PPF Group: From Voucher Privatization to International Expansionto International Expansion

July 10, 2012Alexej Bechtin, PPF PR Consultant

First 20 years

Slide 1

Four Perspectives on PPF Group (capital & assets)

Slide 2

First 20 years

Kčs 0.1 million

Kčs 4.0 million

Kčs 5 billion

Slide 3

A Perspective on PPF Group (geography)First 20 years

A Perspective on PPF Group (industries & people)

Slide 4

First 20 years

7 employees

Historical Milestones

� 1991 The First Privatization Fund (Czech abbreviation PPF) was established for the first wave of voucher privatisation in then-Czechoslovakia: 4 funds

� 1992 The name PPF Investment Company was adopted� 1993 PPF funds took over shares of 202 Czech companies of total value CZK 4.9

bil.� 1994 140,000 clients have invested with PPF funds during the second wave of

voucher privatisation� 1995 PPF has extended its activities to real estate and asset management

5

� 1995 PPF has extended its activities to real estate and asset management� 1996 PPF has acquired a significant stake in incumbent insurance company,

Česká pojišťovna (Czech Insurance)� 1997 PPF has established Home Credit as consumer finance provider� 1998 PPF has undertaken radical changes at Česká pojišťovna in the process of

company’s turnaround� 1999 PPF has been focusing primarily on financial services� 2000 PPF became a majority shareholder at Česká pojišťovna

Historical Milestones

� 2001 PPF has decided to expand life insurance and consumer credit products into international markets

� 2002 A year of significant acquisitions and start-ups: TV NOVA, Prague’s city bank, Home Credit in Russia

� 2003 Shareholder’s position at TV NOVA has strengthened� 2004 Successful exit from TV NOVA� 2005 Open Gate Boarding School has commenced its activities, being a major

charitable project supported by PPF

6

charitable project supported by PPF� 2006 Home Credit: 500,000 credit cards issued in the Czech Republic; HCFB

Russia has served 11 million clients� 2007 PPF has entered Nomos-Bank by acquiring a minority stake� 2008 Generali PPF Holding was established, a stake at Polymetal was acquired� 2009 PPF has vigorously reacted to the world’s economic downturn, by

optimising business but also by acquiring new assets in energy (EPH), retail (Eldorado) and real estate

� 2010 As the first and only internatoinal company PPF has obtained a pilot licence in China to provide consumer finance services by its own

� 2011 Eldorado acquisition completed in Russia, in the Czech Republic PPF has entered Sazka lottery company together with KKCG, Czech investment group

The way ahead – “cash-generating machine”

Slide 5

…

……

…

PPF Group Financials

PPF Group Highlights

� Assets in excess of EUR 14.3bn as of 30 Dec 2011 (+16% from 31.12. 2010)

� Total equity of EUR 4.268 bn (-3.5% from 31.12. 2010)

� Strong position among investors in Russia (5% of FDI); well-established in CEE and

CIS; expanding in Asia, particularly in China and Vietnam

8

EUR million, based on IFRS 2011 2010 2009 Assets 14,357 12,383 10,802Equity attributable to Shareholders of Parent Company 4,268 4,424 4,000Revenue

3,618 3,357 1,760Net Profit attributable to Shareholders

216 336 289

Introduction

PPF Group is the investment holding of its shareholders.

PPF Group focuses on investment opportunities requiring a capital contribution of EUR 100 million or more.

9

Investment Thesis: PPF Group selects assets with a view to long-term value creation.

Investments managed by PPF

Investments managed by PPF

Other InterestsOther InterestsInvestments jointly managed

with partnersInvestments jointly managed

with partners

Petr KellnerPetr Kellner94.25%

Jean-Pascal DuvieusartJean-Pascal Duvieusart0.25%

Ladislav BartoníčekLadislav Bartoníček0.50%

Jiří Šmejc Jiří Šmejc 5.00%*

* Split of stakes as of 31 December 2011. As announced on 18 May 2012, Jiří Šmejc is selling his 5% stake in PPF Group to other current shareholders. More details follow.

PPF Group’s Portfolio of CompaniesPPF actively manages its portfolio of investments to capture opportunities with significant value-creation potential. The Group's successful long-term investment strategy, which blends full ownership and managerial control of assets and strategic investments by key partners, remains unchanged.

