Investing in Russia 2011/2012 Overview: Market, Sberbank & Opportunities

1. INVESTING IN RUSSIA IN 2011/2012: IT IS NEVER TOO LATE

2. In this presentation: • WHAT RUSSIAN MARKET ACTUALLY IS • SBERBANK: RUSSIA’S OLDEST & LARGEST

3. WHAT RUSSIAN MARKET ACTUALLY IS

4. WHAT RUSSIAN MARKET ACTUALLY IS: by size

5. WHAT RUSSIAN MARKET ACTUALLY IS: just facts • local average daily total turnover USD 2.5 bn • ADRs traded at LSE, NYSE & NASDAQ, daily turnover at USD 1.1 bn • MCap at USD 986 bn (beginning of May) • the largest in Eastern Europe by cap • 73% of total turnover performed at MICEX • main benchmarks: MICEX (RUB-denom.), RTS (USD-denom.), RTS Standard (RUB-denom.) indices • MICEX index breakdown: 50% oil & gas (9 issuers), 22% metallurgy and mining (7 issuers), 16% financials (3 issuers) • 10 top stocks make up to 80% of turnover and 53% of total MCap

6. WHAT RUSSIAN MARKET ACTUALLY IS: still undervalued vs. peers and its pre-crisis self

7. WHAT RUSSIAN MARKET ACTUALLY IS: correlations MICEX Index vs. Brent Crude Px MICEX Index vs. S&P500

8. WHAT RUSSIAN MARKET ACTUALLY IS: top 10 equities (80% of daily volume, >50% of MCap)

9. WHAT RUSSIAN MARKET ACTUALLY IS: fixed income • governmental debt market par volume outstanding at USD 84 bn • local corporate debt at USD 117 bn at par (as of late April, 2011) • average issue par amount USD 150 mn, 380 issuers so far • corp.total return index up 12% over 2010, up 3.5% this year (end of May) • more facts: 3 m USD/RUB NDF yield 3.5-4% • annual CPI within 7-9% range • Russia’s public external debt/GDP at 2.3%, total ext.debt/GDP at 33%

10. WHAT RUSSIAN MARKET ACTUALLY IS: fixed income Basic curves:

11. WHAT RUSSIAN MARKET ACTUALLY IS: summary

12. SBERBANK: RUSSIA’S OLDEST & LARGEST

13. SBERBANK: Russia’s Oldest & Largest Commercial Bank • about 50% of national retail deposits, 30% of corporate credit • 3 times larger by assets than VTB, Russia’s second largest, and 4.5 times larger than GazpromBank, Russia’s third by size • a top 100 world bank by assets and capital • a top 100 world bank by brand value (MBO), ahead of GS, MS and JPM • MCap at USD 80 bn, comparable to Credit Suisse and SocGen • 57.6% of equity owned by Central Bank of Russia, 7.58% set to be privatized this year • SBRF is Russian top equity by liquidity at exchanges

14. SBERBANK Global Comparison: 20 World ‘Strongest’ Banks

15. SBERBANK: performance

16. SBERBANK: performance

17. SBERBANK: financial market client operations • a top 10 MICEX exchange operator (fx) • fx operations: >20 currencies (RUB, USD, EUR, AUD, BYR, CAD, CHF, CNY, CZK, DKK, EEK, GBP, JPY, KZT, LTL, LVL, NOK, PLN, SEK, UAH): TOD, TOM, SPOT • hedging: delivery forwards, NDFs, futures, options • DCM, ECM • asset management • retail brokerage, mutual funds, private pension funds • expanding corporate investment banking in 2011/2012 via Troika Dialog acquisition (Russia’s oldest investment company and brokerage): services for institutional investors and corporates, more sophisticated products

18. SBERBANK: portfolio for Petrogrand • open in July, 2010, expires July, 2011; base currency: Russian ruble • conservative portfolio: • max. 15% equity + bonds and cash • municipal and sub-federal bonds only, one year to maturity or less; rated by at least one of the three world agencies; with rating no more than four notches below Russian sovereign; • active inter-market arbitrage operations (going cash and hard currency and back to papers again) • as of late May, yields 11% annual return in RUB terms, 22% USD and 8.2% EUR (because of EUR appreciation vs. USD)

19. SBERBANK: contacts Sberbank Of Russia Treasury & Financial Market Department Asset Management 19 Vavilova Str., 117997 Moscow, Russia http://www.sberbank.ru Sales: +7 (495) 957-5964 Vladimir Zelenov, Irina Finokhina, Svetlana Yashina

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