Презентация "Открытие Капитал"

1. Оtkritie Capital
CAPITAL MARKETS
INVESTMENT BANKING SERVICES

2. 1 WHO WE ARE
OTKRITIE Financial Corporation is one of Russia’s leading financial institutions, focused on investment banking,
commercial banking, brokerage services, and asset management.
The key constituents of Otkritie Financial Corporation are Otkritie Capital, Otkritie Bank, Otkritie Brokerage, Otkritie Asset
Management, Otkritie Securities Limited and Otkritie Finance (Cyprus) Limited.
At present, the companies that comprise the Otkritie Financial Corporation provide a wide range of services to
institutional, retail, and corporate clients and on both the domestic and global stock markets. Clients are also offered
a traditional set of banking products.
Established in 1995, OTKRITIE has become a trusted partner for many Russian and international individual
and institutional clients.
Accredited by most European exchanges where Russian instruments are traded, OTKRITIE offers global market
connectivity and order-routing from its offices in London, Frankfurt, Moscow, New York, Bermuda, Limassol and over
50 major cities across Russia.

3. 2 HISTORY
• TOP-10 in terms of trading volumes and number of clients in Russia – since 1999;
• TOP-10 player in terms of trading volumes in depository receipts at LSE – since 2009.
Source: RTS, MICEX, LSE, Company data

4. 3 GEOGRAPHY
• Offices of the companies, banks and brokerage house of OTKRITIE Group are located in over 50 cities* of Russia
(in 30 regions), as well as in Great Britain, Germany, the Republic of Cyprus and Ukraine.
• Regional network of the group in Russia includes more than 30 branches and around 220 points of sales
* Including offices in Dolgoprudniy, Reutov, Zhukovskiy and Khimki

5. 4 MAIN LEGAL ENTITIES OF OTKRITIE FINANCIAL CORPORATION
OTKRITIE
Brokerage house JSC
OTKRITIE Bank (JSC)
OTKRITIE Brokerage
house JSC (Ukraine)
OTKITITIE Financial OTKRITIE Securities
OTKITITIE CAPITAL
Corporation JSC Limited (UK)
OTKRITIE
Asset Management Ltd. OTKRITIE Finance
Limited (Cyprus)
BENEFICIARIES
Mr. Vadim Belyaev 39,24% • Commercial Banking, Global Markets
& Investment Banking
Mr. Boris Mints 39,24%
VTB Bank 19,90% • Asset Management
Others 1,62% • Brokerage

6. 5 BOARD OF DIRECTORS OTKRITIE FINANCIAL CORPORATION
Board of Directors of OTKRITIE FC JSC
Boris I. MINTS Vadim S. BELYAEV
Chairman of the Board President, Board Member
Mikhail V. BELYAEV Vladimir A. MAU
CEO, Board Member Independent Director, Board Member
Sergei K. DUBININ Oleg V. KISELEV
Board Member Independent Director, Board Member

7. 6 LINES OF BUSINESS OTKRITIE FINANCIAL CORPORATION
• OTKRITIE
Asset Management
• Management of collective investments
• Trust management
OTKRITIE Financial
Corporation (OTKRITIE)
• OTKRITIE Commercial Banking • OTKRITIE Capital
Global Markets
• Corporate Banking and Investment Banking
• Retail Banking
• Fixed Income Trading • Electronic Trading
• SME Lending
• Money Market • Retail brokerage
• Private Banking
• Debt Capital Markets • Depository service
• Equity Capital Markets • Sales and Trading
• Mergers & Acquisitions • Research
• Prime Brokerage

8. 7 KEY FIGURES AND FACTS OTKRITIE FINANCIAL CORPORATION
OTKRITIE Financial Corporation JSC
Assets ($ mln.) Revenue ($ mln.)
Trading turnover Source: financial reports and management forecasts
MICEX and FORTS ($ mln.)
• TOP-10 M&A adviser in Russia and Eastern Europe as of 2008, according
to Dealogic International Research Agency
• Leading positions on the Russian stock market in terms of trading volumes
• Widely represented in Russia (more than 50 major cities of the country)
• Well established on the European market with offices in London, Kiev
Frankfurt and Limassol
• More than 5200 employees as at the end of 2010
- USD equals 31 RUR - 1H 2010 according to unaudited management report under IFRS
- 2007-2009 according to audited financial results under IFRS - Trading turnover according to the data from www.micex.ru and www.rts.ru and off the market

