Tinkoff Interim Report For the First Half 2009

Tinkoff Interim Report For the First Half 2009

Egidaco Investments PLC (“Tinkoff”), the parent company of ‘Tinkoff Credit
Systems' Bank (TCS Bank), announces its financial results of the first half
2009. 

Despite the financial crisis, the weakened Rouble and increased credit risks,
the TCS business model proved its ability to make profit and generate healthy
cash inflow. The bottom line results for the first six months of 2009 showed
over USD 6.2 million of net income, compared to a net loss of USD 15.2 million
for the same period last year. TCS strategy for the remainder of 2009 will be to
continue to operate in ‘steady-state' mode. This entails liquidity management,
close portfolio management, ongoing cost reduction and gradually increased
customer acquisition. TCS will grow the portfolio organically by reinvesting
funds received from the portfolio.

For additional information 

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 bank, specialising in 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.