E-commerce the purchase of tangible and non-tangible goods online (on a distance) using the telecom networks, first of all Internet.

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1 J son and Partners Consulting presents main results of e-commerce market research of the Russian Federation in E-commerce is now the key driver for the growth of the trade in the developed and a lot of developing countries, and radically changes the usual business-process in the retail sector. Over the past two years, e-commerce market grew in USA for 25% and almost for 30% in EuroZone. J son & Partners Consulting analysts naming among the country-leaders USA and UK with the share of 10% and more in the total turnover of retail business. Terms and definitions E-commerce the purchase of tangible and non-tangible goods online (on a distance) using the telecom networks, first of all Internet. J son & Partners Consulting provides the following categories for the non-tangible goods and services: Mobile services Air- and railway tickets and tickets for the entertainment Telecom services (apart from Mobile services) including the internet-providers, fixed-line operators, IPTV and VOIP Payments of bills and fines, including but not limited housing bills, traffic police fines, insurance payments. Digital mobile content, including audio content, mobile video content, mobile games and applications, etc. Hotels services Digital content (apart from mobile digital content) including the e-books, video content, audio content, soft. J son & Partners Consulting provides the following categories for the tangible goods and services: Network marketing (MLM) Catalogue retail trade Internet-shops 1

2 Payment It is possible to pay for the purchases (bought on the e-commerce market) by: 1. the electronic payment systems 2. banking cards, including: a) Internet acquiring (to accept the payments by the banking cards via the Internet using the specially developed web-interface, that provides the opportunity to pay in online-shops); b) after payment via the credit card basing on the POS-terminals ( after payment means the payment for goods and services after the delivery to the customer) 3. cash payments: a) after the delivery; b) visiting bank office Electronic payment systems market (EPS) includes: 1. Payment terminals (a) banking payment terminals (b) non-banking payment terminals 2. Financial services online ( distance services ) (a) banking online financial services (b) nonbanking online financial services. Banking payment terminal hard- and software complex that accept bills (notes) and is serviced by the banking organization, supporting the accepting of bills and payments from the individuals by the way of self-service Non-Banking payment terminal hard- and software complex that accept bills (notes) and is serviced by the non-banking organization, supporting the accepting of bills and payments from the individuals by the way of self-service Distance financial services include: mobile banking, internet-banking, SMS-banking, mobile operators payments, e-money. Mobile e-commerce is a part of the EPS and is presenting the process of the purchase of goods and services (tangible and non-tangible) that had been paid via the mobile terminal. Mobile e-commerce consists: Mobile operator s payment services Mobile banking SMS-banking Mobile content Mobile payment service (operators payments) electronic payment service provided by the mobile operators, that gives the opportunity to pay for goods and services via the mobile phones and/or internet-portal using the funds on the personal account and/or banking card. Mobile banking service, that provides the opportunity to manage the client s funds with the use of mobile terminals and pay for the services and goods and also to make the transfers using the personal banking account with the use of mobile phone. The service fulfilled with SMS commands (sms-banking) or with special applications for cell phones, which use the Internet for the data transfer. Mobile content digital content that is aimed for the holders of the mobile devices (the devices either support the wireless connection or specially developed for this purpose). The overall outlook of the e-commerce in Russian Federation The Russian e-commerce market is drastically growing nowadays, showing the average growth in 29% in annually. According the J son & Partners Consulting statistic the e-commerce market value estimated in 1,9 tr.rub. The forecast sustainable growth for 10-15% annually. 2

3 Figure 1. Russian e-commerce market, billion RUB, Source: J son & Partners Consulting Russian e-commerce market will increase in 2017 (to 3,7 billion RUB), CAGR in years will be 14,4%. In accordance with other countries the Russian e-commerce market has a significant reserve for the future growth. The ratio of e-commerce to the total volume of trade in Russia is about 2%, while in the developed markets this figure is close to 5% and the recognized leaders UK and USA more than 10%. In the e-commerce market structure in the Russian Federation significant changes are expecting: - In the product structure: the segment share of the non-tangible goods and services will drop from 65% in 2012 year to 60% in 2017 year. - By the means of payment: share of the electronic payment systems will drop to 60% in 2012, to 49% in Segment of the non-tangible goods and services In 2012 the J son & Partner Consulting analysts evaluate the volume of the non-tangible goods and services sector on the e-commerce market in the Russian Federation is amount 1,2 billion.rub In the non-tangible goods and services the fastest growth is expecting in the mobile content and the slowest in the cellular 3

