Nine Months Report 2012 (VNV Global)

Summary

• Net result for the period was USD 37.27 million, with earnings per share of USD 0.40.p.3
• A distribution of SEK 18.00 per SDR, totalling SEK 1,619 million or USD 246 million, was made through a share split and mandatory redemption programme.p.3
• Net asset value per share increased by 12.37% excluding the redemption programme and decreased by 43.62% including it.p.5
• The three largest investments are Tinkoff Credit Systems (38.7%), Black Earth Farming (25.0%) and Avito (21.9%).p.5
• Avito reached over 10 million weekly unique visitors in September 2012.p.8
• Tinkoff Credit Systems placed a USD 250 mln 3-year eurobond with a 10.75% coupon.p.9
• Horizon Capital paid a total of USD 40 million for 4 percent of the shares in TCS Bank, valuing the bank at USD 1 billion.p.18

Key insights

1. The redemption programme was completed on October 2, 2012 and left four main holdings of a private equity nature.p.3
2. Net asset value per share rose 4.73% in the third quarter excluding the redemption programme and fell 47.47% including it.p.5
3. Avito's valuation is based on a May 2012 transaction in which investors put USD 75 mln into the company.p.8
4. TCS Bank's valuation rests on a May 2012 investment of USD 50 mln by Baring Vostok Private Equity.p.9
5. Black Earth Farming revenue from goods sold during 2Q12 increased by 156% y-o-y to approximately USD 17.9 million.p.7
6. RusForest appointed Garrett Soden as CEO on August 2, 2012.p.10
7. The share split and redemption paid SEK 18.00 for each Redemption SDR on October 2, 2012.p.3