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Anatoly Chubais,
                                  Chief Executive Officer



                 RUSNANO:
Fostering Nanotechnology Innovation in Russia
                                                 Moscow
                                            May 26, 2010
Innovative economy in USSR:
Real achievements and ―golden age of stagnation‖


     Nuclear program                                                 Space program



                                Key Soviet innovative projects
                                    were launched during
                                        1940-1960:



First Soviet atomic bomb, RDS-1 (1949)                           Take off of Vostok-1 (1961)




                            1970-1980– economy in stagnation,
                          increasing dependence on energy prices


                                               Page 2
Labor productivity in Russian economy:
Neither fall, nor growth
        Productivity per one employed citizen in USSR and post-Soviet Russia
       based on purchasing power parity (in %% of the similar indicators in USA)




           29,4%                                             29,5%



                        1990                                                2005
             Source: «International comparison of GDP in Europe in 1990 .» (ECE ,UN, Geneva. 1994) ;
                     Global round of international comparisons of GDP in the World for 2005



                                                            Page 3
Russian Economy:
Gap in innovations
         Sources: World Economic Forum – The Global Competitiveness Report 2009-2010; IMF data
16
             GDP (purchasing power parity),
14           $ trillion

12       Russia is ranked 7th-8th for its
                      GDP
10


 8         and 73rd for its innovation
                      level
 6


 4


 2


 0
     0           10          20         30         40         50          60         70          80
                                                     Innovation level (rated under WEF methodology)


                                                    Page 4
1990-2020:
Milestones of initial development and further growth of Russian economy

                                                    2010 - 2020
                                                    New model of innovation-
                          2000 – 2010               based economic growth
                          Raw materials export
                          dependent economic
                          growth




    1990-2000 Setting
    the base for market
    economy




                                           Page 5
Russia’s Modernisation:
Main Policy Challenge
‖In our work to make our economy radically            In the twenty-first century, our country once again
more effective we also need to put in place           needs to undergo comprehensive modernisation.
incentives and conditions for progress in a whole     […] We have a duty to heed the lessons of recent
number of different directions [...] This calls for   events. So long as oil prices were growing many,
large-scale modernisation of production facilities    almost all of us, to be honest, fell for the illusion
in all economic sectors. This requires a              that structural reforms could wait and that what
completely new quality of business                    was important now was to make maximum use of
management and completely new technology,             the high prices. The priority was on pushing ahead
above all machines and equipment. In most             the old raw materials economy, while developing
cases, the best technology is energy effective        unique technology and innovative products was the
and energy conserving technology, economical          subject of only random individual decisions. But we
and environmentally friendly technology‖.             can delay no longer. We must begin the
                                                      modernisation and technological upgrading of our
                                                      entire industrial sector. I see this as a question of
                                                      our country’s survival in the modern world.

(President Vladimir Putin. Speech at Expanded         (President Dmitry Medvedev. Presidential Address
Meeting of the State Council on Russia’s              to the Federal Assembly of the Russian Federation,
Development Strategy through to 2020,                 November 12, 2009)
February 8, 2008)




                                                      Page 6
Investments into innovative sector in Russia:
Risks…

                                      Risks



              Legal risks                            Macroeconomic risks

   Lack of sustainability and weak
                                                 Weak competition and high
    protection of property rights
                                                monopolization of the economy
    (incl. IP)
                                                 Strong economy dependence
   High level of corruption and
                                                on the global raw materials
    bureaucracy
                                                prices
   Weak judicial system




                                       Page 7
…and Opportunities
  Russia as a production location place offers multiple benefits in terms of available
  resources, access to domestic market, logistics, scientific and technical potential

              Resources                                                             Domestic market
   Strong natural resource base                                             Underpenetrated domestic market
   Relatively cheap land and lease                                          Opportunity of products’ upgrade
    rates                                                                     before entering export markets




                                                   Location of
                                                 production and
           Location                              R&D in Russia                           Human capital


 Location between large markets                                                 Qualified personnel
  (China, Europe, C.I.S.)                                                        Low labor costs




                                      Scientific and technical potential
                                       Large number of research institutions
                                       Competitive soviet-time developments
                                        (e.g. in air-space industry)


                                                          Page 8
Investments into innovative sector in Russia:
Additional opportunities: Low taxes
                                                    2010: Tax Rates Around the World

Income Tax (corporate+individual) + VAT, %%                                                                                                      97
                                                                                                                                       92.9 94.4
Source: http://www.worldwide-tax.com                                                                       86.5 87
                                                                                              82.5 85 85.5
                                                                                     70
                                          59         60        61          61

              48       51 53.5

38



                                                                                               India
                                                                                     U.S.A.




