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					 JSCB Moscow Industrial Bank

5 Ordzhonikidze str., 115419 Moscow, Russia
Tel. +7 (495) 232-6524, 232-1392
Fax: +7(495) 952-6927

JSCB "Moscow Industrial bank"
possesses a wide range of branches
in the European part of Russia, in
particular, in Moscow and the
Moscow Region, St. Petersburg,
North-West region, the Stavropol
Area, Archangelsk, Astrakhan,
Belgorod, Vladimir, Voronezh,
Orel, Yaroslavl, Rostov-on-Don,
Volgograd      region,    Northern
Ossetia, the Kabardin-Balkar and
Karachaevo-Cherkessk Republics.
Since November 1998 we are also
represented in EU-countries.
In total, as of 1 January 2008 the
Bank      has    maintained   154
operational offices in nineteen
constituencies of the Russian

The multi-profile network of branches differing in resources and powers, but operating on the
single platform and database enables the Bank to diversify services for a variety of clients.
                                               Dynamics of growing corporate customer base
Improved customer banking and                               (thousand clients)
marketing technologies enabled the
Bank to build up a significant
corporate customer base of over 62
thousand clients.
Industrial and commercial companies
represent the core of the customers'
base. JSCB "Moscow Industrial Bank"                                             62,6
acts on the basis of a General License #                      60,5
912 granted by the Bank of Russia,
which permits us to execute all types of      57,8
banking transactions.
Thus, we are engaged in loan granting,
retail banking, settlements of payment,
credit cards issuance, project and trade
financing, trade promotion, securities
trading     and      custody    services,
international settlements, etc.
However, the major activity of our Bank
is servicing and granting loans to the
"real sector of economy", i.e. to
manufacturing companies.

                                            01.01.06.       01.01.07.        01.01.08.
   Individuals deposits

                                            Dynamics of growing customer acconts (billion rubles)
The volume of the individuals deposits
has essentially increased; the year-
over-year balance sheet currency has                                                 20,7
grown to RUB 20,7 billion at 1
January 2008* (RUB 12,9 billion at



 * 2008 data for balance sheet given with
 accordance to the Russian standards of
 financial accounting

                                                2006              2007             2008
Since 1997 JSCB "Moscow Industrial
Bank" is privileged by the State Customs
Committee of the Russian Federation to
act as a guarantor before Russian
customs authorities and by the
Government of the city of Moscow to act
as an "authorised", i.e. official bank for
different programs on the territory of
Moscow city. For the time being, our
Bank is a member of MICEX,
Association of Russian banks, Transport
Banks' Association, Interbank Financial
House, etc. As well we participate in
various programs organized by the World
Bank and EBRD, such as Financial
Institutions   Development       Program,
Enterprises Support Program, etc.

                                               Traditionally, the Bank’s strategic lines of business
                                                     included funding to the real sector of the
                                                      economy through a variety of financial
                                                 instruments, corporate and individual deposits,
                                                    payments in Russia and abroad, currency
                                                         exchange operations and those in
                                                       government and corporate securities,
                                             bonds of the Bank of Russia and plastic card operations.
 The volume of the Bank’s operations              Dynamics of balance sheet currency growth
has essentially increased; the year-                            (in RUB billions)
over-year balance sheet currency has
grown to RUB 61 billion at 1 January
2008* (RUB 43,1 billion at 1.01.07).




   * 2008 data for balance sheet given with   01.01.2006        01.01.2007          01.01.2008
    accordance to the Russian standards of
             financial accounting
                                              Asset structure 2007

                                                            1,03%          4,60%
                                       8,90%                                                    10,90%
        5,60%                                                                                                           1,05%


Cash and cash e quivale nts                                                Balance s with the Ce ntral Bank of Russia
O bligatory provisions                                                     Balance s with cre dit institutions
Ne t inve stme nts in trade se curitie s                                   Ne t loans and le ase s
Ne t inve stme nts in inve stme nt se curitie s and trade d se curitie s   Prope rty and e quipme nt
O the r asse ts

At the end of year 2007 the capital            Dynamics of capital growth
increased by 700 million rubles                    (in RUB billions)
and amounted to 7,2 billion rubles.

                                                             6,5          7,2


                                      01.01.2006        01.01.2007     01.01.2008
      Loan Operations

Loans made available to domestic
manufacturers have as never before shown              Dynamics of loan portfolio growth
the Bank’s efforts and capabilities to                          (in RUB billions)
support the real sector of the economy. At
1 January 2008 the Bank’s loan portfolio
was valued at RUB 37.8 billion and grown
by RUB 12.9 billion.




