VOLGA GROUP: COMPANY OVERVIEW One of the leading investors in Russia

Volga Group is one of the largest investment Groups in Russia • Total consolidated Revenue of all portfolio companies US$116 billion1 • Total number of Employees in all portfolio companies approximately 90,000 people

Volga Group has investments in 18 core companies mainly in Russia

The Group contributes significantly to the Russian economy and its development

Volga Group is investment strategy seeks to maximise shareholder and stakeholder return • Stakeholders include employees, customers, suppliers and the communities in which the Group’s companies operate

Volga Group promotes good corporate citizenship, social responsibility and environmental awareness

1. Consolidated at 100% equity stake for all portfolio companies. Volga does not own 100% equity stakes in all portfolio companies. Focus on Long-Term Consistent Returns

Volga Group investment policy is based on value-driven assets that produce consistent, long-term returns with a focus on Russia

Three strategic core areas are Energy, Logistics and Infrastructure

The Group seeks to add value by its disciplined approach and focus on: • Best in Class Management Practices and Corporate Governance • Working with the Board and Management to define the right Strategy • Developing Synergies and Partnerships to grow the Businesses

Volga Group consistently considers opportunities that offer long-term, attractive and stable returns that are in line with its investment policy Gennady Timchenko - Founder and Shareholder

Key events

Born in 1952 in Gumry (former Leninakan)

Master of Electromechanical Engineering degree, Leningrad Mechanical Institute (1976)

Began his career at the Izhorsky plant (Leningrad region)

During the 1980s and early 1990s, served in private and public sectors, including as senior engineer at the Leningrad Department of the Ministry of Foreign Trade and as deputy CEO of state-owned More than 25 years of experience Kirishineftehimexport in the Russian and global energy sector Relocated to Finland as Deputy CEO of trading company Urals Finland Oy (1991) Professional investor and entre- In 1997, together with partners started the energy trading company Gunvor, now one of the world’s preneur largest integrated commodity trading houses Active philanthropist and sports- In 2003 founded Transoil LLC, now the leading private rail freight operator specialising in oil and man products transportation in Russia

During last decade, made a number of strategic investments, including significant stakes in NOVATEK, SIBUR, Stroytransgaz

Established Volga Resources Group in 2007 to consolidate and manage his investments

Member of the Board of Directors of SIBUR, NOVATEK Assets Geography – Investing Across Russia

Sakhatrans

Germany Foreign projects International Three Core Areas – Energy, Logistics & Infrastructure

ENERGY & MINING Novatek (23%), Petromir (50%), IGSS (13%), Kolmar (60%*) *consolidated stake with Gunvor Group

INDUSTRIALS & TRADING & CONSTRUCTION LOGISTICS Sibur (37,3%), Gunvor (44%), Transoil (80%), Stroytransgaz (80%), Sakhatrans (89%), Rorvik Timber (79%*) A-Group (100%) *consolidated stake with Gunvor Group

FINANCIAL SERVICES CONSUMER GOODS Sogaz (12,5%), Russian Sea Group (30%), SOVAG (49%), Aquanika (100%) Bank Rossiya (8%) NOVATEK (23% stake) • Russia’s largest independent and second largest natural gas producer in Russia after Gazprom • Exploration, production, processing and marke Energy & Mining ing of natural gas and liquid hydrocarbons • 2012 gas production of 57.3 bcm, liquids produc tion - 4.3 mmt • As of year end 2012 total SEC proved reserves of 12,394 mmboe, resulting in reserve to produc tion ratio of 31 years • Listed on the London Stock Exchange and MICEX www.novatek.ru

Kolmar MC (60% consolidated stake with Gunvor Group) • Coal company with 975mt of high-quality coking coal reserves in Yakutia

NOVATEK Kolmar IG Seismic Services (13% stake) • Land and transition-zone seismic company, 23% 60% primarily servicing clients in Russia and the CIS • Created in 2011 by combining seismic assets of Geotech Holding, Integra and Schlumberger • Listed on the London Stock Exchange www.igseis.com

IGSS Petromir Petromir (50% stake) • Petromir holds the license for the Angaro- 13% 50% Lenskoe gas field in Irkutsk region

Trading & Logistics

Gunvor Group (44% stake) • One of the world’s largest independent commodity trading companies Gunvor • Integrated trading products and logistics services worldwide • Main trading offices are in Geneva, Singapore, Nassau and Dubai, with a network of representative 44% offices around the globe • Stakes in coal mining operations, refinery assets, pipelines and oil storages and terminals www.gunvorgroup.com