4 Figure 2. The average rate of increase of the non-tangible goods on the e-commerce market in Russian Federation in Tangible goods segment Source: J son & Partners Consulting J son & Partners Consulting analysts said that the segment of the tangible goods on the e-commerce market experiencing the dynamic growth from the very beginning. According to J son & Partners Consulting at the end of 2012 the total turnover of the purchases and payment for the tangible goods on the e-commerce market was over 662 billion Rub. The segment share was over 35%. The segment growth is expecting to continue and to 2017 its volume will be 1,5trillion Rub (same time the share of the tangible goods will reach the peak of 40% in 2016). J son & Partners Consulting expects in 2016 the rate of growth will drop to the average rate, the segment share of the tangible goods in e-commerce will stabilize at 40% on the market. CAGR during years will be 32,5%. The major sub-segment of the tangible goods are internet-shops, the share of them is 60,5% of the total volume of purchases. The forecast for internet-shops in 2017 is the growth to 62,5%. The amount of the internet-shop users will be more than 26 mill. of users and the most popular goods will be electronic devices, cloths, shoes and media goods. The cash payment system will drop (from 78% in 2012 to 57% in 2017) same as the payments via the banking cards will raise (from 13% in 2012 to 32% in 2017). The major tendencies and trends on the Russian e-commerce market Russian e-commerce market is experiencing the vast growth and according to J son & Partners Consulting the stage of the growth will continue during years. The typical features of the Russian e-commerce market nowadays are: Development of the online-credit Development of the multi-channels and the mutual exchange of online and offline Growth of demand for goods in the foreign online-shops. The key feature of the Russian market is the active use of electronic payment system, first of all such as distance banking and non-banking terminals. This differ the Russian market from the foreign competitors as it accumulates the customers variability, 4

5 An important trend is the rapid growth of online shopping in the market of physical goods over the MLMand catalog sales Analysis of the growth opportunities of e-commerce shows that the extensive development is possible due to the regions that show the effect of catch-up development. However, the existing regional imbalances in the e-commerce market will continue and further Russian e-commerce market now is developing rapidly and will be growing for 10-15%. The current market volume in the money value is over 1,9 trillion RUB. Full results of the Research contain in the Report E-commerce market in Russia (106 pages). The report is intended for major retailers and e-commerce, banking community, electronic payment systems, venture capital and investment funds, federal financial institutions, mobile operators suppliers of digital content, hospitality and all the major companies that are planning to find modern forms of implementation of the goods and services. 5

6 The detailed information is presented in the full Report version «E-commerce market in Russia» (106 pages) Content 1. Introduction 2. E-commerce in Russian Federation 3. E-commerce in the USA. 4. E-commerce in the EU 5. Tangible goods segment: 5.1 Segment Payments for cellular 5.2 Segment Ticket payments 5.3 Segment Payments for Telecom services, apart from cellular 5.4 Segment Payments for bills and fines 5.5 Segment Mobile content block Sub-segment Mobile audio content Sub-segment Mobile games Sub-segment Mobile video content Sub-segment Mobile applications 5.6 Segment Payments for hotels 5.7 Segment Digital content Sub-segment «Software» Sub-segment «Video content» Sub-segment «Audio content» Sub-segment «Online games» Sub-segment «Social networks» Sub-segment «Digital books 5.8 Segment «Others» 6. Purchases and payments for tangible goods 6.1 Dynamic of the segment, structure of the payment systems for tangible goods 6.2 Structure of the segment of goods types (purchases and payments for tangible goods) MLM Internet-shops Catalog sales 6.3 Territorial structure and features of the segment purchases and payments for tangible goods 7. Key Russian e-commerce market players 7.1 Internet holding Ozon 7.2 Biglion.ru 7.3 Utkonos 7.4 KupiVIP.ru 7.5 Holodilnik.ru 7.6 Wildberries.ru 7.7 Sotmarket.ru 7.8 Wikimart.ru 7.9 VseInstrumenti.ru 7.10 Avito.ru 7.11 Anywayanyday.com 7.12 Softkey.ru 8. Banks profiles and payment systems, leaders on the e-commerce market 8.1 Sberbank 8.2 Alfa-bank 8.3 VTB Citibank 8.5 Raiffeisen bank 6

