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Who are we?

Who are we? . We are a non-profit association of 25 of the largest institutional investors in Russia We are the only association of institutional investors in Russia We have an untarnished reputation in fighting for investors’ rights in Russia . Our goals. Organizational structure.

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Who are we?

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  1. Who are we? We are a non-profitassociationof 25 of the largestinstitutionalinvestorsinRussiaWe are the only association of institutional investors in Russia We have an untarnished reputation in fighting for investors’ rights in Russia Our goals Organizational structure • The IPA was established by investors and is actively managed by investors • All key decisions are taken by the board of directors, which is comprised solely of representatives of our member funds • Systematic improvement of corporate governance in Russia • Uniting minority investors in voting at general meetings, so their collective voice has impact • Ensuring the observance of Russian laws with respect to investors’ rights

  2. What do we do? (1/2) Areas Examples • In 2012,through the IPA’s efforts, about 50 independentdirectorswereelectedat over 30 public companies: • Veropharm, GAZ, Mostotrest, M-Video, Dixy Group, Cherkizovo Group,OGK-2, IDGC Holding and many IDGC companies • Since 2000, over 450 independentdirectorshave beenelectedto over 160 Russiancompanies, including: • Sberbank, RAO UES ofRussia, Rostelecom, FSK UES • Since 2007, we have had a history productive of cooperation withISS, the leading global proxy advisory firm • Our candidates are recognized by ISS as independent Consolidateinvestors’ votes 1 • At companies where the IPA’s independent directors are present, we: • Set up board of directors committees and otherwise make improvements to the work of the board of directors • Take a leading role in the development of corporate strategies • Negotiate with the majority shareholder for the establishment of KPI-based management motivation systems and internal control systems (independent internal auditing departments of various forms) • Block problematiс transactions and initiatives Improvecorporategovernance 2

  3. What do we do? (2/2) Areas Examples Resolve conflicts 3 • Take partinthe largestrestructuringsofpublic companies: • RAO UES ofRussia, Holdingof IDGC, Svyazinvest-Rostelecom reorganization • Engage in negotiations to resolve disputes: • GAZ dividend payout, forcedbuybackofsharesof7thContinent, obligatoryofferofPowerMachines • Pursue matters in the media and courts when negotiation fails • Ingosstrakh, Norlisk Nickel Other activities 4 • We undertake lobbying activities to amend the laws concerning investors, and otherwise engage with government authorities • We are your trusted professional voting operations center in Russia • We are the best in Russia at ensuring that your votes are cast exactly as you want them to be • We are your always-on-call Corporate Governance experts in Russia • We are also building a new web-site, amending our charter, and are actively stepping up our outreach to western funds

  4. Our members aresome of the largest funds in Russia 50% foreignfunds: 50% Russianfunds: • Alfa-Bank • ATON • IC RUSS-INVEST • KIT-FINANS • Industrial investors • Prosperity Capital Management • Renaissance Capital • MC Leader • MC Uralsib • others • Deutsche Bank • East Capital • EOS Russia • Equinox • Fleming Family & Partners • NCH Advisors • PMI Marketing and Sales • PPF • Templeton • others Ourmembershave investedover$25bnintotheRussianeconomy Our many long-term members can attest to the value they’ve derived from IPA membership

  5. Companies we currently deal with… Independent Directors from the IPA are present at: • Bank St. Petersburg • Bashkirenergo • VEROPHARM • GAZ • LSR Group • Cherkizovo Group • Dixy Group • M.Video • Kuzbasskaya Toplivnaya Kompaniya • Lenenergo • Magadanenergo • MOSTOTREST • IDGCs: of the Volga, North Caucasus, North-West, Center, Center and Privolzhye, South • 7th Continent • Silovye Mashiny • OGK-2 • RAO Energy Systems of the East • Selenginsky TsKK • Smolenskenergoremont • SOLLERS • Solombalsky TsBK • Transsignalstroy • Holding MRSK • Bryansk Milk Combinate Active Shareholder Conflicts:

  6. …Our goal is Russian Blue Chips We’re very close to being able to elect truly independent directors at: • Sberbank • Rostelecom • Gazprom • Lukoil • Aeroflot Denis Kulikov Executive Director +7 (916) 637-9116 kulikov@corp-gov.ru Alexander Shevchuk Deputy Executive Director +7 (916) 441-8902 shevchuk@corp-gov.ru Demid Fedorov Deputy Executive Director +7 (985) 431-2169 fedorov@corp-gov.ru This is why we’re increasing our outreach to international funds we’ve already elected independent directors to these companies in the past Our contacts:

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