Transoil (80% stake) Transoil • Largest private companу specializing in the transportation of oil and oil products in Russia with total fleet of 34,782 tank cars 80% • Focus on strategic routes for transporting oil and oil products, including exports to China, Mongolia, Finland, the Baltic states, the CIS and Eastern Europe • 56mt of oil and oil products transported in 2012 • Network of representatives and branches covers 11 regions of Russia www.transoil-spb.ru Sakhatrans Sakhatrans (89% stake) 89% • Greenfield construction of a bulk coal export terminal in Muchke Bay (Russia’s Far East) • Construction is planned for 2013-2016 • Initial planned capacity of 10mt per annum with expansion to 24mt per annum by 2018

Avia Group (74% stake) • Own and operate infrastructure for Business Aviation at Sheremetyevo International Airport, Moscow Trading & Logistics – • Services include aircraft maintenance, handling, de-icing and aircraft storage services for air A-Group ambulances, private, and corporate aviation, organizational support services for flight opera tions and passenger services www.avia-group.su

Avia Group Nord (70% stake) • Avia Group Nord provides full scope of managing services for business-aviation flights in Pulkovo International Airport, Saint Petersburg www.ag-nord.ru

Airfix Aviation (99% stake) • Largest full-service Scandinavian private jet operator Airfix • Provides complete range of aircraft management aviation down to single charter flight sale • In-house Flight Operations Control manages all 99% operational and technical matters • Own flight planning department and mainte nance services www.airfixaviation.fi

Avia Group Avia Group Nord 74% 70% SIBUR Holding (37.3% stake) • Largest integrated gas processing and petrochemicals company in Russia and CIS and Central and Eastern Industrials & Europe • Purchases associated petroleum gas and liquid hydrocarbon feedstock from major Russian oil and gas compa Construction nies and processes them into energy products and various petrochemical products • Sells to around 1,500 customers in the energy, automotive, construction, retail and other industries in 60 coun tries • Owns and operates 27 production sites across Russia and employs approximately 31,800 people www.sibur.com

Stroytransgaz (80% stake) • Major player in the Russian construction industry • Projects in the oil, gas, electric power and other industrial and civil industries • Operates in nine regions of Russia and fourteen countries around the world • Holds minority stakes in Arks and Most through affiliates www.stroytransgaz.com

Rörvik Timber (79% consolidated stake with Gunvor Group) • Processing and selling timber products to customers in the industrial, commercial and the DIY markets in Sweden, Europe, Middle East and North Africa • Based in Huskvarna, Sweden and operates 7 sawmills in southern Sweden with total production capac ity of approximately 950,000 cbm per annum • Listed on the Stockholm Stock Exchange www.rtimber.se

SIBUR Stroytransgas Rörvik Timber SK MOST ARKS 37,3% 80% 79% 25% 25% Financial Services

SOGAZ Insurance Group (12.5% stake) SOGAZ • One of the largest universal Insurance Companies in Russia • More than 600 branches across Russia 12,5% www.sogaz.ru Sovag AG (49% stake) • German non-life insurance company offering motor, fire risk and property insurance as well as cargo, marine, aviation and transportation insurance for corporate and retail clients in Western Europe and the CIS SOVAG • Founded in 1927, Sovag is headquartered in Hamburg and has offices in Cologne, Berlin, Vienna and London 49% www.sovag.de

Bank Rossiya (8% stake) • Universal financial and credit institution offering full range of banking services to corporate and Bank individual clients Rossiya www.web.abr.ru 8% Consumer Goods

Russian Sea Group (30% stake) • Leading Russian consumer food company specializing in the wholesale and distribution of chilled and frozen fish and seafood products • Vertically integrated organisation comprising two key business divisions: Chilled & Frozen (Russian Fish Com pany) and Fish Farming (Russian Sea Aquaculture) • Founded in 1997 and listed on MICEX www.russianseagroup.ru

Aquanika (100% stake) • Aims to become a leading Russian high quality mineral water and soft drinks producer • Production plant is located in Nizhny Novgorod region • Equipped with the latest Krones AG facilities and has six bottling lines with overall production capacity of 585m litres per annum www.aquanika.com

Russian Sea AQUANIKA 30% 100% VOLGA GROUP: Organization Structure Volga Advisors – Exclusive Advisor to Volga Group

Volga Advisors is the exclusive advisor to Volga Group

• Offices in Moscow and Geneva • 17 professionals with expertise across different disciplines • Flat organisation – no bureaucracy • Team and result oriented corporate culture

Key principles include:

• Focus on audit and financial control • No operational involvement in portfolio companies • Good Corporate Governance • Establish effective Board and Board Committees that include experts in various fields • Work with the Board and Management to define the right strategy for the portfolio companies • Ensure good Management and Management Structure • Invest in Management Training and Development Volga Advisors – Organizational Chart

Shareholder Volga Group & Family Board Board of Directors

Volga Advisors

Chief Executive Officer

Financial Finance / Human Public Assets / Legal M&A Control Treasury Resources Relations Volga Advisors

125284, Moscow, Begovaya st. 3/1 +7 495 777 3898