NIB – Promoting sustainable growth

Saint-Petersburg September 29, 2010

Mr. Igor Kovtun, General Representative in Russia

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IcelandIceland

NorwayNorway

DenmarkDenmarkLithuaniaLithuania

LatviaLatvia

EstoniaEstonia

FinlandFinland

SwedenSweden

Northern Europe's International Financial Institution

Nordic and Baltic countries as owners

Started activities in 1976

Baltic countries joined in 2005 as owners

AAA/Aaa credit rating

Lending in member countries and selected focus countries

Headquarters in Helsinki

Financial performance

3

EUR million 2009 2008

Net interest income 219 212

Core earnings** 192 189

Profit 324 -281

Loans disbursed 1,954 2,486

New debt issues 4,137 4,681

Loans outstanding 13,763 13,063

Total assets 22,423 22,620

Operational Net liquidity 3,499 3,691

Equity 2,050 1,730

** Core earnings consist of the profit before adjustments to hedge accounting, realised and unrealised gains and losses of the trading portfolio and credit losses and reversals of these

April 2010

Mission and strategy NIB promotes sustainable growth by providing long-term

complementary financing to

• projects that strengthen competitiveness• projects that enhance the environment

NIB puts particular emphasis on projects involving investments in the following sectors

• environment• infrastructure• energy• innovation

NIB finances

• large investments by the corporate sector, infrastructure projects, PPPs, investments improving environment in e.g. municipal sector.

• small and medium-sized enterprises through financial intermediaries.

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Long-term financing

Co-financing normally up to 50% of the total project cost;

Close cooperation with other international financial institutions as well as commercial banks, export credit institutions and development assistance organisations;

Long-term lending instruments:

• Sovereign loans to the state or against state guarantees (15-25 years)

• Subsovereign loans directly to municipalities (10-20 years)• Corporate loans (5-15 years)• Limited recourse financing including PPP-financing (5-15 years)• SME financing through financial intermediaries (5-12 years)• Grace period up to 5 years

Institutional strengthening in connection with specific projects;

Support for project structuring and technical assistance.

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IcelandIceland

NorwayNorway

DenmarkDenmarkLithuaniaLithuania

LatviaLatvia

EstoniaEstonia

FinlandFinland

SwedenSweden

NIB in Russia

Northwest Russia is natural focus area for environmental projects for NIB.

Agreement with the Government of the Russian Federation for financial co-operation since 1997.

"No objection" by the Ministry of Finance of the Russian Federation to all loans from NIB to Russian borrowers.

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Enhancing the environment in Russia All projects considered for

financing undergo assessmentof potential environmental impact.

The Northern Dimension Environmental Partnership (NDEP) – grant financing.

Financed projects include waste water treatment by Vodokanal of St. Petersburg, environmental investments by two Russian pulp and paper factories, pipeline includes e.g. municipal investments in Novgorod and Kaliningrad, Petrozavodsk.

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Strengthening competitivenessProjects in the following sectors and areas of economy: Infrastructure; incl. energy,

transport, telecoms, social infrastructure

Strategic capital investments,incl. company acquisitions

R&D and innovation

Financed projects in Russia include mobile phone network investments, investments improving energy generation and distribution undertaken by TGC-1 and Lenenergo, Pulkovo Airport PPP, several credit lines at Russian banks. More on the web: /www.nib.int/loans/loan_process

NDEP Projects with NIB participation

St. Petersburg Vodokanal Waste Water Treatment Plant - completed

St. Petersburg Northern Sludge Incinerator -completed

St. Petersburg Flood Protection Barrier – final stages

Leningrad Oblast Municipal Services I – final stages

St. Petersburg Neva Collector - commenced

Kaliningrad Water and Environmental Services – commenced

Novgorod Water and Waste Water Rehabilitation - starting

Murmansk District Heating - delayed

Petrozavodsk Water and Wastewater Services – to be signad

Leningrad Oblast Municipal Services II – under preparation

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NIB RoleLong term financing;Modern technologies and know-how;Environment;Experience;Support to SMEs;Development of cooperation;

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Promoting sustainable growth

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NIB – Lending in Russia

Soren K. Mortensen, Senior Director, Area Head

Marjo Harri, Senior Manager, Origination (marjo.harri@nib.int)

Jan Johansson, Senior Manager, Origination (jan.johansson@nib.int)Environmental Projects, NDEP

Igor Kovtun, General Representative for Russia (igor.kovtun@nib.int)

Representative office in MoscowNovinsky Garden BuildingBolschaya Molchanovka 36/1

+7 (495) 9611031; mob. +7(985) 6432264

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