9. 8 IFC – NEW SHAREHOLDER OF OTKRITIE BANK
OTKRITIE Bank:
target capital structure
67%
16%
17% 67%
16%
OTKRITIE Financial Corporation
International Finance Corporation (Word BankGroup)
17% Deposit Insurance Agency
Sale of up to 17% shares of OTKRITIE Bank (JSC) to IFC in amount of $100
mln.* is in progress. It is going to be the most significant investment of IFC
in the Russian market after 2008. * The project is approved by BoD of IFC, deal closure is expected in 1Q 2011

10. 9 AWARDS & RECOGNITIONS: OTKRITIE FINANCIAL COMPANY
MICEX members
Most active derivative
firms’ equity trading
broker on FORTS with Second place
1st place on RTS Standard MICEX members volumes & the most active
the market share of more according to bonds arrangers’
exchange market in terms of firms’ fixed income trading broker for institutional clients
than 18% & most active rating: subfederal/municipal
trade volume volumes on MICEX
broker on FORTS, options sectors, as of end of 2010* (data from
(data from www.rts.ru) (data from www.micex.ru)
section (data from (data from www. cbonds.ru) www.micex.ru)
www.rts.ru)
TOP 1 TOP 1 TOP 3 TOP 3 TOP 2
London Stock Ranking among Russian Ranking among Russian
Summary rating Exchange-traded bonds
Exchange asset management Bank in terms of
of commercial paper program arrangers’ rating,
Most active brokers, companies according assets and shareholders
arrangers, as of end of 2010 as of end of 2010
(data from www. cbonds.ru) IOB section (www. to the National Rating Agency (data from www. cbonds.ru) equity (data from Bank of Russia, as
londonstockexchange.com) (data from www.nra.ru) of end of 2010)
TOP 5 TOP 5 TOP 5 TOP 10 TOP 30
• Successfully completed IPOs for two Russian
companies on MICEX, with a market capitalisation
of RXbn / US$Xbn
• The licensed company in foreign jurisdiction (UK)
provides access to 30 leading exchanges of the
world through
* Excluding Moscow Financial Agency (Mosfinagentstvo)

11. 10 OTKRITIE CAPITAL:
An Emerged Force in Emerging Markets
Otkritie Capital is the investment banking, securities, capital markets and corporate finance business of
Otkritie Financial Corporation.
Since it’s establishment, the business has grown to be among the strongest and most successful firms
in Russian in it’s target markets.
Working with clients across the institutional, corporate, government, regional and HNWI sectors, Otkritie has developed a business
of size, scale, scope and profitability, developing a leading-edge electronic execution platform as well as hiring and developing some
of the most experienced professionals in its key markets
The business has extended its geographic footprint beyond its strong base of Russia, with operations in the UK, Germany and Cyprus.
Further expansion is planned for Hong Kong and New York in the near future, with a substantial opportunity to enhance its client
offering, its physical presence and its profitability amid market consolidation and a flight to quality among clients.
Brokerage services for retail clients in the Russian securities market.
Key targets
For 2011 Continue to build out the universal investment
banking business model through expanded product
range, strategic hiring and geographic operations.
Support the ongoing process preparing Otkritie FC
for IPO in 2013.

