.85% 2005 2006 2Q 2007 2007B 2008E 2005 2006 2Q 2007 2007B 2008E Provision / NPL Provision / Gross Loans Retail NPL / Total Loans (%) SME NPL / Total Loans (%) Corporate NPL / Total Loans (%) 1.30% 0.54% 0.33% 0.25% 2006 2Q 2007 2007B 2008E - - - - - - - - Blended 13.6% 11.5 % 16. 5 0 % 16.25 %

25% 20% 15% 10% 5% 0% 06.2005 12.2005 06.2006 12.2006 06.2007 Managing Retail Credit Risk Auto Cash Level of defaulted loans 16% 14% 14% 12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% 06.2005 12.2005 06.2006 12.2006 06.2007 06.2005 12.2005 06.2006 12.2006 06.2007 SPD, second payment default rate FPD, first payment default rate AUTO CASH Credit cards TPD, third payment default rate • Measures applied in 2006/2007 • The reorganisation of retail risk management department was completed. • “Welcome calls” were introduced in order to identify frauds at the earliest possible stage. • Anti-fraud training and equipment were provided to the retail banking employees to improve their capabilities of spotting fraudulent customers. • Credit products were modified or eliminated to avoid high risk combinations, for instance 0% equity auto loans. Credit documentation requirements were standardised and clarified. • Risk management targets: • Probability of default – 11% • Expected losses – 5%-7% • Risk based pricing • Further diversification of the portfolio

NBT - Financial Overview Key indicators, RUR mln Key financial ratios, % Headcount 2,698 3,505 5,529 5,860 6,357

IBT-Financial Overview Key indicators, RUR mln Key financial ratios, % Headcount 537 436 475 387 409

Timeline: Convergence of Expense to Revenue Generation Capacity This is one of the main profitability drivers of the bank.

Increasing loan portfolio in assets structure 2006 vs.1Q07 2Q 2007 2007 Budget NBT – Total assets and Loan portfolio Total assets & loan portfolio. RUR mln.

NBT Net Interest Margin less LLP

NBT - Loan portfolio structure Changes in loan portfolio structure 2005 2Q07 2007 Budget 2006 Retail 50.0% Corporate 41.3% SME 8.7% 93% of retail and SME business is conducted in the Regions

NBT – Deposit Analysis (Corp and Retail)

TRUST Investment Bank - Assets structure 2006 1H07 2007 Budget Cash and cash Cash and Other equivalents Cash and cash Other Other cash 3.4% equivalents 0.5% 10.9% 8.5% equivalents Loans to 10.9% Loans to 12.0% Loans to customers customers customers 6.7% 6.2% 21.2% Financial Financial Financial assets assets assets through through profit through profit profit and loss and loss and loss 72.0% 74.8% 72.9% 1H2006 to 1H2007 2006 to 2007 Total assets Financial assets at fair value Total assets Financial assets at fair value 50 000 50 000 45.4% -11.4% 40 000 40 000 34.0% 30 000 30 000 -21.0% 47 396 43 647 41 973 20 000 20 000 34 528 32 581 31 441 27 285 21 629 10 000 10 000 2006 2007B 1H2006 1H2007

NBT – 1H07 Effective Interest Rates

TRUST Investment Bank - Financial assets at fair value structure Changes financial assets at fair value structure 2005 2006 1H07 Other Other Other 14% 15% 21% Eurobons of RF Corporate debt Eurobons of RF 11% securities 0% 43% Eurobons of RF 20% Corporate debt Corporate debt securities securities 58% OFZ 60% 17% OFZ OFZ 5% 36%

Rating breakdown of Securities Portfolio - IBT Ruble bond portfolio rating breakdown BBB+/Baa1 (incl. sovereign) BBB/Baa2 21% BBB-/Baa3 Currency bonds portfolio rating breakdown 0% BB+/Ba1 1% BBB+/Baa1 (incl. 44% BB/Ba2 sovereign) 1% BBB/Baa2 8% BB-/Ba3 2% 2% B+/B1 BB+/Ba1 19% 9% B/B2 BB/Ba2 B-/B3 1% 3% BB-/Ba3 6% 4% 52% No rating B+/B1 16% Ruble bond without rating portfolio breakdown B/B2 B-/B3 Banks 7% 2% 3% No rating Electric utilities 18% 18% 1% Municipality 2% OFZ Futures 1% 13% Private enterprises State enterprises 9% Subfederal financial 37% institutions Subfederal governments

TRUST Investment Bank - Liabilities structure Funding structure 2006 1H07 2007 Other Other Other Long term 8% Long term 7% 10% financing Long term financing financing 10% 12% 8% Short term Short term interbank Short term interbank Payables 10% interbank Payables under 6% under REPO 12% 49% REPO Customer 53% accounts 9% Payables Customer accounts under REPO Customer 19% 66% accounts 21%

Pro-forma Key Ratios; Merged Bank Targets 3 year plan has not been amended due to current market conditions

36,181 17,704 10,575 6,056 7,650 Treasury and Asset Management 5% 1,262 2,396 765 5% 574 15,434 5% 526 6,885 5,100 5,483 4,422 6,302 17,089 6,120 2,228 6,302 2,227 1Q 2007 2007B 2008E 1Q 2007 2007B 2008E Pro-forma Securities Portfolio – Optimising for the Future • In order to optimise the asset structure of the bank and allow the expansion of the retail and SME business, the bank has decided to reduce its position in trading securities to 10% of total assets by the end of 2009 Pro-forma Trading Securities (RUB mln) - Proprietary Pro-forma Trading Securities (RUB mln) – Client Flow Business 27,897 19,691 35,688 1,494 4,974 4,948 6,181 1,525 1,690 6% 1,512 2,420 5% 16,258 370 1,376 941 12,949 6,181 5,799 4,604 2% 16,215 11,575 11,016 137 1,357 2Q 2007 2Q 2007 2005 2006 2005 2006 Total Government and municipal bonds Corporate bonds Equities Equities Asset Management & Other Corporate bonds % of total assets

TRUST Investment Bank & National Bank TRUST