NIB – Promoting sustainable growth Saint-Petersburg September 29, 2010 Mr. Igor Kovtun, General Representative in Russia

28 November Iceland Norway Denmark Lithuania Latvia Estonia Finland Sweden Northern Europe's International Financial Institution  Nordic and Baltic countries as owners  Started activities in 1976  Baltic countries joined in 2005 as owners  AAA/Aaa credit rating  Lending in member countries and selected focus countries  Headquarters in Helsinki

Financial performance 3 EUR million Net interest income Core earnings** Profit Loans disbursed1,9542,486 New debt issues4,1374,681 Loans outstanding13,76313,063 Total assets22,42322,620 Operational Net liquidity3,4993,691 Equity2,0501,730 ** Core earnings consist of the profit before adjustments to hedge accounting, realised and unrealised gains and losses of the trading portfolio and credit losses and reversals of these April 2010

Mission and strategy  NIB promotes sustainable growth by providing long-term complementary financing to projects that strengthen competitiveness projects that enhance the environment  NIB puts particular emphasis on projects involving investments in the following sectors environment infrastructure energy innovation  NIB finances large investments by the corporate sector, infrastructure projects, PPPs, investments improving environment in e.g. municipal sector. small and medium-sized enterprises through financial intermediaries. 4November 15

28 November Long-term financing  Co-financing normally up to 50% of the total project cost;  Close cooperation with other international financial institutions as well as commercial banks, export credit institutions and development assistance organisations;  Long-term lending instruments: Sovereign loans to the state or against state guarantees (15-25 years) Subsovereign loans directly to municipalities (10-20 years) Corporate loans (5-15 years) Limited recourse financing including PPP-financing (5-15 years) SME financing through financial intermediaries (5-12 years) Grace period up to 5 years  Institutional strengthening in connection with specific projects;  Support for project structuring and technical assistance.

28 November Iceland Norway Denmark Lithuania Latvia Estonia Finland Sweden NIB in Russia  Northwest Russia is natural focus area for environmental projects for NIB.  Agreement with the Government of the Russian Federation for financial co- operation since  "No objection" by the Ministry of Finance of the Russian Federation to all loans from NIB to Russian borrowers.

28 November Enhancing the environment in Russia  All projects considered for financing undergo assessment of potential environmental impact.  The Northern Dimension Environmental Partnership (NDEP) – grant financing.  Financed projects include waste water treatment by Vodokanal of St. Petersburg, environmental investments by two Russian pulp and paper factories, pipeline includes e.g. municipal investments in Novgorod and Kaliningrad, Petrozavodsk.

28 November Strengthening competitiveness Projects in the following sectors and areas of economy:  Infrastructure; incl. energy, transport, telecoms, social infrastructure  Strategic capital investments, incl. company acquisitions  R&D and innovation  Financed projects in Russia include mobile phone network investments, investments improving energy generation and distribution undertaken by TGC-1 and Lenenergo, Pulkovo Airport PPP, several credit lines at Russian banks. More on the web: /

NDEP Projects with NIB participation  St. Petersburg Vodokanal Waste Water Treatment Plant - completed  St. Petersburg Northern Sludge Incinerator -completed  St. Petersburg Flood Protection Barrier – final stages  Leningrad Oblast Municipal Services I – final stages  St. Petersburg Neva Collector - commenced  Kaliningrad Water and Environmental Services – commenced  Novgorod Water and Waste Water Rehabilitation - starting  Murmansk District Heating - delayed  Petrozavodsk Water and Wastewater Services – to be signad  Leningrad Oblast Municipal Services II – under preparation 28 November 20159

NIB Role  Long term financing;  Modern technologies and know-how;  Environment;  Experience;  Support to SMEs;  Development of cooperation; 28 November

Promoting sustainable growth 28 November

NIB – Lending in Russia  Soren K. Mortensen, Senior Director, Area Head  Marjo Harri, Senior Manager, Origination  Jan Johansson, Senior Manager, Origination Environmental Projects, NDEP  Igor Kovtun, General Representative for Russia Representative office in Moscow Novinsky Garden Building Bolschaya Molchanovka 36/1 +7 (495) ; mob. +7(985) November