Financial statements and auditors' report CJSC Dexia Bank 31 December 2009

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1 Financial statements and auditors' report CJSC Dexia Bank 31 December 2009

Auditors report Accountants, Tax and Legal Advisers Grant Thornton ZAO 32 A, Khoroshevskoye Shosse, Moscow 123007, Russia T +7 495 258 99 90 F +7 495 580 91 96 Аудиторы, Консультанты по налоговым и

2 Auditors report Accountants, Tax and Legal Advisers Grant Thornton ZAO 32 A, Khoroshevskoye Shosse, Moscow , Russia T F Аудиторы, Консультанты по налоговым и юридическим вопросам ЗАО Грант Торнтон Россия, , Москва Хорошeвское шоссе, д.32 А T F To the Shareholders of CJSC Dexia Bank 13, bld.42, 2-nd Zvenigorodskaya st , Moscow, Russian Federation We have audited the accompanying statement of financial position of CJSC Dexia Bank ( the Bank ) as of 31 December 2009 and the related statement of comprehensive income, statement of movements in shareholders equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

3 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Bank as of 31 December 2009, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards. Moscow, Russian Federation 21 January 2010

4 CJSC Dexia Bank 4 Statement of Comprehensive Income Notes USD 000 USD 000 Interest income 5 11,510 19,427 Interest expense 5 (2,651) (8,381) Net interest income 8,859 11,046 Provision for loan impairment 10 (1,240) (211) Net interest income after provision for loan impairment 7,619 10,835 Fee and commission income 6 1,479 2,178 Fee and commission expense 6 (456) (512) Net gains / (losses) on financial instruments at fair value through profit or loss 7 1,646 (509) (Net losses) / gains on available-for-sale financial assets (111) 32 Net foreign exchange result 3,650 2,372 Net other operating income / (expense) 8 1,514 (101) Operating income 15,341 14,295 General administrative expense 9 (12,714) (21,849) Profit / (loss) before taxation 2,627 (7,554) (Income tax expense) / recovery 11 (964) 1,071 Net profit / (loss) 1,663 (6,483) Other comprehensive income: Unrealised gains / (losses) on financial assets available-for-sale, net of tax 4,610 (4,717) Effect of translation (1,108) (8,325) Other comprehensive income / (loss) for the period, net of tax 3,502 (13,042) Total comprehensive income / (loss) for the period 5,165 (19,525) The financial statements were approved by the Board of Management of the Bank on 21 January President & CEO Chief Accountant Ahmet Mesut Ersoy Dmitry Koloskov See accompanying notes to the financial statements.

5 CJSC Dexia Bank 5 Statement of Financial Position Notes 31 December 31 December USD 000 USD 000 ASSETS Cash Due from the Central Bank of Russia 12 8,816 7,074 Placements with banks and other financial institutions 13 38,103 37,294 Loans to customers 14 81,406 62,411 Financial assets available-for-sale 15 - Unpledged 25,625 32,216 - Pledged under repurchase agreements - 32,285 Other assets ,141 Property and equipment ,087 Intangibles assets 18 2,515 3,865 Current tax assets Deferred tax assets ,547 Total Assets 158, ,939 LIABILITIES AND SHAREHOLDER S EQUITY Derivative financial instruments Amount payables under repurchase agreements 21-26,432 Deposits and balances from banks and other financial institutions 22 45,210 56,206 Current accounts and deposits from customers 23 58,963 55,693 Debt securities issued 24 1,276 2,765 Subordinated debt 25 10,514 10,400 Other liabilities Total Liabilities 116, ,056 Shareholders Equity Share capital 27 49,269 49,269 Share premium Revaluation reserve for financial assets available-for sale (107) (4,717) Translation reserve (5,290) (4,182) Accumulated losses (2,507) (4,170) Total Shareholder s Equity 42,048 36,883 Commitments and Contingent liabilities Total Liabilities and Shareholders Equity 158, ,939 See accompanying notes to the financial statements.

Financial statements and auditors' report CJSC Denizbank Moscow 31 December 2006

Financial statements and auditors' report CJSC Denizbank Moscow 31 December 2006 Accountants, Tax and Legal Advisors Аудиторы, Консультанты по налоговым и юридическим вопросам Independent Auditors report