1. Building an efficient and transparent securitization market: role of market intermediaries and rating agencies Viktoria Baklanova, CFA, PRM Director Russia Securitization Forum New York September 10, 2007

2. www.fitchratings.com1 Panel Overview  Viktoria Baklanova, Director, Fitch Ratings - Securitization in Russia: Growth and Diversification  Brigitte Posch, Head of Latin American Securitization, Deutsche Bank - Role of investment banks in the securitization process  Armin Lindtner, Director, Head of CEEMEA Securitization, Merrill Lynch - Communication between orginators, rating agencies and investors  Gabriel Wieder, Associate Director, Standard & Poor's Latin America/Emerging Markets Structured Finance - Comparison of rating agency criteria. S&P views on stresses and scenarios, performance triggers and other structural safeguards

3. www.fitchratings.com2 Securitization in Russia: Growth  2007: 8 deals with $2 billion in issuance  2006: 11 public deals vs. 2 deals in 2004 and 2 in 2005.  Average deal size: 2005 - $100mm; 2006 - $297mm; 2007 - $230mm * 2004 includes Gasprom’s $1.25 billion DPR

4. www.fitchratings.com3 Securitization in Russia: Diversification Total volume of securitised transactions in Russia to date is $6.8 Billion Total Issuance by Asset Type (2004-2006) Total Issuance by Asset Type (2007 only)

5. www.fitchratings.com4 Summary  Macro economic strength and stability  Growth of consumer spending followed by demand for loans  Development of the mortgage market is one of key drivers for securitization  Legal and regulatory improvements  Number of new structural features: first domestic transaction to use tranching, first time use of principal deficiency ledger mechanism  Greater awareness of local issuers  Growing investor’s interest, both foreign and domestic

6. Fitch Ratings www.fitchratings.com Viktoria Baklanova, CFA, PRM New York One State Street Plaza New York, NY 10004 +1 212 908 9162 viktoria.baklanova@fitchratings.com The Fitch GroupFitch Ratings Algorithmics Fitch Training Fitch Derivatives