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Company valuations (09/17/2009)
| OIL & GAS | | | | | | | | | | | | | | | | | | | | | | | |
| Gazprom | GSPBEX | Buy | 6.15 | 8.9 | 45 | #### | 191 | - | (4.6) | R | 4.7 | 4.9 | 5.2 | 4.8 | 3.1 | 4.1 | 4.2 | 3.9 | 0.2 | 1.0 | 0.9 | 1.3 | 18.6 |
| LUKOIL | LKOH | Hold | 60.00 | 72 | 20 | 51,034 | 644 | - | (3.2) | R | 5.6 | 6.2 | 7.2 | 5.8 | 3.4 | 3.8 | 4.3 | 3.8 | 2.7 | 0.5 | 1.0 | 0.5 | 647.3 |
| Rosneft | ROSN | Hold | 7.92 | 7.7 | (3) | 83,938 | 318 | - | (3.2) | R | 7.6 | 10.7 | 13.2 | 13.3 | 6.2 | 7.3 | 8.1 | 8.2 | 1.3 | 1.2 | 2.1 | 1.5 | #### |
| Gazprom Neft | SIBN | Buy | 5.55 | 6.1 | 10 | 26,314 | 130 | - | 0.0 | R | 5.6 | 8.3 | 8.0 | 6.7 | 3.7 | 5.7 | 5.4 | 4.8 | 8.9 | 0.8 | 1.9 | 0.8 | 601.8 |
| TNK-BP Holding | tnbp | UR | 1.84 | UR | n/a | 29,811 | 59 | - | 0.0 | R | 4.7 | n/a | n/a | n/a | 3.2 | n/a | n/a | n/a | 10.6 | 0.7 | 1.5 | 0.7 | 444.4 |
| Slavneft | slav | Hold | 0.73 | 1.1 | 56 | 3,447 | 0.0 | - | 0.0 | R | 7.1 | 3.4 | 3.2 | 3.0 | 2.6 | 1.9 | 1.9 | 1.8 | 7.0 | 0.4 | 0.6 | 0.5 | 196.1 |
| Surgutneftegaz | SNGS | Hold | 0.95 | 0.86 | (10) | 37,290 | 197 | - | 0.0 | R | 7.1 | 6.6 | 7.4 | 6.9 | 8.9 | 5.0 | 5.5 | 5.2 | 6.3 | 1.9 | 1.0 | 1.8 | 596.0 |
| Tatneft | TATN | UR | 4.45 | UR | n/a | 9,979 | 251 | - | (8.6) | R | 25.8 | n/a | n/a | n/a | 5.9 | n/a | n/a | n/a | 0.4 | 0.6 | 1.1 | 0.6 | 421.4 |
| NOVATEK | NVTK | Buy | 4.75 | 7.7 | 62 | 14,422 | 119 | - | 0.0 | R | 15.7 | 15.5 | 10.1 | 7.6 | 10.2 | 10.9 | 7.4 | 5.7 | 2.1 | 4.5 | 4.4 | 4.7 | 19.8 |
| Bashneft | BANE | Buy | 15.88 | 11.0 | (31) | 2,985 | 54 | - | 0.8 | R | 7.0 | Neg | 37.6 | 7.9 | 3.2 | Neg | 6.4 | 3.6 | 1.3 | 0.6 | 0.9 | 0.5 | 209.1 |
| Eurasia Drilling | EDCL LI | NR | 16.50 | NR | n/a | 2,378 | 429 | - | (5.7) | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Integra | INTE LI | NR | 3.30 | NR | n/a | 454 | 953 | - | (8.8) | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| C.A.T. oil | O2C GR | NR | n/a | NR | n/a | n/a | n/a | - | n/a | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Transneft | TRNFP | NR | 900.00 | NR | n/a | 4,198 | 178 | - | (3.2) | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Kazanorgsintez | KZOS | NR | 0.18 | NR | n/a | 331 | 47 | - | 0.0 | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Novoil | nunz | NR | 1.30 | NR | n/a | 1,068 | 52 | - | 13.0 | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Ufaneftekhim | UFNC | NR | 3.10 | NR | n/a | 928 | 94 | - | (3.1) | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| UTILITIES | | | | | | | | | | | | | | | | | | | | | | | |
| MOESK | MSRS | UR | 0.047 | UR | n/a | 2,289 | 44 | - | 0.0 | R | 13.7 | n/a | n/a | 3.1 | 5.5 | n/a | n/a | 1.6 | n/a | 0.8 | n/a | 1.2 | n/a |
| RusHydro | HYDR | Hold | 0.034 | 0.039 | 14 | 8,772 | 311 | - | (7.0) | R | Neg | 9.8 | 8.8 | 5.1 | 6.1 | 5.5 | 4.6 | 2.9 | 0.0 | 2.0 | 0.6 | 1.8 | 0 |
