Tinkoff Interim Report for 9 months 2009

Tinkoff Interim Report for 9 months 2009

Egidaco Investments PLC (“Tinkoff”), the parent company of ‘Tinkoff Credit
Systems' Bank (TCS Bank), announced the financial results of 9 months 2009.

Tinkoff has had a good year so far and maintains a healthy cash flow.  Company
highlights are as follows: 

•	The total number of utilised credit cards was up 60% y-o-y to 283,092
•	The portfolio grew by 23% y-o-y to $165.3m
•	Gross yield up to 78% y-o-y from 35%
•	Predictable revenue and operating cash flows profile
•	Administrative expenses reduced by 23% y-o-y (28% of net interest margin)
•	Net income of $12.3m with RoAE of 63%
•	Net operating cash flow of $21m

Tinkoff's low fixed cost base and cost-reduction programme enabled the Group to
reduce Opex and manage total expenses. NPLs have been reducing steadily since
April 2009 as can be seen from the reduction in Loan Loss Provisions. Revenue
has been robust and has grown since the beginning of the year. As a result,
Tinkoff showed a profit of $12.27 million for 9 months of 2009. In addition to
strong profits, Tinkoff is increasing its equity through retained earnings. 

As a result of the improving economic situation and declining risks, Tinkoff
resumed customer acquisition in August-September 2009 and is growing the
portfolio organically through new issuance and credit limit increases. This is
over-and-above accrued financing costs that are always set aside and an
additional prudent ‘liquidity cushion'.  Tinkoff is also running a retail
deposit pilot to further diversify its funding base.

For further details of the program please contact:

Oliver Hughes, President						
tel: +7 495 648 1000						
e-mail: o.hughes@tcsbank.ru 			

Ilya Pisemsky, CFO	
tel: +7 495 648-1000 
e-mail: i.pisemsky@tcsbank.ru

web: www.eginvestments.net/


Bank 'Tinkoff. Credit Systems' is Russia's first monoline bank, specialising
exclusively on the issuing and servicing of credit cards. The bank was founded
by the famous Russian entrepreneur, Oleg Tinkov. In October 2007, the
international investment bank Goldman Sachs became a shareholder. In September
2008, Vostok Nafta Investments Limited also became a shareholder. 

TCS Bank uses modern CRM and risk management systems. The bank employs a remote
service model, providing virtual banking services of the highest quality to its
customers. Service is provided to customers through a sophisticated Call Centre,
Internet, SMS banking and by mail through the Russian Postal system. The
combination of a narrow focus with a hi-tech approach gives the bank a distinct
competitive edge in the rapidly growing Russian credit card market.