7 8.6 Payment system Factura 8.7 Payment system HandyBank 8.8 Russian Standard 8.9 Svyaznoi bank 8.10 GazpromBank 8.11 Rosbank 8.12 OceanBank 8.13 Promsvyazbank 8.14 Moscow credit bank 8.15 Bank of Moscow 8.16 Uralsib 8.17 TransCreditBank 8.18 QIWI 8.19 CyberPlat 8.20 ElecsNet 8.21 Yandex.Money 8.22 WebMoney 9. Tendencies and trends 9.1 Tendencies 9.2 Trends List of companies mentioned in the Report Anywayanyday.com AVITO.RU CyberPlat («КиберПлат») Faktura.ru HandyBank QIWI WebMoneyTransfer Alfa-bank Bank of Moscow Bank Russian Standard Bank Uralsib Biglion Wildberries.ru Wikimart VseInstrumenti.ru VTB 24 Gazprombank OZON.ru Moscow credit bank Utkonos Ocean Bank KupiVIP.ru Promsvyazbank Raiffeisen bank Rosbank Sberbank of Russia Svyaznoi Bank Citibank Sotmarket Softkey Transcreditbank Holodilnik.ru Elecsnet Yandex.Money 7

8 List of tables Table 1. The main platform of e-commerce in USA in the beginning of 2012 Table 2. Segmentation of the proposals on the basis of the analysis of the top 500 online retailers in the U.S. at the end of 2011 Table 3. Cross-country comparison of selected European e-commerce markets Table 4. Regional structure of the e-commerce market in Western Europe Table 5. Structure of the market of non-tangible goods and services,% Table 6. The number of users who have made payments with the use of mobile tools in the segment payments for bills and fines traffic police, thousands Table 7. The number of users who have made payments with the use of mobile tools in the housing sector, thousand Table 8. Average growth rates of the sub-segment "Mobile content" in the e-commerce market of non-tangible goods in the Russian Federation in 2008, 2017.,% Table 9. Audio content provided by the model on-portal, 2012 Table 10. Audio content provided by the model off-portal, 2012 Table 11. The number of users who have made payments with the use of mobile tools in the segment of online games, thousands Table 12. Social networking market by category, , mln. $ Table 13. The number of users who have made payments with the use of mobile tools in the segment of social networking, thousand Table 14. Percentage of buyers who purchase particular type of goods / services on the Internet, the total number of online stores buyers Table 15. Methods of delivery of tangible goods in 2012 Table 16. The most profitable Internet resources in e-commerce in 2012 Table 17. Key performance indicators of Sberbank on the banking terminals market, 2008A-2011A years Table 18. Key performance indicators of Sberbank on the online banking market, SMS-banking and mobile banking 2008A- Table 19. Key performance indicators of Alfa Bank on the online banking market, SMS-banking and mobile banking, 2008A- Table 20. Key performance indicators of VTB24 on the online banking market, SMS-banking and mobile banking, 2008A-2012E years. Table 21. Key performance indicators of Citibank on the online banking market, SMS-banking and mobile banking, 2008A-2012E years. Table 22. Key performance indicators of Raiffeisen on the online banking market, SMS-banking and mobile banking, 2008A- Table 23. Key performance indicators of the payment system Factura on the online banking market, SMS-banking and mobile banking, 2008A- Table 24. Key performance indicators of HandyBanK on the online banking market, SMS-banking and mobile banking, 2008A- Table 25. Key performance indicators of Raiffeisen on the online banking market, SMS-banking and mobile banking, 2008A- 2012A years Table 26. Key performance indicators of Russian Standard Bank on the online banking market, SMS-banking and mobile banking, 2008A- Table 27. Key performance indicators of Svyaznoi Bank on the online banking market, SMS-banking and mobile banking, 2008A- Table 28. Key performance indicators of Gazprombank on the online banking market, SMS-banking and mobile banking, 2008A- Table 29. Key performance indicators of RosBank on the online banking market, SMS-banking and mobile banking, 2008A- Table 30. Key performance indicators of OceanBank on the banking terminals market Table 31. Key performance indicators of Promsvyazbank on the banking terminals market Table 32. Key performance indicators of Promsvyazbank on the online banking market, SMS-banking and mobile banking, 2008A- Table 33. Key performance indicators of Moscow Credit Bank on the banking terminals market Table 34. Key performance indicators of Bank of Moscow on the online banking market, SMS-banking and mobile banking, 2008A- Table 35. Key performance indicators of Uralsib Bank on the online banking market, SMS-banking and mobile banking, 2008A- Table 36. Key performance indicators of TranscreditBank on the online banking market, SMS-banking and mobile banking, 2008A- Table 37. Key performance indicators of the payment system QIWI on the non-banking terminals market Table 38. Key performance indicators of the payment system QIWI on the electronic money market Table 39. Key performance indicators of the payment system Cyperplat on the non-banking terminals market Table 40. Key performance indicators of the payment system Elacsnet on the non-banking terminals market Table 41. Key performance indicators of the payment system Yandex.Money on the electronic money market. Table 42. Key performance indicators of the payment system WebMoney on the electronic money market 8

