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Dear Shareholders!

We welcome you to the site of the National Reserve Bank; one of the most stable and reliable banks in Russia, which for years has ranked alongside the largest of the country's credit organizations.

Recent years have presented serious challenges for the Russian economy. The global financial crisis subjected the domestic banking system to a rigorous test of strength and saw many credit institutions fall by the wayside.

National Reserve Bank is proud to have both weathered this storm and provided support to those clients struggling to move forward in uncertain circumstances. As part of a Government and Central Bank initiative, NRB was a key player in the urgent reorganization of the bank Russian Capital to restore its solvency. Working alongside SC Deposit Insurance Agency, NRB took on the servicing of all retail clients of JSCB Electronika when they failed to obviate a liquidity crisis. And at the end of 2009 and 2010, NRB reaffirmed its status as one of the most reliable financial institutions in Russia, demonstrating high levels of profitability, return on equity and assets alongside healthy capital adequacy ratios.

The success of our bank can not be ascribed to chance alone, or indeed to our performance during the latest financial crisis. NRB was also one of the few private banks to survive the 1998 crisis intact. We see our success today as the result of years spent laying a solid foundation for well-established reserves and charting a course for sustainable business development.

While NRB is not a government agency, our aim from inception has been to play a role in modernising the country's approach to both sustainable economic growth and the welfare of its citizens. We help to facilitate this by providing support to innovative production and social  enterprises which are key to the economy.

Our main clients are among the leading corporations in Russia’s real sector economy. NRB is a strategic partner to a number of the leading manufacturers of aerospace equipment, military-industrial sector, as well as to a number of companies in Russia’s telecommunications, agriculture, power, shipbuilding, engineering, construction and light industries. Alongside these areas, NRB continues to work closely with the small and medium businesses, who we believe are key in helping maintain Russia’s social stability and improving overall quality of life and employment rates.

The successful development of NRB as an investment and private bank with a unique combination of experience and capabilities enables us to open doors for businesses and citizens alike and our priority is to maintain the broad range of retail services on offer. Today, NRB's customers enjoy a comprehensive range of banking services, geared towards securing and improving their financial status, and being on hand to provide expedient solutions to all financing issues.

In 2010, NRB has continued its evolution strategy from a predominantly investment-focused institution to a universal commercial bank offering both corporate, retail, and private clients a full range of banking services. We have also enhanced our branch network significantly and recruited experienced and effective managers holding expertise at an international level.

Maintaining our core mission as a bank that benefits Russian society, NRB plays an active role in supporting charities and organisations working in health, education, science and culture. In Russia, we have spearheaded numerous well-known programs to combat child cancer, as well as supporting performing arts and film events, restoring famous monuments and creating a new cultural heritage. Thanks to our efforts, talented academics are also afforded the chance to continue their research in numerous areas of science.

In 2011, NRB will see yet another milestone in its development; we have committed ourselves to introducing a major technological upgrade and improvement of financial products and expansion of services on offer. NRB is open to all creative suggestions and initiatives and is a reliable assistant and partner to all who cross the threshold of our bank.

Welcome to the National Reserve Bank!

Chairman of the Board of JSCB National Reserve Bank
Andrey F. Manoylo