1. February, 2008 Zurich, Switzerland Russia’s Regional Markets: Refinancing through a Specialised Bank

2. 2 Information  Joint-Stock Bank «GPB-Mortgage» was founded in 1988 as a state owned banking entity Commercial Bank «SOVFINTRADE»  In 2005 Commercial Bank «SOVFINTRADE» was repositioned as a specialized entity concentrating exclusively on originating mortgages in the residential mortgage market  In 2007 Commercial Bank «SOVFINTRADE» was renamed in Joint-stock Bank GPB-Mortgage GPB-Mortgage Joint Stock Bank GPB-Mortgage Shareholders  GPB-Mortgage is majority owned by Gazprombank (Open Joint-stock Company). It’s share is more than 70 %  Over 27 % of GPB-Mortgage’s shares is controlled by Gazprom group  And less then 1 % of shareholding held by third party corporate entities

3. 3  To become the largest specialized mortgage lending bank in Russia  To create a structure which will allow the purchase, refinancing and servicing of mortgage loans across all over of the Russian Federation  To increase capitalization of the Bank Strategic Objectives Peculiarities of the Project  As for the number of securitised mortgage loans (app.16 billion RUR) GPB-Mortgage is a leader among Russian banks  GPB-Mortgage’s business model is based on a developed regional servicing network which procures for origination, refinancing and servicing of mortgage loans  The regional network covers almost 50 Russia’s regions with the highest mortgage lending perspectives Information GPB-Mortgage

4. 4 The Main Stages of Development  May 2005 – mortgage loans refinancing business started  December 2005 – establishment of own corporate regional network for origination, refunding and servicing of mortgage loans  November 2006 – inaugural domestic RMBS transaction – first ever on the Russian market (app.3 billion RUR)  December 2006 – successful cross-boarder RMBS transaction (app. 6 billion RUR)  June 2007 – first repeat cross-boarder RMBS transaction of a Russian Originator (app. 7 billion RUR) Information GPB-Mortgage

5. 5 Standing of the GPB-Mortgage  Net Profit  Equity  Return of the Share Capital The Results GPB-Mortgage

6. 6 BORROWERS Capital Markets/ Long-term Funds Servicing Mortgage Sale Regional Servicing Companies Initial Lender Regional Operator GPB-Mortgage Tiered Originating and Servicing The Structure of Regional Mortgage Lending Small Regional Banks  the structure allows to originate mortgage in the geographically diverse regions of the country  it establishes the standard approach to origination and underwriting  it allows GPB-Mortgage to maintain the high-quality origination standards Two-tier model used in origination and servicing process: GPB-Mortgage

7. 7 Participants of the Regional Mortgage Market Initial Lender Sale of loan Loan par amount Regional Operator Mortgage Borrowers Servicing of mortgage loans Sale of loan GPB-Mortgage Loan par amount Servicing fee  Initial Lenders: Participants: small or medium regional banks with little or no access to long term funds Functions: act as initial lenders / underwrite mortgages originated in accordance with the underwriting standards developed by GPB-Mortgage  Regional Operators: Participants: non-banking organisations which are controlled either by GPB-Mortgage or by local government Function: acquire mortgage certificates from the Initial Lenders and on-sell them to GPB-Mortgage Opportunities: high professional underwriting of the mortgage loans  GPB-Mortgage: Function: - creation of unified standards of mortgage lending and refinancing - providing access to long term funds - development of the IT-network for mortgage lending and servicing processes Cooperation Participants and Functions GPB-Mortgage

8. 8 Russia’s Mortgage Market: Ranking Russian Banks The disproportion between volume and quantity of mortgage loans show the right balance of GPB- Mortgage’s portfolio : The Leaders of the Mortgage Market  the average size of given out loans is less than at the other participants of the market  diversification of the mortgage portfolio on regions GPB-Mortgage Leaders of the mortgage lending/ refinancing by quantity of the mortgage loans, qn. Leaders of the mortgage lending/ refinancing by volume of mortgage portfolio, ths. RUR

