Egidaco Investments PLC (“Tinkoff”), the parent company of ‘Tinkoff Credit Systems' Bank (TCS Bank), Issues Profit Warning for 1Q 2009

Egidaco Investments PLC (“Tinkoff”), the parent company of ‘Tinkoff Credit
Systems' Bank (TCS Bank), Issues Profit Warning for 1Q 2009

According to the 2009 Business Plan presented to Bondholders in March 2009,
based on management Accounts (non-IFRS), Tinkoff expected to show a Net Loss
(after FX adjustments) of 13m Roubles for 1Q09.

Based on provisional results, the Company expects to show a result of  -39m
Roubles for the First quarter.  Full (unaudited) IFRS accounts for Q1 will be
published as scheduled by the end of May 2009.

At the operating level, Tinkoff performed slightly above plan.  Operating Income
was higher than forecast due to increased yield, ongoing cost-reduction and bond
repurchases.  However, overall Q1 results were lower than plan due to a
higher-than-expected increase in loan loss provisioning (LLP).  FX losses were
slightly lower than expected in Q1, and the RUB has now strengthened.

For additional information 

Oliver Hughes, President						
tel: +7 495 648 1000						
e-mail: o.hughes@tcsbank.ru 			

Ilya Pisemsky, CFO	
tel: +7 495 648-1000 
e-mail: i.pisemsky@tcsbank.ru

web: www.eginvestments.net/


Bank 'Tinkoff. Credit Systems' is Russia's first monoline bank, specialising
exclusively on the issuing and servicing of credit cards.  The bank was founded
by the famous Russian entrepreneur, Oleg Tinkov.  In October 2007, the
international investment bank Goldman Sachs became a shareholder. In September
2008, Vostok Nafta Investments Limited also became a shareholder.  

TCS Bank uses modern CRM and risk management systems.  The bank employs a remote
service model, providing virtual banking services of the highest quality to its
customers. Service is provided to customers through a sophisticated Call Centre,
Internet, SMS banking and by mail through the Russian Postal system.  The
combination of a narrow focus with a hi-tech approach gives the bank a distinct
competitive edge in the rapidly growing Russian credit card market.