Address of the Chairman of the Supervisory Board Sergey Ignatiev

DEAR SHAREHOLDERS,
LADIES AND GENTLEMEN,

Over 2010 Russia’s banking sector demonstrated a steady recovery from the global financial crisis. This was a very positive trend, exemplified by Russian banks’ profits more than doubling versus 2009. Lending activity also increased, including the extension of mortgages.

Sberbank makes an important contribution to advancing the domestic banking sector by pursuing a responsible policy toward its customers.

I am confident that the new employee motivation system and the increased quality and availability of services for corporate and individual customers will promote the successful development of Sberbank of Russia and the stability of the banking sector as a whole.

Sergey Ignatiev

Chairman of the Bank of Russia,
Chairman of the Supervisory Board of Sberbank of Russia

Sergey Ignatiev Signature

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