Other Interests

� PPF Partners (72.5%)

� PPF a.s. (100%)

� PPF Art (100%)

Piraeus Bank is the third-largest Greek bank

Investments managed by PPF

� PPF Banka(92.96%) – Czech Republic

Banking

Wholesale bank for the Group and corporate and municipal clients

� Home Credit (100%, except for HC Bank Kazakhstan, 9.99%)

� Piraeus Bank S.A. (5.72%) – Greece

Investments jointly managed with partners

Banking

� Nomos Bank (27.34%) - Russia

Nomos ranks 5th oin Russia in terms of assets)

except for HC Bank Kazakhstan, 9.99%)

HC is a leading consumer finance provider in CEE and CIS; growing in China and Vietnam

� PPF Real Estate Holding (100%)

� Eldorado (100%) - Russia

Eldorado is the No. 1 electronics retailer in Russia

Consumer Electronics Retail

Real Estate

� Air Bank (100%) – Czech Republic

Air Bank is a newly-founded retail bank in CZ

� Generali PPF Holding(49%)

Insurance

GPH is one of the largest life and non-life insurance companies in the CEE region

� Polymetal (20.86%)

Polymetal is the No. 1 silver mining company and No. 4 gold mining company in Russia

Mining

� EP Holding (40%)

EP Holding is the second-largest Czech energy player

Energy

� SAZKA (50%)

SAZKA is the Czech Republic’s largest lottery and betting company

Lottery

10

PPF Group Current Shareholders

Petr Kellner - Founder and majority shareholder of PPF GroupN.V.� Born in 1964; a graduate of the University of Economics, Prague, Faculty of Industrial

Economics in 1986. Petr Kellner founded PPF Group and became Chairman of the Board of

Directors and CEO of PPF investicni spolecnost a.s. in 1991. He was Chairman of the

Board of Directors of PPF a.s. from January 1998 till March 2007. He has been a Member

of the Board of Directors of Assicurazioni Generali S.p.A. since April 2007 anda Member

of the Board of Directors of Generali PPF Holding since January 2008. Petr Kellner owns a

majority stake in PPF Group and manages its strategic development and planning.

11

Jiří Šmejc� Born in 1971; a graduate of the Charles University, Prague, Faculty of Mathematics and

Physics, where he specialized in mathematical economics. In 1992 Jiří Šmejc went into

business and in 1993 became Executive Officer and Director of PUPP Consulting s.r.o. In

1995 he served as Sales Director at Middle Europe Finance s.r.o., (a securities trader with a

focus on acquisitions). Until 2004 he held a 34% share in TV NOVA Group. He joined PPF

Group in 2004 and became a shareholder of the Group in 2005.

PPF Group Shareholders

Ladislav Bartoníček

� Born in 1964; a graduate of the Czech Technical University in Prague, Faculty ofElectrical

Engineering. Ladislav Bartoníček joined PPF investicni spolecnost a.s. in 1991 as

Executive Director and was awarded an MBA by the Rochester Institute of Technology,

New York, in 1993. From 1996 till September 2006 he served as Chief Executive Officer of

Ceska pojistovna a.s. Ladislav Bartoníček became a shareholder of the PPF Group in 2007

and is currently Chief Executive Officer of Generali PPF Holding B.V.

12

Jean-Pascal Duvieusart

� Born in 1966; holds an MBA from the University of Chicago and a Masters degree in

Commercial Engineering from the Catholic University of Louvain, Belgium. Jean-Pascal

Duvieusart joined McKinsey in 1992 and worked in Brussels and New York prior to

moving to Central Europe. He was managing partner of McKinsey Prague from 1999 until

2005, when he assumed the leadership of McKinsey CIS and Central Europe. He has been

advising banks and insurance companies as well as various industrial companies inRussia,

the Czech Republic, Slovakia, Hungary, Poland and Romania.

PPF Group Assets Overview

13

PPF Group’s New Businesses: SAZKA (acquired in 2011 )Lottery – Czech Republic

14

NEED PICTURE

Company Introduction

The joint venture between PPF and KKCG (50:50), took over the business of SAZKA, which was

the former monopoly provider of lotteries in the Czech Republic and which became insolvent in

spring 2011

� Since 1 November 2011, Sazka has been operating its lottery business using the SAZKA brand,

and currently has a market share of 95% (compared to 85 % at the moment of takeover)

15

and currently has a market share of 95% (compared to 85 % at the moment of takeover)

Sazka provides its products and services through a unique national sales network of almost 6,500

retailers, including post offices all across the Czech Republic

Company Restructuring

Immediately following acquisition, PPF and KKCG installed a new management team and started restructuring the company under PPF’s management

Key aims: to increase sales including profitability and to restore customers’ trust

Key tools: significant restructuring of operations and sales network, investment into advertising campaigns, staff reorganization

� significant OPEX reduction after the acquisition

16

� significant OPEX reduction after the acquisition

� number of employees reduced from 572 in 2010 to 322 currently, with a further-decreasing trend

2010 2011 2012 (budgeted)

312 192 276

Sales (EUR million)

Sales

Sales (CZK)

400,000,000

500,000,000

600,000,000

700,000,000

800,000,000

�As of March 31, 2012 sales have almost achieved the average sales level from the past: revenues of 70 million EUR, profit 6.2 million EUR