                                                                                                                                                Italy
                                                                                                               U.K.
                                                                           Estonia




                                                                                                       Japan




                                                                                                                      Brazil
              Serbia




                                                                                                                                                        Germany
                                                     Ukraine


                                                               Lithuania
                       Russia


                                Canada
 Montenegro




                                                                                                                                       France
                                           Latvia




                                                                                                                               China
                                                   Tax haven countries excluded,
                                         tax rate in Russia are among the world’s lowest
                                                                                        Page 9
Investments into innovative sector in Russia:
Additional opportunities: Skilled Labor


                        R&D personnel headcount
            per 10,000 people employed in the economy (2008)
                      Sources: Higher School of Economics (HSE, Moscow)
                                                                           144     146

                                              124      127      130
                                    115
                           106


                 77




         23




        China   Italy       UK      Korea   Germany   Russia   Canada     France   Japan


                                            Page 10
Investments into innovative sector in Russia:
Additional opportunities: Low value of land

             Total cadastral value of all land in the country
                                                            33


                  $ trillion (2006)




                                                       3,6
                    0,9              1,1

                Russia          Australia           France              USA


               Sources: World Bank, Ministry of economic development of Russia



                                           Page 11
RUSNANO: Brief overview

  Founded in 2007

  Mission: to implement the state policy in the field of nanotechnologies

  Tasks:

  •commercialization of nanotech industry projects and innovations
  •production volume of Russian nano-enabled products by 2015 –
  ~ $30 bln per year

  Areas of financing:

  •fabrication of nano-enabled products and materials
  •foresight and road maps, standardization, certification,
  safety in nanotech industry
  •education, popularization


                                     Page 12
RUSNANO’s terms of financing

  Financing projects at early stage and stage of expansion




  Ownership participation — no more than 50% minus 1 share




  Investment horizon — up to 10 years




                                Page 13
RUSNANO: Management structure

                            Supervisory Council                                                 Management Board
                            Includes representatives of the President, the State                Includes Corporation’s top management
                            Duma, the Federation Council and the Government                     Chairman, Chief Executive Officer:
                            Chairman: Fursenko A.A.                                             Chubais A.B.
  Management




               Function: final approval of the projects to be funded               Function: preliminary approval of projects to be funded before
                                                                                   their presentation to the SC


                           Investment Policy Committee                                         Scientific and Technical Council
                           Includes business representatives                                   Includes academicians of the Russian Academy of
                           Chairman: Teplukhin P.M.                                            Sciences and prominent scientists
                                                                                               Chairman: Alfimov M.V.
               Function: approves projects’ investment attractiveness and deal
               structure                                                           Function: approves projects’ scientific and technical components




                                                                 8 Investment Departments
                                                          Includes teams of Managing Directors
Investments




                   Key functions
                    Initial project evaluation
                    Investment analysis of the project
                    Corporate compliance
                    Deal structuring
                    Participation in project company management (inclusion in the BoD, etc.)




                                                                              Page 14
RUSNANO: Support for co-investors

Financial support                      Non-financial support

Corporate:                             Infrastructural:
RUSNANO’s minority stake               Technical and investment
in all projects                        expertise, certification,
                                       foresight and road maps


Credit:                                Managerial:
Long-term and                          Assistance in marketing,
comparatively cheap money.             investment spending
Guarantee for loans                    supervision in the interests
                                       of all shareholders


                                       Administrative:
                                       Shielding from the red tape
                                       and corruption



     Basic condition – location in Russia
                             Page 15
RUSNANO’s Project Selection Mechanism
              01.04.2008 – 14.05.2010, total applications: 1607
                                   Application

                                 Entry expertise

 Internal technical              Rejected: 920
                                                         Internal investment
 and scientific                Still to be reviewed:
                                                         expertise
 expertise                               321

                                  Undergoing due
 Technical                    diligence procedures:      Investment policy
 and scientific Board                  290               committee

