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.