17

100,000,000

200,000,000

300,000,000

Jan

uary

Feb

rua

ry

Ma

rch

Ap

ril

Ma

y

Jun

e

July

Au

gust

Sep

tem

ber

Oct

obe

r

Nov

em

be

r

Dec

emb

er

Jan

uary

Feb

rua

ry

Ma

rch

2011 2012

Sazka SSK

* 1-10 2011 sales of former SAZKA, a.s. + 11-12 2011 sales of NewCo

PPF Group’s New Businesses: AirBank started in 2011Retail banking

18

AirBank at a glanceAirBank aims to be the bank of choice for retail customers seeking progressive banking, and is set to achieve break-even in year 4 of its operations

Net incomeCZK million

“The first bank that I like”

▪ … because it makes banking elegantly simple▪ … because it does not hide things▪ … because it does not hide things▪ … because I pay only when I am

satisfied

� Launched on November 24, 2011;startedwith transactional and savings accounts

� Gained immediate attention and success in deposit-collection with its “Top 3 Guarantee” proposition

� Will continue to extend its product line for retail customers (cash loans in Q3-2012) and later for small entrepreneurs

Key Businesses: Home CreditFinancial Services

20

Home Credit Group:Delivering returns and growth

Home Credit’s unique multi-channel retail finance model delivers outstanding returns in emerging markets

Our effective risk management, specifically tailored to emerging markets,

Scaling up Home Credit’s low-cost branch network is the main driver of growth in Russia

21

Our effective risk management, specifically tailored to emerging markets, has given us a better-quality portfolio, a bigger share of the market and higher profits

Low-cost and highly flexible IT systems and operations provide us with a competitive advantage in the mass-market segment

We are backed by robust funding and strong retail deposit gathering

We are focused on attractive markets, each with a compelling growth outlook

Sustained strong market position in CEE/CISwhile expanding in Asia

▪ Active clients: 633 thousand▪ Distribution points: 9,184▪ Net loans: EUR 265 million▪ ROAE: 19%

Czech Republic/Slovakia

▪ Active clients: 3.7 million▪ Distribution points: 61,181▪ Net loans: EUR 2.7 billion▪ ROAE: 38%

Russia

China

22

All data as at end of December 20111Standalone company’s financials

Kazakhstan

China

▪ Active clients: 637 thousand▪ Distribution points: 11,114▪ Net loans: EUR 154 million

China

Vietnam

▪ Active clients: 248 thousand▪ Distribution points: 1,237▪ Net loans: EUR 97 million▪ ROAE: 22%

▪ India – pilot since Jan 2012▪ Indonesia– building joint venture

partnership▪ Philippines – sizing market

opportunity

New Market Entry Opportunities

▪ Active clients: 196 thousand▪ Distribution points: 2,005▪ Net loans: EUR 40 million

Belarus

▪ HCBV owns 9.99% of AO Home Credit Bank Kazakhstan

▪ Active clients: 315 thousand▪ Distribution points: 1,632▪ Net loans1: EUR 170 million▪ ROAE1: 64%

Kazakhstan

Russia: The largest private lender of unsecured consumer loans…

Net profit of EUR 263 million at 38% ROAE

Market leader with 24% POS market share; 4th in consumer loans (3.6% market share) and 6th in total retail loans (2.2% market share)

Most successful cross-selling machine in Russia with greatest penetration (22.5 million customers in database)

23

million customers in database)

Profitable growth in POS core business and successful expansion into cash loans with major growth opportunities

Dynamic retail deposit growth (from ~19% to ~56% of liabilities within 2 years) has created a stable funding source with attractive cost

Market-pioneering bank network expansion with effective and low-cost branches; 62% of the 1,273 at YE2011 were opened in second half of 2011

Retail-centric “branch” network drives sales momentum; HCFB is one of the leaders based on branch network size (currently 3rd, after largest state banks)

… and expanding presence in Asia with enormous socio-demographic potential

Roll Out TimetableChina

� Home Credit received the first ever full foreign company CF

license from CBRC in China – push for national rollout

� Expand to new provinces – maximize geographical reach

� Building unique operational platform based on cooperation

between guarantee company and local leading financial

institutions

24

Open till 2011 2012 Roll Out 2013 Roll Out

Vietnam

institutions

� Further enhance POS commodities; Maintain strong focus on

Sales/Risk

� Secure diversified funding for 2013 and further optimize

leverage

� We are the only remaining foreign consumer finance company

� Navigate sales in loan growth cap environment, maintain market leader position in motorbikes sales finance

� Continuous risk improvement despite complex macroeconomic situation

� Investment into IT operational platform

Effective risk management with ability to optimize risk at mass scale

Up to 60,000 applications processed daily; average time-to-yesfor 75% of applications in just 15 seconds creating a leading customer experience

High approval rate of 55-80% while reducing 30+1 delinquency by more than 47% in last 2 years

Online anti-fraud system and biometric measures reduced fraud by 29%

25

Online anti-fraud system and biometric measures reduced fraud by 29% (€1.1m saved per month) from YE2008 to YE2011

Collection machine with 89% collection efficiency at times generating over 11.5 million calls a month using best-practices comparable to western markets

Scorecards: high predictive power, stability and flexibility, specifically designed for each product and customer segment

6+ years of experience and extensive customer database (~1/3 of all households in Russia, CZ & Slovakia) are a competitive advantage that is hard to replicate

1 Loan receivables which are overdue by more than 30 days

Strong growth momentum ...

