Twelve Months Report 2009 (VNV Global)

Summary

• Net asset value was USD 487.62 mln, corresponding to USD 4.83 per share.p.1
• Net asset value per share in USD decreased by 10.36 % over the period; excluding new share issues it would have been +40.34%.p.1
• The RTS index increased by 133.24% in USD terms over the same period.p.1
• In the last quarter, net asset value per share in USD increased by 8.06%.p.1
• The three biggest investments were Black Earth Farming (20.61%), Kuzbassrazrezugol (10.41%) and Egidaco/Tinkoff Credit Systems (10.03%).p.13

Key insights

1. The result from financial assets at fair value through profit or loss amounted to USD 141.05 mln.p.2
2. Russia's 2009 fiscal deficit came in at 5.3% versus the 9% expected earlier in the year.p.4
3. Black Earth Farming's commercial harvest for 2009 was 511 thousand tons on 181 thousand planted hectares.p.5
4. Tinkoff Credit Systems expects full year 2009 net profit of USD 18 to 20 million.p.7
5. TNK-BP issued a Eurobond worth USD 1 billion with coupon rates of 6.25 and 7.25 percent.p.8
6. The fair value of the stake in Kontakt East/Vosvik increased by USD 2.7 million to USD 18.4 million.p.13
7. The BashTEK Oil consolidation would create a company producing 11.7 million tons in 2008.p.10