12. 11 BUSINESS SEGMENTS OTKRITIE CAPITAL
Direct Market Access Equity Sales & Trading Corporate Finance Fixed Income Sales & Trading Debt Capital Market Money Markets Research
• Client execution • Client execution • Buy/sell-side • Client execution & • Bond issuance • Money market • Macro
& settlement via & settlement advisory settlement (interest) operations
electronic platform • Commercial • Equity
• Custody of equity • Valuation • Custody of paper issuance • FX spot and
• Custody of DMA clients FixedIncome clients derivatives • Fixed Income
clients • Restructuring • CLN/LPN issuance transactions
• Prop trading • Prop trading
• Brokerage • Mergers and • Securitization • REPO desk
• Derivative execution acquisitions • Derivative execution
& settlement for & settlement for • Syndicated
clients, prop, or clients, prop, or loans issuance
hedging hedging • Secondary
• REPO with CBR placement of bonds
• Underwriting
• Bridge financing
• Market Making
• Restructuring debt
• Financial advisory
• Agent services
and debt
management

13. 12 SENIOR MANAGEMENT TEAM: OTKRITIE CAPITAL
Roman LOKHOV
Head of Global Markets and Investment Banking
Member of the Board, Otkritie Financial Corporation
CEO, Otkritie Securities Ltd.
Igor VAYN
Managing Director Deputy Head of Capital Market
Operations and Investment Banking Services Head
of Capital Market Trends and Corporate Finance
Dmitry POPKOV
Managing Director Deputy Head of Capital Market
Operations and Investment Banking Services

14. 13 GLOBAL MARKET TRENDS
Equity Sales & Trading
Otkritie Capital has quickly established a reputation in the institutional investment sector as a trusted market
participant across a broad range of investors, offering them access to principal equity trading platforms, providing
a stable pricing and execution environment, while helping to develop and implement diverse strategies on stock
markets globally.
We are now a leading domestic prime broker for emerging markets, with a strategic focus on Russia. Our clients include
Russian and international institutional investors, large corporations and private entrepreneurs. Our business is growing
at a fast pace as we continue to stay ahead of the latest market trends. Otkritie Capital acts as a Moscow-based market
maker, providing trading capabilities from Moscow through Cyprus, Frankfurt, London, and soon New York.
Derivatives
Otkritie Capital is one of the biggest operators on FORTS in terms of futures and options trading volumes, as recently
as January 2011 handling over 35% of the overall turnover on the exchange. We offer our clients a wide range of
derivative instruments, including Russian index futures, index options, futures and options on local shares and shares of
Russian entities traded on other stock exchanges (in London, Frankfurt and New York).
Beyond providing liquidity in derivatives on more than 30 underlying securities, we also help our clients design and
implement individual strategies using both listed and OTC instruments.
Otkritie Capital is steadily expanding its range of products and number of underlying securities, which allows us to
retain a leading position on the Russian Derivatives market.

15. 14 FIXED INCOME SALES & TRADING
Otkritie Capital is one of the leading market participants in the Russian debt markets and ranks among
the top three domestic companies in terms of turnover on the secondary bond market on MICEX.
We have a highly skilled team which specializes in fixed-income instruments and we offer our clients a full array
of fixed-income services both in Russia and internationally through our London operation, including Russian
bonds denominated in rubles and foreign currency, as well as bonds issued in CIS countries.
Otkritie Capital is also an increasingly active player in the promissory notes market, working with a broad range
of instruments issued by Russian companies.
Across all fixed income products, we offer corporates and Russian regions one of the most high-quality
and competitive services on the market for raising capital and placing funds through the fixed-income market.
On the secondary market we offer investors highly efficient terms for executing orders, while issuers have access
to market maker services aimed to support the liquidity of their securities.
We also provide financing for institutional investors, using securities as collateral, including standard
pledge and repo operations.
Our clients have access to full support from a team of top-notch analysts in our Research division. Our research products
and analysis provide insight into key market trends on daily and weekly basis, followed by strategic forecasts
on the mid-term outlook, overviews of primary placements, recommendations and trade ideas.