Net Receivables+42%

2011

3,260

2010

2,292

New volumes+43%

Q1 2012

1,313

2011

4,299

2010

3,014

Substantial growth … particularly in Cash Loans

EUR million

Q-Q+63%

26

20112010Q1 201220112010

Net Income

Sustained profits Strong capitalization

2010 2011 2010

+47%

2011

All data represent a pro-forma consolidation of Home Credit B.V., Home Credit Asia N.V., Consumer Finance Company (China) and PPF Vietnam, and exclude effects of discontinued Ukrainian operations

POS loansCar/Motorbike loansOther Credit cards Cash loans

Total equityTotal assets

+5%

... with attractive returns and margins

High margins and strong fee generation … … and solid efficiency

283238

42

20112010

1920

5049

2010 2011

Cost/IncomeCost/ANRNet interest income/ANR Operating income/ANRPercent Percent

27All data represent a pro-forma consolidation of Home Credit B.V., Home Credit Asia N.V., Consumer Finance Company (China) and PPF Vietnam, and exclude effects of discontinued Ukrainian operations

… with well managed cost of risk … leading to attractive returns

20112010

2323

68

20112010

ROAAROAE

76

910

20112010

2010 2011

Impairment losses/ANR Coverage ratioPercent Percent

Key Businesses: PPF BankFinancial Services

28

Overview

� Established in 1992, Part of PPF Group since 2002

� Main shareholders: PPF Group N.V. (92.9%) and City of Prague (6.7%)

� International Operations through Head Office in Prague. Four Client Centers in

EUR m 12/06 12/07 12/08 12/09 12/10 12/11CAGR 06-11

# of employees 117 118 93 119 151 170 +8%Total assets 882 1 042 1 678 1 634 2 089 2 547 +22%Loans to clients 338 288 332 513 744 818 +18%Equity 59 83 100 133 166 182 +24%Revenues 52 70 85 101 75 89 +8%Operating income 31 41 49 65 51 56 +10%

29

Office in Prague. Four Client Centers in Prague

� Wholesale bank for PPF Group, Czech corporates and Municipal clients, with extensive operations on global capital and financial markets

Net profit 6 19 22 31 26 25 +30%CIR 57% 39% 45% 30% 38% 45% -5%CAR*) 14,7% 13,5% 10,7% 10,1% 11,1% 10,4% -7%ROAA*) 1,1% 1,8% 1,7% 1,7% 1,3% 1,0% -1%ROAE*) 21% 36% 27% 32% 20% 14% -7%Net Loans/Deposit 58% 33% 23% 40% 47% 43% -6%Tier 1/Capital 86% 100% 100% 100% 100% 100% +3%*) according to Czech Accounting Standards (CAS) and criteria of the Czech National Bank

Note: growth rates and CAGRs are calculated from CZK values

2011 - Diversification of income and growth of client base

Business Lines Highlights

Investment banking

Treasury

• Primary dealer in governmentbonds

• Investment product development

• Brokerage services• Custody services

• Asset and liability management

• Advisory for non-BankFI

Large Corporates

• Increasing both assets and number of corporate clients

• Short-term lending with good collateral coverage

• Keeping clean loan book

Export/ structured

• Major export financing project with EGAP support completed

• Structure finance and bank loan

30

• Advisory for non-BankFI• Financing of the Group

Municiple Banking

• Transaction services for public-sector clients

• Introduced innovative deposit products

Finance • Structure finance and bank loan syndications

Private Businesses

• Expanding client base• Increasing revenue from Russian Desk• Opening of Client Centre in Praha 10-

Vinice

Consumer Finance

• Funding of receivables from revolving loans and credit cards

Private Banking

• Starting operation, targeing private clients with assets more than EUR 1m

Key Businesses: Nomos BankFinancial Services

31

(RUB in bi l l ions) 2010 2011 % change

Total assets 530.2 662.1 24.9%

Gross customer loans 354.9 468.3 32.0%

Customer accounts 313.4 382.4 22.0%

Shareholders ' equity 46.9 62.3 32.8%

Total equity 57.9 75.7 30.7%

Net profi t 10.4 12.1 16.3%

Tier 1 capita l 56.6 73.9 30.6%

Total capita l 83.3 99.3 19.2%

Net interest margin (%) 5.3 5.5 --

Cost income ratio (%) 43.5 47.2 --

RoAE (%) 21.1 18.2 --

ROAA (%) 2.3 2.0 --

NOMOS at a glance

� Largest listed privately-owned bank in Russia with free float of 24.99% according to Interfax-CEA(1)