                               financing decision
                BoD               <   1%     <
                                                       Supervisory
                                                       Council
                         RUSNANO book value of assets, %
                      Projects approved / launched: 76

                                        Page 16
Investment Projects Today
                        ~9.7
  ~8                                    • Approved by the Supervisory Council: 76 projects
              $ bln                     in 27 Russian regions

                                        •Total investment volume: ~ $8 billion
                                        (incl. RUSNANO’s share: ~ $3.5 billion)

                        from 5.7
(incl. 3.5)                             • Consolidated revenue - 2015: from $5.7 billion
                                        (conservative scenario)
Total                 Consolidated
investments           revenue - 2015
                      (conservative/optimistic scenario)


          In Q3 2009, RUSNANO achieved the planned ―project capacity‖ –
      a minimum of 15 projects per quarter. It makes our strategic task possible:

              to ensure production volume of Russian nanoindustry by 2015 –
                                  ~ $30 billion per 1 year
                                                     Page 17
Projects’ clusters
Solar energy and energy conservation                   Nanostructured materials




    Medicine and Biotechnology                   Mechanical engineering and metalwork




Optoelectronics and nanoelectronics                   Infrastructure and Education




                                       Page 18
RUSNANO plans: timeline




           2007        2008         2009        2010       2011            2012      2013          2014        2015


  RUSNANO is        First project   Debt financing via      RUSNANO           Mass production in   Exit from projects
   founded.         is financed      open markets        transformation       project companies          started
  Government                             started                into                started
     makes                                                 a joint-stock
contribution into                                           company
  the charter
     capital




                            Additional major challenge:
             IPO after RUSNANO transformation into a joint-stock company



                                                         Page 19
Long-term financing program
RF Government Decree No. 1454-r of 05 October 2009




                                                     RF asset contributions
                                                     in RUSNANO
            4,6                   4,5

                                                     State guaranteed debt financing:
                      $ bln                          bonds issuance


                                                     Expected equity income from
                                                     project companies (exits+dividends)
                       6,2




    Total in 2008-2015: up to $15.3 bln



                                          Page 20
Dynamics of the Russian Nanoindustry Market:
Target



   $ billion                                                                          30



         Sales of Russian nanoindustry products
                                                                         22.5
            Incl. revenue of project companies
            set up with participation of RUSNANO

                  Incl. revenue of 76 projects              14.5
                  already approved by RUSNANO
                                                                                      10.4

                                            5.5                          7.1                  5.7
                                                                                4.9
                                                            4.6    3.6
                                1.4         2.6     2.5

                  0.3         1.2     1.4
  0,007   0,007
                        0.3

     2009          2010        2011          2012             2013         2014            2015



                                                  Page 21
What we can do together

         RUSNANO offers

   Co-investment
   Support in companies entry into the
    Russian market
   Access to RUSNANO’s scientific and
    technical expertise
   Joint creation of venture funds



           Funds could

   Consider opportunities for portfolio companies expansion into Russia
   Encourage portfolio companies to apply for RUSNANO financing
   Act as co-investors in RUSNANO projects
   Encourage portfolio companies to cooperate with RUSNANO projects to achieve
  synergies:
        in accessing global product and finance markets
        in exits from projects (IPO or selling to a strategic investor)


                                      Page 22

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презентация а.чубайса по роснано 26 мая 2010