9. 9 Archangelsk Vologda Cherepovets Nizhniy Novgorod Kostroma Tula Voronezh Kazan Blagoveshchensk Novosibirsk Khabarovsk Irkutsk Barnaul Orenburg Magnitogorsk Chelyabinsk Stavropol Ufa Saratov Tolyatti Dimitrovgrad Izhevsk St.-Petersburg Vladimir Syktyvkar Vladivostok Gorno-Altaisk Perm Rostov Krasnodar Petrozavodsk Krasnoyarsk Kirov Kemerovo Bryansk Omsk Ulan-Ude Yakutsk Program of Refinancing: Corporate Regional Network GPB-Mortgage

10. 10 2005 – 5 Regional corporate operators 2006 – 25 Regional corporate operators 2007 – 38 Regional corporate operators 2008 – non less than 50 Regional corporate operators Corporative regional network establishment dynamics Program of Refinancing: Corporate Regional Network Efficiency and Professionalism of the Corporate Regional Network GPB-Mortgage  As of 1 January, 2008 the mortgage portfolio being served by GPB-Mortgage and it’s Corporate regional network amounted to 27.24 billion RUR  The quality of the mortgage portfolio is confirmed by high credit rating of it’s mortgage backed securities, given by rating agencies  The total stuff number of the Corporate regional network is about 500 employees  Corporate regional operators provided more than 70% of the overall volume of mortgages originated by the Bank  By the end of 2006 the Corporate regional network reached self-repayment  One of the participants of the Corporate regional network was rated by Moody’s successfully which benefits the Bank’s high-rating obtaining strategy for the whole Corporate network

11. 11 Automation of the business stages Information system GPB-Mortgage Portal for the Settlement Banks Originators and Settlement Banks’ Level Mortgage Operator’s Level United management and account system TISIO Information system of the mortgage operator Mortgage portal Interaction with the partners at refinancing and servicing GPB-Mortgage’s Level Debt Collection System Workflow system (EMS Documentum) AISPIC Automated information system of the Originator Internal systems of GPB- Mortgage

12. 12 Common Underwriting Standards Initial LenderRegional OperatorGPB-MortgagePotential Borrowers  Specially developed underwriting and servicing standards were worked out by GPB- Mortgage for Initial Lenders and Regional Operators participating in GPB-Mortgage’s mortgage programme  In order to participate in GPB-Mortgage’s mortgage programme, both the Regional Operator and the Initial Lender are to underwrite mortgages strictly in accordance with parameters set by GPB-Mortgage If such parameters are not adhered to, the loan is rejected during the repeat underwriting process  In addition to the underwriting standards, GPB-Mortgage provides the participants of the mortgage programme with an integrated software system which allows to carry out repeated checks of refinancing loans’ quality.  In the middle of 2007 GPB-Mortgage and Agency for Home Mortgage Lending ( “ AHML ” ) have entered into the agreement on joint activity on creation uniform procedures of servicing and information exchange Underwriting Process Standards Repeat Underwrite Initial UnderwriteFinal Underwrite GPB-Mortgage

13. 13 Regional Statistics: Quality of the Underwriting GPB-Mortgage

14. 14 Mortgage Loan Servicing: Arrears Management Standing Order of Arrears Management  In case of occurrence of the delayed debts Regional operators undertake the certain actions set by the Standing order of the GPB-Mortgage 3840 55 1206060 75306 Regional operator informs the borrower over the telephone and in writing of the fact that his mortgage is in arrears RO informs the borrower that the mortgage is more than 30 days in arrears. Commences the information gathering process as to the reasons behind the arrears Second postal notice of the arrears Notice of loan acceleration with a demand to settle the mortgage backed debt, interest and penalties immediately and in full A day for sending the claim to court The Servicer has the right to sell the mortgage certificate to a third party RO presents to GPB-Mortgage a detailed report with relation to borrowers that in arrears and the reasons for arrears Number of Days Following Commencement of Arrears  GPB-Mortgage in a current mode traces statistics of the delayed debts on servicing portfolios and supervises spent work on its clearing GPB-Mortgage

15. 15 The Average Period of Extinguishing the Arrears in 2007 Efficiency of the Arrears Management GPB-Mortgage

16. 16 Perspectives of development of business GPB-Mortgage Corporate regional network covering most of Russian’s regions can provide considerable underwriting and servicing facilities for the securitisation transactions planned Alexander Egorov (GPB-Mortgage) Deputy Chairman of the Board +7 495 223 40 40 AEgorov@gpb-ipoteka.ru Contacts