� 2nd largest privately-owned and 8th largest banking group in Russia by total assets according to Interfax-CEA(1)

� Strong growth track record both organically and through acquisitions

� Expanding distribution platform including 287 branches and outlets, and 1,849 ATMs in 42 economically-developed regions of Russia(1)

� Broad geographic network with focus on 5 key regions - Moscow, Khanty-Mansiysk/Tyumen/Yamalo-Nenets, St. Petersburg, Novosibirsk and Khabarovsk(1)

� Key shareholders, ICT and PPF, committed to the Bank and focused on value creation

(3)

NOMOS’ International Credit Ratings

(4)

(5)

(6)

(6)

(6)

(6)

(6)

(6)

(7)

Tier 1 ratio (%) 10.6 12.0 --

Capital adequacy ratio (%) 15.6 16.2 --

32(1) Data as of December 31, 2011(2) According to Rosstat(3) RoAE to NOMOS equity holders

(4) Including one-off IPO transaction costs of RUB 215 mln; CIR would comprise 46.6% for FY2011 if including IPO transaction costs(5) Including one-off IPO transaction costs of RUB 215 mln; RoAE would comprise 18.5% for FY2011 if excluding IPO transaction costs(6) Pro forma for year 2010 assuming that the acquisition of BKM took place on January 1, 2010(7) Including one-off IPO transaction costs of RUB 215 mln; RoAA would comprise 2.1% for FY2011 if excluding IPO transaction costs

NOMOS’ International Credit Ratings

Year Fitch Moody's

2012

BB (upgraded 11 Aug 2011)

Ba3 (confirmed 17 Nov 2011)

The regions of NOMOS’ presence cumulatively produce 84%(2) of total Russian GDP

Multi segment business

franchise

Over 11,300 corporate clients

Appr. 78,500 small business clients

Appr. 1.5 m retail clients

St-Petersburg

Moscow

Tyumen

Khanty-Mansiysk

Novosibirsk

Khabarovsk

(1)

(1)

(1)

Salekhard

(Yamalo-Nenets)

Uniquely positioned between small regional and

large state owned institutions

#2 private banking group in Russia, #8 by assets

(RAS total assets, RUB in billions)

Local banks (private)

Foreign banks (private)

State-owned

Listed

NOMOS

Market cap (US$ bn) as of May 21, 2012 (5)

Largest listed

(1)

33Source: Interfax-CEA 1Q 2012 (based on total assets according to RAS data)(1) Interfax-CEA 1Q 2012(2) Includes VTB24, Bank of Moscow and Transcredit(3) Includes Rusfinance and Deltacredit

(4) NOMOS , BKM , NOMOS-REGIO, NOMOS-BANK-Siberia, Inbank, NMB combined under RAS(5) Source: Bloomberg(6) Average daily turnover on London Stock Exchange from January 1, 2011 through April 11, 2012

Largest listed

privately

owned bank

Key highlights

Solid financial standing

and conservative risk

management demonstrated

across the economic cycle

A long-term consolidator

in the attractive Russian

banking sector

34

Strong platform for

small business and

retail banking growth

Low-risk

investment banking

business

Key Businesses: Generali PPF HoldingFinancial Services

35

Generali PPF Holding – overview

A leading insurance group in CEE, active in the pensions sector as well

Joint venture between PPF and Assicurazioni Generali, est. 2008

Present in 14 countries in CEE and CIS

16 billion assets

More than 13 million clients

Excellent profitability and operating results

Responsible for 6% of Generali

Group GWP while at the same time

net profit creates over 30% of total

Group’s profit

GPH Key indicators

+20%

Operating result (Euro m) Combined ratio ( % )

- 3,7%

2010 2011 2010 2011

37

Net profit (Euro m)

+28%

Pension funds’AUM (Euro m)

+8,0%

2010 2011 2010 2011

2010 2011

GPH Operational Highlights – profitable growth in challenging market conditions: 2011Net profit at EUR 314m, (+ 28% y-y)

Total GWP in Non-Life segment stable at EUR 2,261m despite negative development in key markets,

especially in Motor segment

GWP Life regular premiums increased to EUR 994m (+ 1.4% y-y)

Total GWP (Life + Non-Life) reached EUR 3,393m

Operating result at EUR 503m (+20.1% y-y),

38

Net Combined Ratio improving to 89.5% (-3.7 p.p.), an excellent level compared to the market and within

