The Audit Report of the Independent Auditor Company

The Audit Report of the Independent

Auditor Company

Limited Liability Company

Commercial bank

“Necklace-Bank”

The Audit Report of the Independent Auditor Company

We, as a registered auditor and foundation member for Russian Federation of the International network of independent auditing companies and business consultants EW INTERNATIONAL, have audited the accompanying preliminary balance sheet of Limited liability company Commercial bank "Necklace-Bank” as of December 31, 2010, and the related statement of income, cash flow and capital. These preliminary statements are prepared by the executive body of Limited liability company Commercial bank "Necklace-Bank”, proceeding from the Letter 183-T, issued by the Central bank of the Russian Federation, relaying on RAAP.

Responsibility for preparing the preliminary annual report and the accompanying balance sheet of Limited liability company Commercial bank "Necklace-Bank” as of December 31, 2010, and the related statement of income, cash flow and capital shall lie with the executive body of Limited liability company Commercial bank "Necklace-Bank”. Our responsibility is to audit and express an opinion on these statements on the ground of the performed audit.

We have carried out the audit in conformity with the International auditing Standards. The audit was planned and carried out so that to get sufficiently convinced of the fact that the accounting records do not contain any essential distortions. The audit included checking up, on the selective principle, the confirmations of the numerical data and of the explanations, contained in the book accounting records. We think that the performed audit provides sufficient grounds for expressing an opinion on the authenticity of the given records.

There was not revealed any essential breaches of the set order of accounting and compiling financial statements that influence their authenticity, and also breaches of the in economic and financial operations, which have caused or may cause damage to the interests of the owners, the State and third persons.

To determine the level of essentiality, when planning and carrying out an audit, auditors relied on the internal standards.

The use of the principle of essentiality in compiling an audit conclusion shall mean that it describes all the essential circumstances, revealed by it, when carrying out the audit, while no other essential circumstances were revealed by the auditor company, when carrying out the audit.

This report is made solely to the Limited liability company Commercial bank "Necklace-Bank” partners. Our audit work has been undertaken so that we might state to the Limited liability company Commercial bank "Necklace-Bank” partners those matters we are required to state to them in an auditors` report and for no other purpose. An audit report cannot, and shall not, be interpreted by Limited liability company Commercial bank "Necklace-Bank” and by the interested users of the audit report as the auditor company's guarantee that there exist no other circumstances, exerting an impact or capable of exerting an impact on the economic subject's book accounting records.

In our opinion, the preliminary financial statements referred to above present fairly, in all material respects, the financial position of Limited liability company Commercial bank "Necklace-Bank” as at December 31, 2010, and the results of operations, cash flow and capital in conformity with the Letter 183-T, issued by the Central bank of the Russian Federation, relaying on RAAP and IFRS.

Senior Partner (Alenichev V.)

Jukis consulting

Registered auditor

Moscow, 27 June 2011

Financial Statements of Limited liability company Commercial bank "Necklace-Bank”