RBC Information SystemsRBC Information SystemsRUSSIA`S LEADING MEDIA & IT GROUPRUSSIA`S LEADING MEDIA & IT GROUP

Presentation for CA IB’s Annual Emerging Europe Conference

Istanbul, October 2006

RBC TODAY

Russia’s major Media & IT group Media business: TV, Internet, magazines, newspaper, news agency IT business: software programming, IT consulting, system integration RBC has the largest business audience in Russia. TV & Internet

combined business audience is ~ 12mln people a month Large and diverse client base - over 2 300 advertisers and more than

300 IT clients Over 2 000 employees Experienced management team with proven ability to grow sales and

increase earnings 1/3 of the Board is comprised of independent directors Internet market share – about 50% of Internet spot advertising in

Russia RBC ranks among the top-20 Russian magazine publishers

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COMPANY OPERATIONS

Financial projections

2005 2006F

Revenue $109.4m $170-178m

EBITDA $29.6m $50-55m

Net Profit $20.8m $32-37m

Source: company data

Internet advertising

33%

RBC TV22%

IT26%

Online news & subscription

4%

Marketing communications

15%

Breakdown of revenue in 2005

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RBC STOCK

Three founders of the Company retain the controlling stake in RBC:

Went public through Russia’s first successful domestic IPO in 2002

The stock is listed on MICEX and RTS, ticker symbol: RBCI

1-level ADR, ticker symbol: RINFY, traded on OTC

The market capitalization of the Company has reached $1bn in 2006

Source: company register, April 2006

Ownership structure

German Kaplun, Chairman Alexander Morgulchik, Vice Chairman Dmitry Belik, Chief Financial Officer

…the rest is a free float.

ADR12.61%

Institutions35.61%

RBC management

51.78%

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RBC – MEDIA BUSINESS

As a media company, RBC offers a multi-channel content delivery through:

• RBC TV, the first and only Russian business TV channel, launched in cooperation with CNBC and CNN in 2003 and currently available to 58mln people in Russia and former Soviet republics

• Over 15 Internet websites, occupying leading positions in their niches. RBC’s online resources target high-income specialized audiences (business community, stock market professionals, car owners, people interested in real estate and hi-tech…)

• Niche print media publications focusing on business information, hi-tech, architecture, design and construction.

• News agency RosBusinessConsulting dedicated to business, financial and economic news. RBC issues around 1,300 various news materials per day

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RUSSIAN MEDIA MARKET IS EXPECTED TO DOUBLE BY 2010

RUSSIAN ADVERTISING MARKET 2004-2008F

$9.2bn$7.6bn

$3.9bn $5.0bn $6.1bn

0

2

4

6

8

10

2004 2005 2006F 2007F 2008F

By 2008 Russia is to join top ten contributors to the world media market

Source: Association of Communication Agencies of Russia (ACAR) February 2006, ZenithOptimedia December 2005

TOP FIVE AD-GROWTH COUNTRIES

Source: ZenithOptimedia, December 2005

CAGR 24%

# Country CAGR 2004-

2008F, %

Volume in 2008F,

$ bn

1 Egypt 25% 1.25

2 Russia 24% 9.22

3 Indonesia 22% 5.73

4 Brazil 19% 9.32

5 China 18% 16.33

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MEDIA MARKET – GROWTH DRIVERS

ADVERTISING REVENUES AS % OF GDP IN 2006E

Russia 0.94%

USA 2.03%

Poland 1.47%

Czech Republic 1.48%

Hungary 2.48%

Source: ZenithOptimedia, December 2005, www.cia.gov

Russia’s media advertising has yet to catch up with international levels

ADVERTISING SPENDING PER CAPITA IN 2006E (USD)