Generali Group

Net Technical Result in Non-Life improving significantly to EUR 201m (131m in 2010)

Shareholder’s Equity stable at EUR 4.4bn

General expenses decreased by 1.2%

Significantly better performance than our peers in CEE (NCoR)

99%97%

99%

102%105%

102%99%

107% 105%

95%97% 98%

102%105%

100%

105%

110%

115%2009 2010 2011

39

88%

93%

97%

93%

89%

95%97%

75%

80%

85%

90%

95%

GPH PZU Allianz VIG AXA Uniqa

Source: GPH, M&A and Analysis Department

Key Businesses: EldoradoRetail

40

Key Businesses: Eldorado

Profile

� Eldorado is the largest consumer electronics retailer of household appliances in

Russia. It has 670 stores (including franchises) in 455 cities throughout the country.

41

� Total revenue in 2011 exceeded RUB 82bn

� Eldorado was founded in 1994; PPF Group entered the company in 2009 by acquiring

50% + 1 share; in 2011, PPF completed a buyout of all remaining shares from Igor

Yakovlev and now controls 100%.

Eldorado at a glanceProfile

� Largest geographical overage

� 385 stores in 170 cities, 285 Franchisees in 285 cities across Russia

� Eldorado business split between regions: Siberia 19%, North-West 17%,

Central 17%, South-West 16%, South 16%, Urals 15%, Internet 1%

42

Key Indicators 2011

Gross Margin Closing Net Debt 28,90% 12 bn RUR

2011 23,9 bn RUR 2010

2010 27,40% 2011 9 bn RUR22.69 bn RUR

43

EBITDA6.7%

2011 5,5 bn RUR

2010 6.1%5,08 bn RUR

’000 RUB31 December

201131 December

2010

ASSETSTotal non-current assets 9 828 205 9 045 051

Total current assets 27 987 802 22 467 869Total assets 37 816 007 31 512 920

EQUITY AND LIABILITIES

Total equity 2 489 411 -7 959 340

Total non-current liabilities 561 010 1 261 374

Total current liabilities 34 765 586 38 210 886 Total equity and liabilities 37 816 007 31 512 920

Key Businesses: PolymetalNatural Resources

44

Polymetal at a glanceLeading precious metals producer in Russia and Kazakhstan: FY11 gold equivalent (‘GE’) production of 810 koz1: 55% gold,

41% silver, 4% copper

5 operations in Russia and 1 operation in Kazakhstan, including 3 centralised processing hubs

High growth at high grade: a rare combination in gold mining� High-quality asset portfolio: JORC-compliant GE reserves of 14.3 moz at 4.2 g/t GE plus 13.8 moz of GE resources at 3.9 g/t GE2

� Targeted 2011-2014 gold equivalent production growth of 73% to GE 1.4 Moz

Premium Listing on LSE Main Market: FTSE 100 participant, market capitalization US$5.7bn 3

Mayskoye

Production

45

Source: Company information, Bloomberg(1) Twelve month period ending 31 December 2011; GE at 60:1 Ag oz/Au oz and 1:5 Cu mt/Au oz conversion ratios(2) As at 01.01.2012(3) As at 01.05.2012

Voro

Khakanja

Omolon

Albazino

Dukat

Amursk POXVarvara

ProductionDevelopment

Post-IPO shareholding structure: same assets – NewCo

� $0.2/share dividends to be paid for FY2011to POLY Int shareholders subject toapproval by the AGM (16 May – Ex divdate; 18 May– Record date; 18 June – Paydate)

� Starting FY2012, the Company's intention isto pay annual dividends of 20% of netincome provided that net debt/adjustedEBITDA is less than 1.75

Alexander Mamut

17.9%

International (Jersey)

Free Float51.1%

ICT Group(Alexander Nesis)

PPF Group

20.9% 10.1%

Dividend Policy

46

� 83.3% of shareholders of JSC Polymetalconverted their shares to Polymetal Intshares through ISSF1

� As a result of the MTO launched on 23 Nov2011 at RUB 531.15 per share, PMTL’sholding in Polymetal has increased to99.48% by 16 Feb 2012

� Squeeze-out to be applied to remainingshares

� GDRs delisted from LSE. Ordinary sharesare also expected to be delisted soon fromthe MICEX-RTS

JSC Polymetal(Russia)

Existing Asset Base of JSC Polymetal

99.48%

PMTL Holding Ltd.(Cyprus)

100%

(1) Institutional Share Swap Facility

Free Float0.5%

(GDRs + Russian ords)

