Mortgage Market Overview Russian Mortgage Market Mortgage Market Overview 1 2 Russia. Real estate price (av.) Russia. Total origination The origination of mortgage loans increased*: In the 3d and 4th q. by 277% In the 1st and 2nd q. by 174% The market value of real estate increased*: In 3d and 4th q. 2007 by 73% In 1st and 2nd q. 2008 by 134% Despite crisis the origination volume increased 4 Total Mortgage Indebtedness 3 Mortgage Share TOP 10: Absolut Bank Alfa Bank Bank of Moscow City Mortgage Bank DeltaCredit Gazprombank KIT Finance Bank Raiffeisenbank UniCreditBank Uralsib 85% of mortgage loans in Russia issued in rubles * - in comparison with the same period of previous year 1 – Source: Rosstat 3 – Source: Central Bank of Russia 2 – Source: Central Bank of Russia 4 – Source: RusIpoteka (AIZHK)

Organiser, Lead Manager Russian Mortgage Market RMBS & Mortgage Bonds Deals in Russia, 2006-2008 2006: Total amount – USD 679.66 MM Deals in 2006-2007 Advantages: High loan qualification Conservative LTV High service level International financial warrantors Disadvantages: Immature real estate appraisal market High geographic concentrated portfolio Incompleteness of legislation Dollar-denominated loans providing borrowers’ income in rubles Instable ratings Issue Date Originator Organiser, Lead Manager Portfolio size ($, MM) Rating Jul-06 VTB Group / $ Barclays Capital, HSBC Bank PLC 88.30 Moody's: A1, Fitch: A- City Mortgage Bank / $ MosNarBank (London), Greenwich Financial Services (USA) 72.60 Moody's: Baa2 Nov-06 Sovfintrade / RUB Gazprombank 125.00 Moody's: Baa3 Dec-06 Sovfintrade / EUR, RUB Gazprombank, Balclays Capital, HSBC Bank PLC 393.76 Moody's: A3 2007: Total amount – USD 1 456.75 MM Issue Date Originatior Servicer Portfolio size ($, MM) Rating Apr-07 DeltaCredit / $ Societe General 206.30 Moody's: A2 May-07 AIZHK / RUB Citibank 137.28 Moody's: A3 Jun-07 Sovfintrade / EUR, RUB, $ Gazprombank, Barclays Capital 465.27 Jul-07 Moskommerz / $, RUB HSBC Bank PLC, Raiffeisen Centralbank 187.19 Moody's: Baa2 Fitch: BBB Oct-07 CB MIA / RUB 83.33 - Dec-07 URSA Bank / RUB UniCreditGroup 377.38 S&P: BBB+ 2008: Total amount – USD 1 150.24 MM Which characteristics are in 2008? Issue Date Originatior Servicer Portfolio size ($, MM) Rating July-08 Eurotrust / RUB VTB Group 113.96 - June-08 KIT Finance / RUB Morgan Stanley 197.92 S&P: BBB+/ruAAA May-08 Russian Mortgage Bank / $ Credit Swiss 140.00 April-08 252.08 S&P: BBB+ February-08 AIZHK / RUB Citibank 446.98 Moody's: A3

Legislation Issues in Russian Mortgage Market Short-term issues: Solution of these issues provides opportunity for active mortgage market development (primary and secondary) To change requirements to Mortgage Securities for insurers, pension funds investments Mortgage Securities Investment procedure for General Bank Management Fund To revise the obligatory reserves of the CBR on mortgage loans Intermediate issues: Correction of the LTV limit (now maximum is 70%) Depository registration of mortgage Definition of the Mortgage agent/broker status Long-term issues: Implementation of special accounts – Escrow accounts Regulation of rating agency, credit rating status Changes in pledge legislation