39 Subsequent Events

In January 2011 the Group repossessed development projects of Capital Group in the amount of RR 10 788 million under the settlement of a loan and an investment agreement.

In January 2011 the Group started issuance of interest-bearing bonds denominated in UAH at nominal value RR 2 871 million with maturity date in January 2013, 12.75% interest rate with quarterly coupon payment. As at 21 March2011 the Group actually placed bonds with nominal value RR1 651 million and cash proceeds from the issuance amounted to RR1 655million.

In February 2011 the Group acquired 25% plus one share of Nitol Solar Ltd., a company specialising in use of solar energy.

In February 2011 the Group acquired 5.6% of ordinary shares in OJSC RTS stock exchange.

In March 2011 the Group signed a memorandum of understanding on acquisition of 100% shares of Troyka Dialog, a leading Russian company specializing in investment banking and asset management. Under the agreed terms, the Group will acquire the shares for a cash consideration of USD 1 000 million by the end of 2011. Additional amount could be payable in 2013 and depends on net earnings of Troyka Dialog in the years 2011 - 2013. The deal is subject to regulatory approval in Russia and other jurisdictions.


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