MTO and Squeeze Out

Fast, majority invested, production growth

180 210 220

140

220 220

130 220

Mayskoe

Albazino

Omolon ops

Gold equivalent production1, koz

810

1000

1300

1400

Capital expenditure2, US$m

47

300 280 320 340 350 340

151 186 160 150 130 120

136170 128 140 140 140

18

98 127 100 120 140

19 46

180 210 220

30

2009A 2010A 2011A 2012E 2013E 2014E

Varvara

Khakanja

Voro

Dukat ops

Source: Company information(1) GE at 60:1 Ag oz/Au oz and 1:5 Cu mt/Au oz conversion ratios(2) 2009-2011: additions to PP&E as accounted in the audited consolidated cash flow statement + amounts payable at the end of the period

605

753810

Polymetal strategy

Achieve design capacity at existing mines Achieve design capacity at projects currently in construction or ramp-up phase by 2nd half of 2013 and achieve an annualized run-rate of GE 1.4 Moz in 2014. Assets in construction or ramp-up phase expected to generate production growth are the Amursk POX hub, the Omolon hub and the Dukat hub

Invest in exploration to ensure growth beyond 2014Near-mine – to expand the Group’s reserve base and leverage existing processing facilities

Greenfield – to establish the feasibility of constructing two new standalone mines by 2013

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Maintain exemplary corporate governance

Pursue “bolt-on” acquisitionsPursuit of selected synergistic ‘bolt-on’ acquisition opportunities with a view to leveraging processing capacity, infrastructure and operational expertise at our existing processing hubs or transforming current standalone mines into new hubs

Key Businesses: EP Holding/EP EnergyEnergy

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Overview and summary of last 12 monthsIn the last 12 months EPH strengthened its focus on the Energy Sector and further developed its mining operations

Key Structural Changes in the Last 12 Months

EP ENERGY (an EPH division) established (Feb 2012)

� EP ENERGY's key strategic points include its presence in contracted and regulated energy operations, dynamic activity in acquisitions and growth, and also maintaining a proactive and responsive approach to its customers

� New management: J. Špringl - CEO and M. Janča - CFO� 5 Divisions: (1) Mining, (2) Power and Heat, (3) Renewables, (4) Trading and Supply, (5) Coal Trading and Logistics

EP INDUSTRIES spun-off from EPH (Sep 2011)

� All industrial companies were devolved from EPH and merged into the new EP INDUSTRIES group� Focus on investments in industrial assets and activities outside the energy sector (the power engineering industry and services remain a � Focus on investments in industrial assets and activities outside the energy sector (the power engineering industry and services remain a

major pillar of EP INDUSTRIES)� EP INDUSTRIES includes the following companies: SOR, EGEM, ELEKTRIZACE ŽELEZNIC, MSEM, VČE-montáže, SEG, PROFI-

ELRO, SERW and První brněnská strojírna; currently negotiating the acquisition of a part of SES Tlmače

MIBRAG and Energotrans transactions (Jul 2011)

� EPH signed contract to purchase remaining 50% stake in MIBRAG � Simultaneously, EPH sold Energotrans to ČEZ� Both transactions are currently awaiting Antitrust Office approval

One Important Status Change

PG SILESIA started commercial operations (Apr 2012)

� Taken over in Dec 2010, since then EPH is investing in opening three mining areas� In April 2012 started mining in the first area (LW160), level of approx. 1 Mt p.a

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SummaryWith the exclusion of one-offs, EP Energy (a EPH division) in the last years kept delivering stable EBITDA of EUR 320m

293

341329

289

322321

EBITDA of EP ENERGY Companies(EUR million)

Major one-off items included(c-32.3mEUR)• Czech CO2 tax impact in 2011 c-EUR13.3m (also applicable in 2012)

• Lower coal sales due to maintenance of Lippendorf plants c-EUR13m

• Trades concluded in 2008 with impact in 2011 c-EUR6m

Major one-off item included (c+18mEUR)• Exceptional margin from power trades

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2008A 2009A 2010A 2011A 2012Plan

Key Businesses: PPF Real EstateProject of the future Moscow Telecom City

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PPF Real Estate HoldingCompany Profile

PPF Real Estate Holding B.V. consolidates all of PPF Group’s Real Estate activities and functions

as a real estate investor, developer, owner and professional advisor

It currently belongs to the largest market players in both the Czech Republic and Russia with

the future aim of becoming a global player in the real estate business

Due to its size, its activities are split into two branches: PPF Real Estate CEE and PPF Real Estate

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Russia.