16. 15 FIXED INCOME SALES & TRADING
OTKRITIE’s turnover on the secondary
bond market on the MICEX, mln.RUR
OTKRITIE’s Market Share in 2010
• Negotiated deals mode
• Main trading mode
OTKRITIE’s Market Share
• OTKRITIE; 8,01%
Source: www.micex.ru

17. 16 DIRECT MARKET ACCESS
Access to more than 30 equity and derivatives markets with strong focus on Russia and Emerging Markets
Compatibility with all major international trading systems and global networks
Comprehensive global electronic trading solutions based on advanced order-routing, market data and connectivity
technologies:
Direct Market Access (DMA) – directly to a number of Russian and international
exchanges including MICEX, RTS/FORTS, LSE, XETRA, NYSE/NASDAQ
Execution Desk Access (EDA) – routing orders to our trading desk for execution
in care with real-time status updates on the client’s side
OTKRITIE Capital is an active player on global securities lending and borrowing market
Low Latency & Algo Trading
• Dedicated infrastructure enables algo-traders with faster-than-the-market electronic trading tool
• Exchange collocation solutions for trading at MICEX, RTS/FORTS, LSE and other global markets
• The minimum of intermediate hubs and systems involved ensures efficiency and speed of data
processing and transmission
• OTKRITIE uses industry-standard technology ensures reliable connectivity, smooth and low-latency handling
of orders with effective support for active trading style

18. 17 DIRECT MARKET ACCESS
• OSL is a UK registered, FSA authorised broker
• OSL is a member of The London Stock Exchange,
EDX London, Deutsche Bourse & Chi-x and offers
access to global markets
• OSL acts as an agent for its clients and trades
on MICEX, RTS/FORTS via OTKRITIE broker in Moscow.
OSL takes full responsibility for its affiliated entities MICEX
• OSL clients have no direct exposure to Russian
regulatory or tax regimes
FORTS
X
LSE ED
LOND ON
CLIENT
IE
OTKRIT
Moscow
OSL
London
RTS
XETRA
&
Equity
Global
De rivative
ges
Exchan r
e
via partn
bro kers

19. 18 DEBT CAPITAL MARKETS (DCM)
Core services provided to our Clients: Competitive advantages / Additional services
Origination and placement of bond issues • Rendering listing agent services
• Structuring bond issues, drafting the prospectus and related
documents, support in bond offerings • Offering agent services to help companies restructure
public liabilities
• Underwriting and distribution of primary issues
• Assist issuers in directly managing their own debt pursuant
Support on the secondary market to the effective RF legislation
• Market making – raising liquidity on the fixed income market • Provide domestic ruble bond issuers with bridge financing to
• Advising on enhancing corporate transparency supplement their working capital until the proceeds are raised from
a bond placement, bond buyback obligations are fulfilled on the
• IR and PR assistance secondary market, coupon yield is paid or until bond issue costs
are redeemed (amortized)
Placement of treasury bonds/ secondary debt offerings
• Selling bonds not floated in the course of the primary offering or bought
back from investors due to various binding terms NOTABLE IMPLEMENTED PROJECTS 2010
Assistance in the execution of call and put options
• Optimizing the number of bonds repurchased under call and put options
Second place according to bonds Summary rating of commercial
arrangers’ rating: subfederal / paper program arrangers,
municipal sectors, as of end of as of end of 2010
2010*
TOP 3 TOP 5
Seventh place in bonds arrangers’ Exchange-traded bonds
rating according to number arrangers’ rating, as of
of deals, as of end of 2010 end of 2010
TOP 10 TOP 10
* Excluding Moscow Financial Agency (Mosfinagentstvo)
Source: CBONDS Information Agency

20. 19 DEBT CAPITAL MARKETS (DCM)
1H10 – launching a DCM business line within Otkritie Group’s Investment block
2010 highlights: Our clients represent the following sectors of the economy:
• Building a full-fledged team of Debt Capital Market professionals • Financial services
• Completing 21 public and 17 non-public DCM transactions • Agricultural sector
• Otkritie Bank has organized bond and promissory • Food industry
note issues for 17 issuers
• Metals & Mining
• Otkritie Bank has raised capital in excess of RUB 56 bn
• Machinery-construction
• Otkritie Bank has now joined the ranks of the
Top 10 of investment banks involved in issuing bonds* • Development
• Infrastructure and life support system
• Sub-federal/ municipal sector
Otkritie market share Otkritie market share Otkritie market share
of the municipal sector of the corporate sector of the entire market
• Overal
• Overal mun sector • Overal
corporate sector
• Otkritie • Otkritie • Otkritie
14,09% 4,21% 5,50%
* in different ratings prepared by Cbonds information agency

