S-Group Direct Investments

The strategic aim of S-Group Direct Investments fund (SGDI), under the management of S-Group Capital Management, is to build a high-growth investment portfolio through:

Fostering partnerships with international companies, which plan to enter the Russian market, or expand their presence in Russia
Leveraging and capitalizing the value of Severgroup’s non-core assets in the financial sector
Providing technology companies and companies in other fast-growing industries with capital and management expertise

To date, SGDI has made a number of investments in the following sectors:

Travel & Leisure
Financial
High-tech

JV with TUI Travel plc

TUI Russia and the CIS is a Joint Venture of S-Group with the world’s leading Travel and Leisure company — TUI Travel PLC, created on April 15, 2009.

TUI Russia and the CIS — Investment holding company focused on management of portfolio of tourism companies in Russia and the CIS

TUI Russia and the CIS owns 75% of shares in companies Mostravel (Russia), VKO (Russia) and Voyage Kiev (Ukraine).

In March 2010 the joint venture announced the launch of TUI brand in Russia and Ukraine.

For more information about TUI Russia and the CIS please visit www.tui.ru

Metallurgic Commercial Bank

SGDI manages OOO Metallurgic Commercial Bank (Metcombank), a financial institution founded in 1990 to facilitate the reorganization of the Metallurgic Branch of the Industrial-Construction Bank of the USSR. Today the bank, which has a wide branch network in cities across Russia, is developing into a top retail and corporate financial institution.

For additional information on Metcombank go to www.metcombank.ru.

Nano-optic Devices

SGDI is a controlling shareholder of Nano-optic Devices, a company that invented and developed Digital Planar Holography — a technology that produces optical devices on a single chip, less than a quarter of a thumbnail in size.

Digital Planar Holography is a revolutionary integrating technology for Photonic Lightwave Circuits (PLC), and it could lead to the replacement of analog signal processing in PLC by digital signaling, which would consequently result in the replacement of large-size devices by miniature integrated circuits in electronics, communications, measurement, detection, etc. The company has a presence in the U.S. and Russia.

For more information on Nano-optic devices go to www.nanoopticdevices.com.

Spectralus

SGDI is a controlling shareholder of Spectralus Corporation, which was founded in 2003 to develop high-efficiency, mass-manufacturable periodically poled nonlinear crystals, and the laser products that can be produced from these crystals. The Spectralus technology and products can be used for the high-efficiency nonlinear conversion of laser sources (most commonly, near-infrared) into blue, green and yellow (400~600 nm) via a second-harmonic generation process and mid-IR via DFG or OPO processes. The company’s non-linear optical elements are ideal for high-quality and cost-effective applications in instrumentation, laser displays, biomedical, scientific, and other laser markets. The company is based in USA and Armenia.

More information on Spectralus can be found at www.spectralus.com.

Centice

SGDI is a shareholder of Centice Corporation, which was founded in 2004. Centice is in the process of commercializing patented and patent-pending computational sensor technologies originally developed at Duke University. The PASS Rx™ pharmaceutical authentication sensor system is the Company’s first product. The PASS Rx™ system has the potential to improve the verification process for dispensed medications, thereby increasing patient safety. It is anticipated that Centice’s product will be available on the market in the second half of 2008.

More information on Centice can be found at www.centice.com.

Paratek

SGDI is a shareholder of Paratek Microwave Inc., a designer and manufacturer of adaptive RF front-end component solutions for mobile wireless applications. Paratek’s product range for multi-mode and multi-band operations covers three major applications: Adaptive Impedance Matching Modules (AIMM); Broadband filters and pre-selectors for RF front-end devices; and Radio Antenna Frequency Tuners (RAFT™).

The primary area of focus for Paratek is RF tuning. The company is the global leader in RF tuning solutions for the mobile wireless industry.

Paratek products are based on the two proprietary tunable materials technologies — ParaScan™ and ParaStak™. ParaScan is a family of proprietary, composite ceramic materials from which ParaTune™ passive tunable ICs are produced.

More information on Paratek can be found at www.paratek.com.

Medi-Globe

SGDI is a shareholder of Medi-Globe Corporation, which was founded in 1985. Medi-Globe develops, produces and distributes innovative medical products for minimal-invasive treatment-methods. In addition to the core business, which is the development and distribution of instruments for flexible endoscopy, Medi-Globe also focuses on top-innovations for cardiology, urology and wound treatment. The company has its headquarters in Achenmuehle (Germany).

More information on Medi-Globe can be found at www.medi-globe.de.

Innolume (US, Germany)

SGDI is a significant shareholder of Innolume GmbH, which designs and produces laser semiconductor chips, modules and systems working in the wavelength range of 1.1–1.3 microns for medical, industrial, communications and computer markets. Its quantum dot technology and proprietary design concepts enable tangible improvements in cost, performance and quality of semiconductor devices used in optoelectronics. Innolune has a unique technology that allows it to make semiconductor lasers with unparalleled characteristics targeting real needs of today’s markets as well as markets of the future.

More information on Innolume GmbH can be found at www.innolume.com.