1Company 2Investments 3Top 10 of Criteria 4Baring Vostok Funds Projects 5Partners Views 6Baring Vostok Funds 7Contacts

Baring Vostok — a leader in PRIVATE EQUITY in Russia

02.04.2013

Volga Gas PLC — Preliminary results for the year ended 31 December 2012.

Volga Gas plc ("Volga Gas", the "Group" or the "Company"), the oil and gas exploration and production group operating in the Volga region of Russia, is pleased to announce its preliminary unaudited annual results for the year ended 31 December 2012.

27.03.2013

An Interview with Michael Calvey of Baring Vostok Capital Partners.

EMPEA Research. Michael Calvey, Founder and Senior Partner of Baring Vostok Capital Partners, shares his perspectives on the private equity landscape in Russia and the Commonwealth of Independent States (CIS), and discusses some memorable transactions throughout his career in the region.

18.03.2013

Zhaikmunai More Than Doubles Revenue and EBITDA in 2012.

Zhaikmunai LP, the oil and gas exploration and production enterprise with assets in north-western Kazakhstan, communicates its full-year financial results for the year ended 31st December 2012.

05.03.2013

Zhaikmunai Completes Acquisition of Three Fields.

Zhaikmunai LP, the oil and gas exploration and production enterprise with assets in north-western Kazakhstan, today confirms that it has acquired legal ownership of the subsoil rights related to three oil and gas fields: Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye.

20.02.2013

Zhaikmunai LP — 2012 Financial Update.

Zhaikmunai LP, the oil and gas exploration and production enterprise with assets in north-western Kazakhstan, today issues this financial update in respect of its financial results for the year ended 31st December 2012.

Baring Vostok Private Equity Funds

Six funds in 18 years

Assigned investments, $

160 mln1994
FNIS

15 mln1999
FNIS RF

205 mln2001
BVPEF

413 mln2005
BVPEF III

1100+302 mln2007
BVPEF IV
+Supplemental Fund

1153+350 mln2012
BVPEF V
+Supplemental
Fund
Dividend history

Distributed dividends, $ mln
Diversified Portfolio

By sectors, %

By stages, %

By control level, %

Ten key investment criteria

Strong management team with economic incentives aligned with investors and a common vision for the future.
Straightforward, realistic and sustainable business plan.
Barriers to entry, such as long-term licensing, established brands and high replacement cost of assets.
Leading market position of the company in the industry, market niche or region.
Ownership structure ensuring investors’ control over proceeds from the company’s activities.
Potential for funds to add value to the company.
Constructive relations with federal and local authorities.
Clean balance sheet with limited debt, and balanced foreign currency exposure.
Positive operating cash flow or ability to attain it within 12 months of investment.
Reasonable entry valuation which allows the Funds to achieve a high return on capital under realistic long-term scenario.

Baring Vostok Funds Projects

YANDEX — www.yandex.ru **Russia’s largest Internet company and leading search engine** *Moscow, Russia CEO: Arkady Volozh* show details

Center for Financial Technologies — www.cftgroup.com **Leader in software solutions and processing services for financial and credit organizations in Russia and the CIS.** *Novosibirsk, Russia CEO: Andrey Smirnov* show details

OZON.ru — www.ozon.ru **Russia’s leading Internet store** *Moscow, Russia CEO: Maelle Gavet* show details

Burren Energy — www.burren.co.uk **Oil company with primary production in Turkmenistan and Congo. Currently a part of ENI Group. Fully exited in 2008** show details

Volga Gas — www.volgagas.com **Independent oil and gas company carrying out exploration and production in the Volga Region** *London, Great Britain Moscow, Russia CEO: Mikhail Ivanov* show details

ZHAIKMUNAI — www.zhaikmunai.com **Oil and gas company developing the Chinarevskoye field in Kazakhstan** *Douglas, Isle of Man Chairman: Frank Monstrey CEO: Kai-Uwe Kessel* show details

Novomet — www.novomet.ru **One of the leading manufacturers of electric submersible pumps (ESPs) and related products for the oil and gas industry.** *Perm, Russia CEO: Oleg Perelman* show details

Syktyvkar LPK — www.mondigroup.com **One of Russia’s largest producers of pulp and paper products. The company is today a part of the Mondi group, a department of Mondi Business Paper. Exited in 2002** show details

Etalon — www.etalongroup.com **One of Russia’s leading residential real estate developers with a focus on St. Petersburg, north-west Russia, and Moscow** *St. Petersburg, Russia CEO: Vyacheslav Zarenkov* show details

Ecodolie — http://www.ecodolie.ru/ **A leading developer of low-rise residential real estate in Russia’s regions** *Moscow, Russia CEO: Konstantin Phillipishin* show details