21. 20 STRUCTURED PRODUCTS
Otkritie Capital helps its clients protect their businesses against unfavorable price changes,
exchange rate fluctuations and shifts in base commodity prices.
We offer a number of methods and financial instruments designed to provide an effective and efficient hedging
strategy – a comprehensive approach to protect corporates and investors against risks associated with price swings
in commodities or fluctuations in currency exchange rates in order to mitigate their impact on your profit.
The most widespread instruments are futures, swaps and options. Alongside this, we offer our clients ready-made
hedging strategies packaged as the following structured products:
• Capped/Floored Average
• Improved Capped/Floored Average
• Cap/Floor
• Min/Max
Our experts hold vast expertise in and help our clients to choose the right instrument or strategy
to meet their individual needs.
Structured products enable investors not inclined to a high degree of risk-taking to enter such complex markets as
electric power utilities or base metals. Moreover, they are the ones to select the desired level of risk tolerance, ranging
from 100% (risk-free investments) to 0%.
Otkritie Capital offers its clients not only custom-made structured products, but also products
developed by leading global issuers.

22. 21 CORPORATE FINANCE
Team members of the investment division have
extensive experience in working with utilities:
• Developing OGK-3’s acquisition plan, strategy, management reshuffle
• Acquiring and managing a 3.5% stake in RAO UES, swapping the stake for OGK-3’s shares and other assets
• Managing portfolio investments in utility stocks (aggregate amount of about $1 bn)
• Developing and implementing OGK-4’s strategy, including the management strategy for several power plants
• Taking part in developing the capacity market model in the Russian Federation
• Resolving issues related to fuel supplies to power generation companies
• Restructuring and managing TGK-1’s stake
• Consolidating distribution grid assets in the course of reorganization of RAO UES of Russia – establishing inter-
regional distribution grid companies (MRSKs), merging Moscow City Electric Grid Company (MGEsK) OJSC with
Moscow United Electric Grid Company (MOESK) OJSC.

23. 22 RESEARCH
Otkritie produces ongoing research on 95 stocks (as at 31st
December 2010), which accounts for X% of the market in terms of
market capitalisation and y% of number of companies.
This has increased from 5 stocks covered in early 2009 and we
have a target of covering up to 110 stocks by the end of 2011
Russian research headcount –
in line with competition
We have increased our research focus on the less covered names,
broadening our CIS exposure, and reviewing the small cap
35
companies
30
We have a coherent and comprehensive product line including:
• Daily, Strategy, Macro, Sector reports, flashnotes,
20
and trading ideas
• Value-adding sector reports
10
Our marketing efforts for companies includes analyst marketing
in Moscow , Continental Europe, London and the US and Non Deal
Roadshows in Moscow and Continental Europe OTKRITIE VTB RenCap Troika
• Equity
• Fixed Income
Source: Source: OTKRITIE Research

24. 23 CONTACTS
Moscow Office
12, bld.1, Yakovoapostolsky pereulok, Moscow, 105064, Russia
Phone: +7 (495) 411-7900
Fax: +7 (495) 232-0300
info@otkritie.com
www.otkritie.com
www.openbank.ru/en
London Office
12th Floor, 88 Wood Street, London, EC2V 7RS, UK
Phone: +44 (0) 207 826-8200
Fax: +44 (0) 207 826-8201
info@otkritie.com
www.otkritie.com
Cyprus Office
Office No.2, 42, Leoforos Amathountos, Millios Building, Agios Tychonas, 4532 Limassol, Cyprus
Phone: +357-25-431456
Fax: +357-25-431457
infocyprus@open.ru
www.otkritie.com
Frankfurt Office
OpernTurm, Bockenheimer Landstrasse 2–4, Frankfurt am Main, 60306, Germany
Phone: +49 69 667748-156
Fax: +49 69 667748-158
otkritie-frankfurt@open.ru
www.otkritie.com