9 List of pictures Pic. 1. Evaluation of e-commerce market in Russia in 2008, 2017., Bln.RUB Pic. 2. Cross-country comparison of the proportion of the national e-commerce markets in the total trade Pic. 3. Commodity structure of e-commerce market in the Russian Federation in 2008, Pic. 4. Regional structure of the e-commerce market in the Russian Federation in 2008, Pic. 5. Percentage of Internet users involved in online trading at the end of 2011 by type of area,% Pic. 6. E-commerce market in the Russian Federation by methods of payment in 2008, 2017., Bln.RUB Pic. 7. E-commerce market in the Russian Federation by methods of payment in 2008, 2017.,% Pic. 8. E-commerce market in USA in 2008, 2017., Bln.,US Dollars Pic. 9. The share of e-commerce in the entire trade markets in particular countries,% Pic. 10. Percentage of people making purchases online in the EU,% Pic. 11. Percentage of people making purchases online at foreign online stores,% Pic. 12. Segment of non-tangible goods on the e-commerce market in Russia in гг., bln.rub Pic. 13. The structure of the segment of non-tangible goods on the e-commerce market in Russia in the context of the payment method in , % Pic. 14. The structure of the segment of non-tangible goods on the e-commerce market in Russia in the context of groups of goods and services in 2008, 2017.,% Pic. 15. Average growth rates of the market segments of non-tangible goods on the e-commerce market in Russia in 2008, 2017.,% Pic. 16. Segment "Payments for cellular" on the e-commerce non-tangible products market in Russia в , bln.rub Pic. 17. Segment "Payments for tickets" on the e-commerce non-tangible products market in Russia в , bln.rub Pic. 18. The commodity structure of the sub-segments "Payments for tickets" on the e-commerce non-tangible products market in Russia в , % Pic. 19. The structure of the sub-segments "Payments for tickets" on the e-commerce non-tangible products market in Russia in in the context of the method of payment,% Pic. 20. The structure of the sub-segments "Payments for tickets" on the e-commerce non-tangible products market in Russia in in the context of the method of payment,% Pic. 21. The structure of the sub-segments "Payments for tickets" on the e-commerce non-tangible products market in Russia in in the context of the method of payment,% Pic. 22. Segment "Telecom services, apart from cellular" in the market of non-tangible goods on the e-commerce market in Russia in 2008, 2017.%. Pic. 23. Structure of the segment "Telecom services, apart from cellular" in the market of non-tangible goods on the e- commerce market in Russia in 2008, 2017.%. Pic. 24. Commodity structure of the segment "Telecom services, apart from cellular" in the market of non-tangible goods on the e-commerce market in Russia in 2008, 2017.%. Pic. 25. Segment "Payments for bills and fines" in the e-commerce market of non-tangible goods in Russia in 2008, 2017., Pic. 26. Commodity structure of the segment "Payments for bills and fines" in the e-commerce market of non-tangible goods in Russia in 2008, 2017.,% Pic. 27. Segment "Payments for bills and fines" in the e-commerce market of non-tangible goods in Russia in 2008, 2017.,% Pic. 28. Segment "Mobile content" in the e-commerce market of non-tangible goods in Russia in 2008, 2017.,% Pic. 29. Commodity structure of the segment "Mobile content" in the e-commerce market of non-tangible goods in Russia in 2008, 2017.,% Pic. 30. The volume of the mobile audio content in Russia, mln RUB, Pic. 31. Income distribution in the market of mobile audio content, 2011 Pic. 32. The volume of the mobile games market in Russia, bln.rub, Pic. 33. The structure of the mobile games market in Russia,%, Pic. 34. The volume of the mobile games market in the Russian Federation, bln.rub, Pic. 35. The Russian market of mobile applications, bln.rub, Pic. 36. Segment "Payments for hotels" on non-tangible goods e-commerce market in Russia in 2012 and 2017.,% Pic. 37. The structure of the segment "Payments for hotels" on non-tangible goods e-commerce market in Russia in 2012 and 2017.,% Pic. 38. Segment «Digital content» в , bln.rub Pic. 39. The structure of the segment "digital content" in 2008, 2017.,% Pic. 40. Commodity structure of the segment "digital content" in 2008, 2017.,% Pic. 41. Growth rates for individual sub-segments of "digital content" segment Pic. 42. Sub-segment «Software» в , bln.rub Pic. 43. Sub-segment structure «Software», % Pic. 44. Sub-segment «Video content» в , bln.rub Pic. 45. Sub-segment «Audio content» в , bln.rub Pic. 46. Trends of Russian online games market, bln. RUB, Pic. 47. The volume and structure of the payments market in the segment of online games using mobile tools mln., Pic. 48. The volume of the sub-segment "Social Networks" in 2008, 2017, bln.rub. Pic. 49. The volume and structure of the payments market in the segment of social networks using mobile tools mln.,