Europlan — www.leasing.ru **Russia’s leading auto leasing company** *Moscow, Russia CEO: Nikolay Zinovyev* show details

Kaspi bank — www.kaspibank.kz **One of the leading retail banks in Kazakhstan** *Alma-Ata, Kazakhstan Chaiman: Vyacheslav Kim CEO: Mikhail Lomtadze* show details

Golden Telecom — www.goldentele.com **Leading digital telephone communication operator and Internet access provider in Russia and Ukraine (now a part of Vimpelcom). Fully exited in 2007** show details

CTC Media — www.ctcmedia.ru **One of Russia’s largest television stations. Fully exited in 2008** show details

ER-Telecom — www.ertelecom.ru **Leading regional telecommunications operator providing consumer broadband and cable TV services** *Perm, Russia CEO: Andrey Semerikov* show details

www.1C.ru **Leader in accounting software solutions** *Moscow, Russia CEO: Boris Nuraliev* show details

Gallery Media Group — www.gallerymedia.com **Second-largest outdoor advertising operator in Russia and Ukraine** *Moscow, Russia CEO: Dmitry Zaytsev* show details

AVITO.RU — www.avito.ru **Online classifieds service** *Moscow, Russia CEO: Yunos Engelberg* show details

Enforta — www.enforta.ru **Leader in the Russian market of wireless broadband Internet access** *Moscow, Russia CEO: Viktor Ratnikov President: Lee Sparkman* show details

IVI.RU — www.ivi.ru **Online video service** *Moscow, Russia CEO: Oleg Tumanov* show details

InfiNet Wireless — www.infinet.ru **Russian developer and producer of broadband wireless access systems for IT infrastructure development** *Moscow, Russia General Director: Dmitry Okorokov* show details

Global Telesystems — **Telecommunications company, the assets of which were used as a basis for Golden Telecom. Exited in 1999** show details

EMC — www.emcmos.ru **Leading clinic in Moscow** *Moscow, Russia CEO: Artem Gapeev* show details

EMC — www.emcmos.ru **Leading clinic in Moscow** *Moscow, Russia CEO: Artem Gapeev* show details

Family Doctor — http://www.fdoctor.ru/ **Clinic in Moscow** *Moscow, Russia CEO: Yulia Grafova* show details

SladCo — www.sladco.ru **One of Russia’s largest confectionary producers, currently a part of Orkla. Exited in 2005** show details

Rogan — www.rogan.ua **One of Ukraine’s largest beer producers, currently a part of Sun Interbrew. Exited in 2000** show details

Borjomi — www.borjomi.com **Georgia’s largest mineral water producer, and one of the region’s brands. Exited in 2002** show details

Orient Express Bank — www.express-bank.ru **Russia’s third-largest retail bank (by branch network)** *Blagoveshchensk, Russia CEO: Sergey Vlasov* show details

TINKOFF Credit Systems — www.tcsbank.ru **Russian retail bank with focus on credit cards services** *Moscow, Russia Chairman: Oleg Tinkov CEO: Oliver Hughes* show details

First Collection Bureau — www.collector.ru **Leading collection agency in Russia** *Khabarovsk, Russia CEO: Pavel Mikhmel* show details

Teplant — www.teplant.ru **A leading Russian insulation materials and sandwich panels producer.** *Samara, Russia CEO: Oleg Podgorny* show details

Spasskcement — **Association of cement producers in the Far East. Fully exited in 2007** show details

BARING VOSTOK: PARTNERS VIEWS

Arkady Volozh

Yandex CEO

Baring Vostok Fund and its professionals have become true partners and sound advisors, and we are counting on our relationship to continue for many more years!
V. Zarenkov

Chairman of the Board of Directors, Etalon Group

The Baring Vostok team are professionals who know their business and are able to solve any challenges our company may face.

BARING VOSTOK FUNDS

Baring Vostok Private Equity Fund V + Baring Vostok Private Equity Fund V Supplemental Fund

Capital Committed:$1,153 million (main) + $350 million (supplemental)

Currently in investment period

Sample Investments:PKB, Orient Express Bank

Baring Vostok Private Equity Fund IV and Baring Vostok Private Equity Fund IV Supplemental Fund

Capital Committed: $1,102 million (main) + $302 million (supplemental)

Investment period closed

Sample Investments: Yandex, Etalon, Zhaikmunai, Volga Gas, ER-Telecom, Orient Express Bank, Eco-Dolie, Teplant, 1C, Novomet, Family Doctor, EMC, Tinkoff Credit Systems, Ivi.ru, Avito.ru