Close integration within the investment banking group permits the various branches of the Group to use each other’s rich experience in account and mutual investment fund asset management. The developed infrastructure of the Group means that costs can be cut, thereby increasing the income from asset management and thus making CIT Finance attractive to potential partners.

Today the Group manages assets with a total value greater than 6 billion Russian rubles.

The CIT Finance asset management company looks upon its clients as partners, and strives to create long-term relationships with them. Openness and transparency in relation to clients accompany this professional approach to asset management. Transparency and client-oriented service allow CIT Finance to take into account each client’s preferences. Such attention to each individual client’s preferences has allowed the Group to widen its client base, thus attracting investment not only from private individuals, but also from non-governmental pension funds, corporate clients, and financial institutions.

One of the priorities of CIT Finance is to manage mutual funds. We have formed the widest family of mutual funds available in Russia today. CIT Finance manages the open-end funds CIT – Stock Fund, CIT – Balanced Fund, CIT – Bond Fund, as well as sector-oriented funds such as: CIT – Russian Electric power industry, CIT – Russian Oil and CIT – Russian Telecommunications.

We also manage assets of the interval fund CIT – Small Cap Equity Fund, which invests in undervalued stocks with a large potential for growth.

CIT – Money Market Fund is one of the few funds of its kind on the Russian market, and gives one the advantage of being able to open a bank account which the client can take money from when the fund gives income.

CIT – MICEX Index invests in companies on the MICEX index. MICEX is the largest stock exchange in Russia in all three main sectors: stocks, bonds and currency. CIT – MICEX Index fund is meant for investors who are oriented on growth of the stock market and on long-term investments.

Furthermore, CIT manages the assets of a number of close-end funds.

In two years of work CIT mutual funds have earned their investors from 60% to 90% profit on their original investment. Based on results of returns for the year 2004, CIT mutual funds entered the Top-10 in all rankings (made by Investfunds.ru) of their respective categories of mutual funds. In particular, the CIT- Bond Fund held first place among open-end Russian bond funds in 2004.

CIT’s wide selection of mutual funds has allowed the company to attract many investors. The overall value of CIT’s assets in retail funds in 2004 exceeded 1 billion rubles, and the value of these funds is today more the 1.3 billion rubles. Effective management of investments in mutual funds means that CIT has assured its presence among the leaders of growth in mutual investment fund value.

CIT Finance has its own strategy on the market of collective investments. This strategy includes setting up a retail network of CIT Finance offices that serves the company’s clients with all questions and operations concerning mutual funds. This distribution network gives clients direct contact with CIT agents.

CIT Finance offices operate today in Saint-Petersburg, Moscow, and in the 20 largest Russian cities. The overall distribution network of CIT mutual funds has more than 100 offices.

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