Real Estate at PPF is ChangingOrganizational and Personnel changes

�A clearly-defined new investment strategy� IRR above 20%�Profit criteria▫CEE > EUR 50 million▫Rest of the world > EUR 100 million

�Gradual disposal of all non-core projects

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�Gradual disposal of all non-core projects�Emphasis on a low number of projects with high potential�No minority shareholdings in the future

Business Highlights 2011Two regional retail centers opening in Russia in late 2011

� Ryazan: Investment – EUR 154 million, 54.000 m2 GLA, NOI: EUR 15.0 million

� Astrakhan: Investment – EUR 71 million, 37.000 m2 GLA, NOI: 9.0 million

Reality CZ Closing – major transaction in Czech Republic

� Disposal of 25 buildings, IRR > 20%, Proceeds: EUR 90 million

� Acquisition of a majority stake in a development of a large scale logistic project in Moscow:

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� Acquisition of a majority stake in a development of a large scale logistic project in Moscow:

Investment – EUR 305 million, 360.000 m2 GLA

� Acquisition of two landmark buildings on Parizska, the most luxurious of Prague’s high-end

shopping streets

Real Estate Strategy

Full value chain presence

Cash-generation focus

� Objective to generate sufficient cash flow to REH shareholders� Key drivers

� Net rental income focus

� Presence across the real estate value chain in order to capture maximum volume of absolute proceeds� Real estate investment advisory and development� Real estate investment activity and construction� Center management

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focus

Strong IRR drive

� Net rental income focus� Prefer instant cash proceeds to longer recovery� Investment into highly profitable new development projects

� Strong focus on maximizing IRR, even in “tough times”� Interesting opportunity to generate above average IRR seen in

distressed investment opportunities

Future things to look forward to

Continuous development of the Russian landmark projects such as:

� Moscow TelekomCity – a large high-tech office park. Investment: EUR 885 million, GLA 406,000m2,

NOI: EUR 103 million

� Mitino Shopping Center, Moscow – Investment: EUR 140 million, GLA 45,000m2, NOI 25 million

� South Gate Industrial Park – a logistics park – Investment: EUR 305 million, GLA 553,000m2,

� Consolidation of all logistics projects under one umbrella platform – with a potential of up to 1.5 million m2

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� Consolidation of all logistics projects under one umbrella platform – with a potential of up to 1.5 million m2

of GLA – putting it in the top 3 in the whole of Russia

� Very active search for further investment opportunities throughout the world – We are currently

investigating opportunities in Turkey, Germany, USA and Holland, each with a minimum investment

volume of EUR 100 million

� Future NOI value of all current projects in development if completed ~ EUR 270 million / year

South Gate Industrial Park TelecomCity Moscow

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Thank you!

Slide 17

Czech Brewing Industry

Short Summary

From Dispersed Ownership to Concentration and Back

�Hundreds of industrial, castle, monastery etc. breweries existed in Bohemia at old times (similar like in Germany – even now)

�Breweries also differed according to ethnic �Breweries also differed according to ethnic principles: Czech vs German (Pilsen-Plzeň, Budweis-České Budějovice)

� Industrial brewing led to concentration: example of merger between (Czech) Pilsner Urquell and (German) Gambrinus breweries in the 1920s in Pilsen

�After World War II (also under Communist rule) there were cca 45 industrial breweries in CZ

From Dispersed Ownership to Concentration and Back

�After so-called Velvet Revolution the Czech Brewing Industry became an object of interest from abroad: both private equity and (mainly) large international beer companies entered the market, acquiring breweries

�Examples of unsuccessful acquisitions, without respect to the Czech beer culture: BASS of UK acquiring Prague-based Staropramen in mid-90s - quick exit, selling to Belgian Interbrew

�The best success story is Pilsner Urquell´s acquisition by �The best success story is Pilsner Urquell´s acquisition by South African Breweries in 1999: SAB made PU its international premium brand, exporting into 100 countries

�Cca 30% of the market is in Czech hands – private companies

�Budweiser (Budejovicky Budvar) represents the only exception, being so-called National Enterprise, the unique of its kind, owned by the Czech government (Ministry of Agriculture) – because of trademark disputes with Anheuser-Busch world-wide

International vs Czech

�Pilsner Urquell, Radegast, Kozel – SABMiller

�Staropramen, Braník, Ostravar –

�Lobkowicz, Jezek, Janacek, Platan – K Breweries

�Holba, Zubr, Litovel – Moravian-Silesian Breweries (PMS)

�Bernard – individual owner together with Belgian Duvel

Braník, Ostravar –Molson Coors

�Starobrno, Krusovice, Zlatopramen -Heineken

�Bernard – individual owner together with Belgian Duvel Moortgart

�Svijany – individual owner�…and many others (incl.

microbreweries)

International vs Czech

�Sophisticated Brand Marketing and Sales Techniques

�Major sponsorship (Olympics, Soccer)

�More „home-made“ marketing, appealing to Czech pride

�Sponsorship of local initiatives (music, sports)

�Positioning as a „guard of Czech beer (Olympics, Soccer)�Focus on historical

heritage, brewing museums/tours

� International Production Standards (ISO, HACCP)

�Strong pressure on costs/financials –profitable business

�Positioning as a „guard of Czech beer against so-called unified Eurobeer“ -Bernard

�Although high technical level but not so strict technology requirements (more improvisation – appreciated by consumers)

�Microbreweries with restaurants/pubs