1. Information disclosure: further initiatives

2. Key topics Overview of ARFI’s networking advantages Official recognition of IR profession in the Russian Federation ARFI initiatives: regulations for IR departments Duty responsibilities Professional license (IR certificate) Best practice –Corporate disclosure rules –Committee on the disclosure policy

3. Founded in 2000 Comprises leading Russian stock exchanges, financial media, consultants, issuers to come in No permanent staff Corporate governance General meeting BoD, Executive director, Secretariat Supervising Board, government officials and experts Code of Ethics was approved in 2001 7 Committees, IR Club, Working groups Reorganized in 2008, ex-AFBID Financial Communications and Investor Relations Association

4. committees ARFI’s affiliates have the right to influence in the IR lanscape developments through participation in initiatives of the committees Technical Audit (Standards), 2002 Legislation, 2003 Ticker Unification, 2007 Ratings, 2007 Membership, 2008 IR Certification, 2008 International Affairs, 2008

5. IR profession in Russia The IR qualification requirements were collected and addressed to the Health and Social Development Ministry (a survey of ARFI, 2007) April 29, 2008 became the official birthday of IR profession in Russia

6. «between Scylla and Charybdis» IR market in the Russian Federation is «of great potential» and «remarkably growing». IR profession is underway IR services have appeared in Russia «If top management comes to the conclusion that IR is important, then one can easily find an IR professional and adopt best practice».

7. best practice The aim of IR specialists is to build long-term relationships and credibility with our shareholders and potential investors The basic component of Investor Relations is disclosing information about the company’s business, corporate actions, corporate governance, audit, and other material data IR director IR officer Head of IR department IR specialist

8. compensations RUR 1.6M annually ex. bonuses in average Top managers annually ex. bonuses RUR2.5-3.5M, up to USD500K IR specialist RUR1-2M * Source: ARFI, 2007-2008

9. trends in IR services market Balanced Development of IR strategy Annual reports, IR presentations, investment memorandums Information disclosure Investor targeting Road Show Demand’s higher than Supply IR pages on the web sites Investor perception survey Investment Marketing campaigns Financial analysis Public/Private placement services Ratings

10. IR certification ARFI standards were recommended to the educational centers in Russia by expertise of the Health and Social Development Ministry The committee was created in July 2008 to initiate common market educational standards

11. Проф.участники Investors Issue (or its agent) Registrars/ Depositories Stock exchanges News agencies/Self- regulated organizations IR services Disclosure system in Russia

12. Corporate Information Center Intermediaries Investors Issuer New paradigms Подход «Single window approach» News releases vs Press releases «No news is NOT a good news»

13. disclosure policy Document recommended by the Corporate Governance Code of the FFMS of Russia Not only public companies “Must have” for the A-listed companies (1 st level 154 issues of 106 issuers, 2 nd level 41 issues of 29 issuers as of June 2008 end)

14. disclosure committee Its responsibility Control over disclosure policy Materiality of information Not necessary 3 to 5 members At the BoD or Executive Board? First dozen of pioneering issuers

15. contacts Ms.Olga Rink ARFI Executive director www.arfi.ru mailto: contacts@arfi.rucontacts@arfi.ru Secretariat Address: 2/1 Tverskaya-Yamskaya street, Moscow, 127006, Russia Tel.: +7.495.250-89-13 Faximile: +7.495.251-44-47