  • 1. Anatoly Chubais, Chief Executive Officer RUSNANO: Fostering Nanotechnology Innovation in Russia Moscow May 26, 2010
  • 2. Innovative economy in USSR: Real achievements and ―golden age of stagnation‖ Nuclear program Space program Key Soviet innovative projects were launched during 1940-1960: First Soviet atomic bomb, RDS-1 (1949) Take off of Vostok-1 (1961) 1970-1980– economy in stagnation, increasing dependence on energy prices Page 2
  • 3. Labor productivity in Russian economy: Neither fall, nor growth Productivity per one employed citizen in USSR and post-Soviet Russia based on purchasing power parity (in %% of the similar indicators in USA) 29,4% 29,5% 1990 2005 Source: «International comparison of GDP in Europe in 1990 .» (ECE ,UN, Geneva. 1994) ; Global round of international comparisons of GDP in the World for 2005 Page 3
  • 4. Russian Economy: Gap in innovations Sources: World Economic Forum – The Global Competitiveness Report 2009-2010; IMF data 16 GDP (purchasing power parity), 14 $ trillion 12 Russia is ranked 7th-8th for its GDP 10 8 and 73rd for its innovation level 6 4 2 0 0 10 20 30 40 50 60 70 80 Innovation level (rated under WEF methodology) Page 4
  • 5. 1990-2020: Milestones of initial development and further growth of Russian economy 2010 - 2020 New model of innovation- 2000 – 2010 based economic growth Raw materials export dependent economic growth 1990-2000 Setting the base for market economy Page 5
  • 6. Russia’s Modernisation: Main Policy Challenge ‖In our work to make our economy radically In the twenty-first century, our country once again more effective we also need to put in place needs to undergo comprehensive modernisation. incentives and conditions for progress in a whole […] We have a duty to heed the lessons of recent number of different directions [...] This calls for events. So long as oil prices were growing many, large-scale modernisation of production facilities almost all of us, to be honest, fell for the illusion in all economic sectors. This requires a that structural reforms could wait and that what completely new quality of business was important now was to make maximum use of management and completely new technology, the high prices. The priority was on pushing ahead above all machines and equipment. In most the old raw materials economy, while developing cases, the best technology is energy effective unique technology and innovative products was the and energy conserving technology, economical subject of only random individual decisions. But we and environmentally friendly technology‖. can delay no longer. We must begin the modernisation and technological upgrading of our entire industrial sector. I see this as a question of our country’s survival in the modern world. (President Vladimir Putin. Speech at Expanded (President Dmitry Medvedev. Presidential Address Meeting of the State Council on Russia’s to the Federal Assembly of the Russian Federation, Development Strategy through to 2020, November 12, 2009) February 8, 2008) Page 6
  • 7. Investments into innovative sector in Russia: Risks… Risks Legal risks Macroeconomic risks  Lack of sustainability and weak  Weak competition and high protection of property rights monopolization of the economy (incl. IP)  Strong economy dependence  High level of corruption and on the global raw materials bureaucracy prices  Weak judicial system Page 7
  • 8. …and Opportunities Russia as a production location place offers multiple benefits in terms of available resources, access to domestic market, logistics, scientific and technical potential Resources Domestic market  Strong natural resource base  Underpenetrated domestic market  Relatively cheap land and lease  Opportunity of products’ upgrade rates before entering export markets Location of production and Location R&D in Russia Human capital  Location between large markets  Qualified personnel (China, Europe, C.I.S.)  Low labor costs Scientific and technical potential  Large number of research institutions  Competitive soviet-time developments (e.g. in air-space industry) Page 8
  • 9. Investments into innovative sector in Russia: Additional opportunities: Low taxes 2010: Tax Rates Around the World Income Tax (corporate+individual) + VAT, %% 97 92.9 94.4 Source: http://www.worldwide-tax.com 86.5 87 82.5 85 85.5 70 59 60 61 61 48 51 53.5 38 India U.S.A. Italy U.K. Estonia Japan Brazil Serbia Germany Ukraine Lithuania Russia Canada Montenegro France Latvia China Tax haven countries excluded, tax rate in Russia are among the world’s lowest Page 9
  • 10. Investments into innovative sector in Russia: Additional opportunities: Skilled Labor R&D personnel headcount per 10,000 people employed in the economy (2008) Sources: Higher School of Economics (HSE, Moscow) 144 146 124 127 130 115 106 77 23 China Italy UK Korea Germany Russia Canada France Japan Page 10
  • 11. Investments into innovative sector in Russia: Additional opportunities: Low value of land Total cadastral value of all land in the country 33 $ trillion (2006) 3,6 0,9 1,1 Russia Australia France USA Sources: World Bank, Ministry of economic development of Russia Page 11