43 104 175 247 285

900

0

200

400

600

800

1000

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COMPOSITION OF RUSSIAN ADVERTISING MARKET

2005 Volume = $5.01bn

2010F Volume = $10.3bn

Magazines11.6%

Radio6.0%

Outdoor18.2%

Other0.4%

TV46.5%

Internet1.2%

Other print10.3%

Newspapers5.8% Radio

4.5%TV

56.8%

Magazines10.2%

Other print4.9%

Internet4.9%

Newspapers4.3%

Other0.9%

Outdoor13.5%

Source: ACAR, February 2006

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INTERNET AUDIENCE AS % OF TOTAL POPULATION BY COUNTRY

2006E 2007F 2008F 2009F 2010F

Audience, mln 22.0 29.3 38.9 51.8 68.8

Source: Nielsen/NetRatings, March 2006

RUSSIAN INTERNET: GROWTH DRIVERS

Source: Russian Communications Ministry, 2006

69%63%

50%

28%17% 14% 9% 5%

0%

10%

20%

30%

40%

50%

60%

70%

USA UK CzechRepublic

Poland Russia Brazil China India

RUNET AUDIENCE GROWTH FORECAST

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REDISTRIBUTION OF INCOME AMONG DIFFERENT STRATA IN RUSSIAN POPULATION

Million people 2004 2005 2006E 2007F 2008F 2009F

Population with monthly income < $250

103.0 90.3 77.5 64.3 51.8 40.1

Population with monthly income from $250 to $800

37.0 46.6 55.9 64.9 73.0 80.2

YoY change (> $800) 68% 57% 42% 36% 29% 24%

People with monthly income > $800

4.2 6.6 9.4 12.8 16.6 20.5

TOTAL RUSSIAN POPULATION

144.2 143.5 142.8 ~142 141.4 140.7

Source: the Russian State Statistics Agency, COMCON’s RTGI, RBC estimates

Assuming the redistribution trend will continue at similar pace, by 2009 the share of high-income earners (over $800) will be comparable to the half of the current size of the population in Poland (38.6mln)!

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MEDIA BUSINESS: RBC INTERNET BUSINESS

Over 15 Internet resources with the combined audience of 18mln unique visitors a month and 1.6mln visitors a day

The Company offers attractive business demographic and charges up to 10 times average advertising rate for reaching its users

88% of Internet revenue came from business sites and 12% from non-business resources in 2005

CategoryAverage no. visitors

per day (ex weekends)Main

competitor Average no. visitors

per day (ex weekends)

Rbc.ru Business news 500,000* Vedomosti.ru 25,000

Utro.ru General news 300,000* Lenta.ru 170,000

Rbcdaily.ruOnline business newspaper

77,000* Vedomosti.ru 25,000

Quote.ru Forex, stock market news 43,000* Finam.ru 25,000

Autonews.ru Auto/motor news 75,000* Auto.mail.ru 58,000

Сnews.ru Hi-tech news 100,000* 3dnews.ru 50,000

Anekdot.ru Humor 73,000*Anekdotov.net

35,000

Source: mail.ru, (September 2006), * company data

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MEDIA BUSINESS: KEY FACTS ABOUT RBC TV

0

12

18 6

Active broadcastingfrom 7 a.m. to 1 a.m.

Program recapsfrom 1 a.m. to 7 a.m.

90% of content is dedicated to Russia; 10% is international coverage

Monthly audience surged 59% in 1 year from May 2005 to May 2006

Mln viewersGrowth

2005 2006

Monthly audience 4.839 7.705 59%

Weekly audience 3.729 5.283 42%

Daily audience (week-days) 2.191 3.024 38%

Daily audience (weekends) 1.723 2.111 23%

AVERAGE VIEWING TIME (min./week)

Channel One 378

RBC TV 288

Rossiya 286

CTC 249

NTV 240

Sport 196

Source: COMCON-Media, May 2006Source: COMCON-Media, May 2005, May 2006

RBC TV is the first and only Russian business TV station launched in September 2003 in cooperation with CNBC and CNN

Content:

Distribution:

Coverage:

combination of cable, satellite and terrestrial

broadcasting

43 mln people in Russia 15 mln in former Soviet republics

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MEDIA BUSINESS: RBC’S PRINT MEDIA PUBLICATIONS

Business Hi-tech Design & architecture

Total circulation – 925,000 copies

Why RBC has entered the print media segment :

Print media will remain the 2nd largest ad segment after television by 2010

RBC expands to lucrative niches to charge significant ad premium compared to the general press

Existing clients are willing to increase budgets and we offer them package advertising (TV + Internet + print)

Certain categories of advertisers (luxury goods, fashion & beauty products) prefer glossy print

We have a strong media brand and professional sales force

A large pull of RBC journalists provides quality content for our business and hi-tech titles in print