                                             01.01.06.           01.01.07.           01.01.08.
     Financial Results

                                                        Dynamics of growth in the Bank’s profit
At 01.01.2008* the Bank reported the                                 (in RUB millions)
balance sheet profit of RUB 1319




* 2008 data for profit given with accordance
    to the Russian standards of financial      01.01.06.         01.01.07.               01.01.2008
 Money Market Operations

In 2007 the Bank continued to expand cooperation with Russian and foreign
financial institutions. At present 25 banks are among the Bank’s
counterparties in conversion operations and inter-bank loans.

 It is necessary to note the increase in limits opened to the Bank by both
Russian and foreign banks.

To maintain documentary transactions and project financing, in 2007 major
lines of credit were opened by foreign correspondent banks. Bank continues
to cooperate with foreign state insurance companies for covering export risk
deliveries to Russia, such as the German «HERMES», the Spanish
«SESCE», the Czech «EGAP», the Polish «KUKE», the Italian «SACE», the
Austrian «OEKB» and the American «USEXIMBANK».

Turnover of customers’ import-export operations serviced by the Bank has
raised to more than USD 2.8 billion.
        Retail Banking

In 2007 MInB promoted retail
banking to a high-profile line of          Dynamics of growth in issue of the Bank’s plastic cards
business.   Over the year retail                                 (in thousands)
banking developed into a new,
promising business.

The Bank has developed a
competitive unified range of
products or services to individuals,
an effective system of cross-sales
and embarked on work to optimize
structure of retail subdivisions in the
Bank’s branches and branch offices,
improved selling strategy for
banking products (pricing policy,
distribution channels, analysis and
assessment      of    results,    etc.),
electronic banking technologies and
engaged in establishing banking
The Bank increased the issue of its
cards by 49 percent over the year,
the quantity of active cards grew
from 195.2 thousand up to 269.5
thousand.                                   01.01.06.           01.01.07.          01.01.08.
           Bank securities

Transactions on the stock market are one of the
primary areas of the Moscow Industrial Bank.
The bank holds license for operating               Securities portfolio amounted to 5,5 billion rubles
professionally on the stock market including
brokerage services, dealing and depositary
activities. The Bank is also a member of the
National Stock Association and member of
Moscow Interbank Currency Exchange
Moscow Industrial Bank presents to its
customers the following services on the stock
market:                                           12%
Brokerage services on the market of
government securities;
Brokerage services on the market of non-          3%
government securities (such as municipal, sub-
federal, corporate bonds and shares that
presented on the MICEX;                                                                          72%
Brokerage services of promissory notes and
bonds that are not presented on the MICEX.

                                                   Government bonds Eurobonds Corp.bonds Promissory notes
It is worth noting that most of the buildings where
located our regional and Moscow branches are
owned by JSCB Moscow Industrial bank, which on
one hand in the real estate market where the prices
are constantly rising is profitable investment that also
does not require us to carry rent expenses and on the
other hand is evidencing about our stable position
and long-term future prospects.
          Investment projects

“Kupechesky Dvor” in Rostov-on-Don is a landmark project of the
Construction Company Pleyada financed by the Moscow Industrial Bank. As
compared with other Rostov business centers, it is notable not only for a well-
suited location in the historical centre of the city, but also for its eye-catching
appearance harmoniously combining hi-tech and classicism styles. The
classical facade of the building preserves and revives the spirit of the old
Rostov with its private residences of merchants. In addition, high-rise towers
with panoramic glassing as if soaring above the area will provide owners of
local offices not only with comfort and hi-tech working environment, but also
please with surprisingly beautiful Rostov and the Don River views. The project
was enthusiastically welcomed by the city, experiencing the shortage of modern
high-quality office premises. It is a multipurpose high-class estate with all-
inclusive infrastructure of 31.6 thousand sq. m, including 18.6 thousand sq. m
of the useful floor space, and an underground parking.

                                                  The Construction Company Pleyada OOO started construction of 3
                                           monolithic frame apartment houses of individual design with a total space of more
                                           than 60 thousand sq. m. A 3-year construction program is financed by the Moscow
                                           Industrial Bank.
                                                  A residential estate “Krasny Gorod-Sad” with its non-standard layout and
                                           unique architecture will enliven the city skyline. It will be a beautiful high-quality
                                           modern development, offering all creature comforts to its tenants, including three
                                           15-storied residential houses to be built with the use of up-to-date construction
                                           technologies – monolithic frame design of buildings, energy-saving glassing,
                                           stand-alone roof boilers, etc. Buildings will include a spacious multilevel
                                           underground parking for tenants; ground floors will locate various infrastructural
                                           facilities. The adjacent area will be used for children's playgrounds.
         Investment projects