  • 12. RUSNANO: Brief overview Founded in 2007 Mission: to implement the state policy in the field of nanotechnologies Tasks: •commercialization of nanotech industry projects and innovations •production volume of Russian nano-enabled products by 2015 – ~ $30 bln per year Areas of financing: •fabrication of nano-enabled products and materials •foresight and road maps, standardization, certification, safety in nanotech industry •education, popularization Page 12
  • 13. RUSNANO’s terms of financing Financing projects at early stage and stage of expansion Ownership participation — no more than 50% minus 1 share Investment horizon — up to 10 years Page 13
  • 14. RUSNANO: Management structure Supervisory Council Management Board Includes representatives of the President, the State Includes Corporation’s top management Duma, the Federation Council and the Government Chairman, Chief Executive Officer: Chairman: Fursenko A.A. Chubais A.B. Management Function: final approval of the projects to be funded Function: preliminary approval of projects to be funded before their presentation to the SC Investment Policy Committee Scientific and Technical Council Includes business representatives Includes academicians of the Russian Academy of Chairman: Teplukhin P.M. Sciences and prominent scientists Chairman: Alfimov M.V. Function: approves projects’ investment attractiveness and deal structure Function: approves projects’ scientific and technical components 8 Investment Departments Includes teams of Managing Directors Investments Key functions  Initial project evaluation  Investment analysis of the project  Corporate compliance  Deal structuring  Participation in project company management (inclusion in the BoD, etc.) Page 14
  • 15. RUSNANO: Support for co-investors Financial support Non-financial support Corporate: Infrastructural: RUSNANO’s minority stake Technical and investment in all projects expertise, certification, foresight and road maps Credit: Managerial: Long-term and Assistance in marketing, comparatively cheap money. investment spending Guarantee for loans supervision in the interests of all shareholders Administrative: Shielding from the red tape and corruption Basic condition – location in Russia Page 15
  • 16. RUSNANO’s Project Selection Mechanism 01.04.2008 – 14.05.2010, total applications: 1607 Application Entry expertise Internal technical Rejected: 920 Internal investment and scientific Still to be reviewed: expertise expertise 321 Undergoing due Technical diligence procedures: Investment policy and scientific Board 290 committee financing decision BoD < 1% < Supervisory Council RUSNANO book value of assets, % Projects approved / launched: 76 Page 16
  • 17. Investment Projects Today ~9.7 ~8 • Approved by the Supervisory Council: 76 projects $ bln in 27 Russian regions •Total investment volume: ~ $8 billion (incl. RUSNANO’s share: ~ $3.5 billion) from 5.7 (incl. 3.5) • Consolidated revenue - 2015: from $5.7 billion (conservative scenario) Total Consolidated investments revenue - 2015 (conservative/optimistic scenario) In Q3 2009, RUSNANO achieved the planned ―project capacity‖ – a minimum of 15 projects per quarter. It makes our strategic task possible: to ensure production volume of Russian nanoindustry by 2015 – ~ $30 billion per 1 year Page 17
  • 18. Projects’ clusters Solar energy and energy conservation Nanostructured materials Medicine and Biotechnology Mechanical engineering and metalwork Optoelectronics and nanoelectronics Infrastructure and Education Page 18
  • 19. RUSNANO plans: timeline 2007 2008 2009 2010 2011 2012 2013 2014 2015 RUSNANO is First project Debt financing via RUSNANO Mass production in Exit from projects founded. is financed open markets transformation project companies started Government started into started makes a joint-stock contribution into company the charter capital Additional major challenge: IPO after RUSNANO transformation into a joint-stock company Page 19
  • 20. Long-term financing program RF Government Decree No. 1454-r of 05 October 2009 RF asset contributions in RUSNANO 4,6 4,5 State guaranteed debt financing: $ bln bonds issuance Expected equity income from project companies (exits+dividends) 6,2 Total in 2008-2015: up to $15.3 bln Page 20
  • 21. Dynamics of the Russian Nanoindustry Market: Target $ billion 30 Sales of Russian nanoindustry products 22.5 Incl. revenue of project companies set up with participation of RUSNANO Incl. revenue of 76 projects 14.5 already approved by RUSNANO 10.4 5.5 7.1 5.7 4.9 4.6 3.6 1.4 2.6 2.5 0.3 1.2 1.4 0,007 0,007 0.3 2009 2010 2011 2012 2013 2014 2015 Page 21
  • 22. What we can do together RUSNANO offers  Co-investment  Support in companies entry into the Russian market  Access to RUSNANO’s scientific and technical expertise  Joint creation of venture funds Funds could  Consider opportunities for portfolio companies expansion into Russia  Encourage portfolio companies to apply for RUSNANO financing  Act as co-investors in RUSNANO projects  Encourage portfolio companies to cooperate with RUSNANO projects to achieve synergies:  in accessing global product and finance markets  in exits from projects (IPO or selling to a strategic investor) Page 22