Six Months Report 2012 (VNV Global)

Summary

• Net result for the period was USD 31.27 million, with earnings per share of USD 0.33.p.3
• Net asset value was USD 495.39 mln on June 30, 2012, or USD 5.24 per share.p.3
• Net asset value per share increased by 5.83% while the RTS index decreased by 2.27%.p.3
• The board proposed distributing SEK 18.00 per SDR, approximately USD 242 million in total, through a share split and mandatory redemption.p.3
• The three biggest investments are Tinkoff Credit Systems (29.6%), TNK-BP Holding (20.1%) and Avito (16.8%).p.5
• Avito received USD 75 million in new funding in May 2012.p.8
• USD 50 million was invested in Tinkoff Credit Systems by Baring Vostok Private Equity in May 2012.p.9

Key insights

1. Vostok Nafta repurchased 3,700,462 SDRs during the second quarter.p.3
2. Black Earth Farming obtained a USD 25 million unsecured credit facility at an annual interest rate of 11%.p.7
3. Black Earth Farming revenue from goods sold during 1Q12 increased by 425% y-o-y to approximately USD 22.8 million.p.7
4. Tinkoff Credit Systems placed a USD 50 mln domestic bond with an 87% oversubscription and a 13.25% coupon.p.9
5. The RusForest rights issue provided approximately SEK 452 million before costs.p.10
6. Liquid assets of the group amounted to USD 188.79 mln on June 30, 2012.p.11