Twelve Months Report 2011 (VNV Global)

Summary

• Net result for 2011 was USD –124.10 million, compared with 138.36 in 2010.p.3
• Net asset value was USD 492.08 mln on December 31, 2011 (December 31, 2010: 625.43), or USD 4.93 per share.p.3
• Net asset value per share in USD decreased by 21.32% over the year, while the RTS index decreased by 21.94%.p.3
• In the fourth quarter, net asset value per share decreased by 7.03% (RTS index: +3.04%).p.6
• The three biggest investments are TNK-BP Holding (24.2%), Black Earth Farming (13.5%) and Tinkoff Credit Systems (10.3%).p.6
• In total 2,520,775 shares were repurchased during the fourth quarter of 2011.p.5

Key insights

1. Avito's value development was 121.6% over 2011.p.11
2. Black Earth Farming's share development was –49.0% over 2011.p.9
3. TNK-BP accounts for about 16% of Russian oil production.p.8
4. Russia has about 60 million internet users and penetration of about 42%, making it the second largest market in Europe.p.11
5. By 2013 internet users in Russia are expected to reach over 90 million, with a penetration of 67%.p.11
6. Russia signed its entry into the WTO in mid December after about 17 years of negotiation.p.4
7. Liquid assets of the group amounted to USD 37.67 mln on December 31, 2011 (December 31, 2010: 9.45).p.13
8. The Board mandated repurchases of up to a maximum of 10 percent of outstanding SDRs.p.13