       In 2005 the Moscow Industrial Bank started to finance the
construction of a 57 ha administrative and housing estate
"Volgograd City" in the Central District of Volgograd by the
Company InvestStroy OOO. An estate will accommodate 1 million
sq. m of housing, offices and shops. Under the investment
agreement 10 % of the total commissioned facilities will be
transferred free of charge to the Volgograd Administration.
       Removal of shabby houses will enable to meet objectives of
comprehensive development, including residential, office, cultural
and social facilities. The “Volgograd City” construction program
will start with a 100-meter high A class business center, a 27-
storied building occupying 9172 sq. m (total space of 52865 sq. m),
accommodating offices, a fitness center, a hotel, public catering
facilities, etc.
       The project will effectively change a social infrastructure of
the Central District and remove from the cultural and historical
centre of the city a number of administrative buildings.
       The first stage of "Volgograd City" including 14 facilities will
be commissioned in 2009. During the next 4 years a 12.4 ha site
will be developed. It will accommodate 20-22-storied 5 residential
houses totaling 150000 sq. m, 100000 sq. m. of office and shopping
premises and 50000 sq. m of social facilities. In addition, a
residential neighborhood will be provided with a new engineering
                                                 September 30,   December 31,     September 30,
                                                     2007           2006              2006
Cash and cash equivalents                          4 715 958         5,972,852      3 565 464
Trading securities                                 3 826 465         3,807,963      4 878 359
Amounts due from credit institutions                 984 408           689,410        563 153
Loans to customers                                33 593 588        24,890,120     20 931 453
Assets held for sale                                       0               0          131 575
Available-for-sale securities                          8 682             6,742         16 624
Securities pledged under repurchase agreements     1 488 171           763,419              0
Property and equipment                             6 920 299         6,753,603      2 499 574
Tax assets                                                                               3824
Other assets                                          266 531          201,361         73 433
Total assets                                       51 804 102       43,085,470     32 663 459

Amounts due to credit institutions                 1  213 220        1,182,082      1 186 372
Amounts due to customers                          39  912 305       32,689,143     26 651 119
Repurchase agreements                              1  476 211          718,653        336 692
Debt securities issued                             1  375 065          953,917      1 197 581
Current income tax liabilities                         32 989           33,583
Deferred income tax liabilities                       503 132          948,098
Other liabilities                                      70 549           39,713         27 264
Total liabilities                                  44 583 471       36,565,189     29 399 028

Shareholders’ equity
Share capital                                      2 503 633         2,503,633      2 503 633
Additional paid-in capital
Treasury stock                                       (11 340)          (11,340)        (12 593)
Revaluation reserve on buildings                   2 459 064         2,459,064               0
General reserve and accumulated deficit            2 269 274         1,568,924         773 391
Total shareholders’ equity                         7 220 631         6,520,281       3 264 431

Total liabilities and shareholders’ equity         51 804 102       43,085,469     32 663 459
                                                           9 month ended       Year ended       9 month ended
                                                              September 30,   December 31,         September 30,
                                                                  2007            2006                 2006
Interest income                                               3 091 358            2,986,193       2 194 556
Interest expense                                              1 140 499            1,105,513         819 516
Net interest income                                           1 950 859            1,880,680       1 375 040

Impairment of interest earning assets                           288 531            (254,115)        (181 604)
Net interest income after impairment of interest earning
 assets                                                       1 662 328            2,134,795       1 556 644

Fee and commission income                                       826 948             751,381          543 453
Fee and commission expense                                       26 036              22,196           16 559
Net fee and commission income                                   800 912             729,185          526 894

Gains less losses from securities                                72 440              42,811           (3   531)
Foreign exchange gains less losses                              122 207             133,717           99   257
Translation gains less losses                                     5 636               3,822            2   865
Rental income                                                    43 232              39,838           29   390
Other income                                                     90 476             116,481          116   697
Other non interest income                                       333 991             336,669          244   678

Salaries and benefits                                         1 071 159            1,152,194         859 419
Depreciation                                                    192 652             162,672          109 952
Reversal of impairment reserve for property                           0            (991,046)                0
Loss on disposal of non-monetary items                                0             140,007            90 620
Other administrative and operating expenses                   1 068 814             937,045          694 646
Impairment of other assets                                      (38 146)              (1,942)       (133 519)
Other non interest expense                                    2 294 479            1,398,930        1 621 118

Profit before income tax expense                                502 752            1,801,719         707 098
Income tax expenses (benefit)                                  (204 197)            378,504           80 823
Profit                                                          706 949            1,423,215         626 275
Reference Information

 Full Name: Joint-Stock Commercial Bank Moscow Industrial Bank
 (Open Joint-Stock Company)
 Short Name: MInB OAO

 Head Office’s address: 115419 Moscow, Russia, 5 Ordzhonikidze Ul.
 Fax: 7(495)2321392
 Telex: 113344 PANK RU

 Correspondent Account: 30101810300000000600 with OPERU of Moscow GTU
  of the Bank of Russia
 BIC: 044525600
 IIN: 7725039953
 KPP: 997950001
 ОКVED Code: 65.12
 ОКPО Code: 09317135

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