10 Pic. 50. The volume and structure of the payments market in the segment of social networks using mobile tools mln., Pic. 51. The dynamics of tangible goods segment of e-commerce, bln RUB, 2008, Pic. 52. Structure of the market of buying and payment of tangible goods. Pic. 53. Payment structure for tangible goods on the e-commerce market. Pic. 54. Payment structure via the banking card for tangible goods. Pic. 55. Structure of the market of buying and payment of tangible goods in the e-commerce in money value, 2012; Pic. 56. Structure of the market of buying and payment of tangible goods in the e-commerce, bln.rub Pic. 57. The volume and structure of payment system market in MLM segment, bln. RUB, Pic. 58. E-commerce market in Russia, Pic. 59. The volume and structure of the e-commerce market in the segment of tangible goods in the segment of online stores bln., Pic. 60. The volume and structure of the payments market in the segment of catalog sales via mobile tools bill. RUB Pic. 61. Shares of regions of Russia in the total turnover of e-commerce, only tangible goods, Pic. 62. Key resources of e-commerce customers during the months of 2012 Pic. 63. Revenue trend OZON.ru , bill.rub Pic. 64. Revenue trend OZON holding 1Н2012. Pic. 65. Revenue trend Utkonos, mln RUB Pic. 66. Revenue trend Avito.ru, mln RUB The newsletter was prepared by the J'son & Partners Consulting Company. We exert every effort to provide actual and forecasting data representing the situation in full and available at the time of the publication of the material. J'son & Partners Consulting reserves the right of revising the data after publication of some new official information by individual players. CONTACT FOR MORE INFORMATION: Pavel Yermolich Commercial Director 10