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RBC HAS OVER 2300 ADVERTISERS ON THE INTERNET AND TV

Car manufacturers & dealers Banks & financial

organizations Real estate & construction

firms Telecom & hi-tech companies B2B service providers Luxury goods producers Listed companies & bond

issuers

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IT MARKET IN RUSSIA IS ONLY 2.1% OF GDP COMPARED TO 5.2% IN THE USA

5.97.1

9.0

12.0

15.2

0

2

4

6

8

10

12

14

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2002 2003 2004 2005 2006E

IT MARKET, $bn BREAKDOWN OF IT MARKET IN 2005

Source: IDC Source: IDC, Gartner, CNews

34%20%

33%

27%

27%Software13%

Hardware & peripherals

66%

IT services (IT

consulting, maintenance, training, etc.)

21%

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IT BUSINESS: RBC’S POSITION

RBC is ranked 10th on the iOne-2005 rating of leading software developers in Russia

Innovative solutions and software products Over 480 IT professionals Co-operation with leading foreign and Russian institutions: Microsoft, Intel, IBM,

Oracle, Siebel, Thawte, Verisign, Documentum, Sun, Saba Learning, i2, RosNIIROS, HP, Dell, Cisco, Fujitsu-Siemens, Novell, Lucent and others

RBC’s total customer base exceeded 300 clients in 2005

IT Services:R&D, Turnkey solutions, General software programming, Offshore programming, System integration, IT consulting

Solutions for:

Financial institutions, Transport / Logistics, Mass media, Oil and gas, Law firms, Government agencies

BREAKDOWN OF IT REVENUE IN 2005

Source: company data

Russian corporations

45%

Government contracts

40%

Foreign clients15%

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STRATEGY

We plan to divest the IT segment and concentrate on the media business

Internet:To maintain a leading position in Internet advertising in Russia and the CISStrengthen the leadership among business information resources in Russia/CISBroaden RBC's Internet audience through expansion into increasingly

attractive non-business Internet and gain access to new types of advertisersTV:

Increase RBC TV’s penetration in Moscow and coverage in the regions Increase market share and capitalize on the unmet demand for TV advertising

timeOpen a new non-business channel within two years to capture a broader

audiencePrint:

Print is viewed as a complementary product, while the focus is still on Internet and TV

Create a new range of advertising spaces for current clientsEnlarge the audience through penetration into other segments (such as luxury)

under alternate brand names

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INCOME STATEMENT (MLN USD)

2004 2005 2006F**

Revenue EBITDA Net Profit Revenue EBITDA Net Profit Revenue EBITDA Net Profit

$m $m $m NPM $m $m $m NPM $m $m $m

IT 25.9 6.48* 4.8* 19% 29.3 7.4* 5.6* 19% 75-80

50-55 32-37Media 36.7 15.78* 10.6* 29% 55.8 18.3* 13.4* 24% 60-65

TV 17.1 -2.46* -5* - 24.3 3.9* 1.8* 7% 30-35

Total 79.7 19.8 10.4 13% 109.4 29.6 20.8 29% 170-178

* based on management accounts in accordance with IFRS (un-audited)

** including IT acquisitions

Long-term: at least 30% revenue CAGR over the next three-five years via acquisitions, start-up projects and organic growth of existing business

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REVENUE, EBITDA AND PROFIT AFTER TAX (MLN USD)

*

* Including IT acquisitions

19.8

79.7

20.89.9

3.910.4

32-37

14.88.4

29.6

50-55

31.5

51.5

109.4

170-178

0

20

40

60

80

100

120

140

160

180

200

2002 2003 2004 2005 2006F*

Profit after tax EBITDA Total revenue

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Thank you!

RBC Information Systemswww.rbcinfosystems.com

www.rbc.ru

Tel.: +7 (495) 363 1111

Fax: +7 (495) 363 1125

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Some of the information in this presentation may contain statements of future expectations and other forward-looking statements. These expectations are based on the management's current views and assumptions, and involve known and unknown risks and uncertainties. It is possible that the company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the firm's future results, see “Risk Factors” in the company’s latest Annual Report at www.rbcinfosystems.com. RBC assumes no obligation to update any forward-looking information contained in this presentation.

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