| OGK-1 | OGKA | Hold | 0.025 | 0.025 | 1 | 1,121 | 42 | - | (3.5) | R | 3.7 | 13.7 | 34.7 | 37.1 | 8.0 | 7.2 | 9.2 | 7.5 | 0.0 | 0.6 | 0.8 | 0.7 | 0 |
| OGK-2 | OGKB | Hold | 0.037 | 0.027 | (27) | 1,178 | 37 | - | (2.7) | R | Neg | 244.3 | 45.7 | 29.8 | 51.2 | 18.9 | 11.9 | 9.2 | 0.0 | 0.7 | 0.8 | 0.8 | 0 |
| OGK-3 | OGKC | Hold | 0.057 | 0.047 | (17) | 2,683 | 53 | - | 0.0 | R | 9.8 | 11.4 | 13.0 | 14.9 | 5.8 | 6.9 | 8.1 | 6.7 | 0.0 | 1.7 | 0.7 | 0.7 | 0 |
| OGK-4 | OGKD | Buy | 0.050 | 0.054 | 9 | 3,151 | 58 | - | (3.8) | R | 12.9 | 39.1 | 136.9 | 10.2 | 11.5 | 12.2 | 10.0 | 3.5 | 0.0 | 2.1 | 1.0 | 1.4 | 0 |
| OGK-5 | OGKE | Hold | 0.072 | 0.059 | (18) | 2,529 | 96 | - | (19.8) | R | 33.4 | 66.5 | 111.6 | 11.5 | 12.1 | 14.9 | 12.4 | 5.6 | 0.0 | 1.5 | 1.0 | 1.6 | 0 |
| OGK-6 | OGKF | Buy | 0.029 | 0.027 | (4) | 919 | 34 | - | 0.0 | R | Neg | 25.1 | 382.4 | Neg | 85.7 | 5.1 | 5.5 | 6.7 | 0.0 | 0.5 | 0.4 | 0.5 | 0 |
| TELECOMS | | | | | | | | | | | | | | | | | | | | | | | |
| Rostelecom | RTKM | NR | 8.94 | 1.5 | (83) | 7,000 | 196 | - | 27.7 | R | 14.3 | 56.7 | 49.9 | 54.5 | 16.5 | 12.8 | 15.5 | 14.4 | 0.6 | 2.6 | 3.5 | 2.5 | n/a |
| MGTS | MGTS | Sell | 14.75 | 16.0 | 8 | 1,473 | 44 | - | 0.0 | R | 10.8 | 9.1 | 10.8 | 10.7 | 5.8 | 4.8 | 5.8 | 5.8 | n/a | 1.9 | 1.3 | 2.2 | 0 |
| CentreTelecom | ESMO | Hold | 0.52 | 0.54 | 5 | 1,002 | 38 | - | 0.0 | R | 6.6 | 10.2 | 7.1 | 7.3 | 2.9 | 3.7 | 3.4 | 3.4 | 0.0 | 0.7 | 1.5 | 1.2 | 241 |
| N-W Telecom | SPTL | Buy | 0.44 | 0.6 | 34 | 473 | 32 | - | (5.4) | R | 4.6 | 8.0 | 4.9 | 4.7 | 2.3 | 2.8 | 2.4 | 2.4 | 0.0 | 0.5 | 0.5 | 0.9 | 205 |
| SouthTelecom | KUBN | Hold | 0.08 | 0.08 | 9 | 288 | 91 | - | 0.0 | R | Neg | Neg | 22.8 | 7.1 | 3.9 | 4.5 | 3.8 | 3.6 | 0.0 | 0.3 | 1.0 | 1.1 | 224 |
| Uralsvyazinform | URSI | Buy | 0.025 | 0.042 | 68 | 944 | 139 | - | (6.3) | R | 9.3 | 11.3 | 7.7 | 6.9 | 3.1 | 3.8 | 3.4 | 3.4 | 0.0 | 0.6 | 1.2 | 1.1 | 186 |
| VolgaTelecom | NNSI | Buy | 2.11 | 3.7 | 74 | 637 | 57 | - | (9.4) | R | 5.5 | 8.4 | 5.5 | 5.5 | 2.1 | 2.6 | 2.3 | 2.3 | 0.0 | 0.5 | 0.7 | 0.8 | 126 |
| Sibirtelecom | ENCO | Buy | 0.04 | 0.06 | 77 | 520 | 37 | - | 0.0 | R | 8.5 | 6.6 | 4.4 | 3.8 | 2.3 | 2.7 | 2.4 | 2.3 | 0.0 | 0.3 | 0.8 | 0.8 | 138 |
| Dalsvyaz | ESPK | Buy | 2.85 | 5.6 | 95 | 334 | 59 | - | 0.0 | R | 3.7 | 7.7 | 5.7 | 5.1 | 2.1 | 2.7 | 2.4 | 2.3 | 0.0 | 0.5 | 1.1 | 0.8 | 324 |
| MTS | MBT US | Buy | 43.10 | 68.0 | 58 | 17,182 | 68,250 | - | (8.9) | R | 8.9 | 8.7 | 7.3 | 5.9 | 3.9 | 4.6 | 4.0 | 3.6 | 0.0 | 1.7 | 4.2 | 2.0 | 312 |
| VimpelCom | VIP US | Buy | 16.55 | 23.0 | 39 | 21,966 | 63,265 | - | (8.0) | R | 37.1 | 12.7 | 9.5 | 7.7 | 5.3 | 6.2 | 5.1 | 4.6 | 0.0 | 2.2 | 4.8 | 2.8 | 630 |
| AFK Sistema | SSA LI | Buy | 16.70 | 25.0 | 50 | 8,058 | 4,666 | - | (2.3) | R | 130.0 | 55.6 | 18.1 | 8.7 | 2.8 | 3.2 | 2.7 | 2.4 | 0.0 | 0.5 | n/a | 0.9 | n/a |
| Comstar-UTS | CMST LI | Buy | 5.21 | 8.1 | 55 | 1,981 | 2,821 | - | (2.6) | R | 10.9 | 12.2 | 8.4 | 7.7 | 3.9 | 4.5 | 3.7 | 3.5 | 0.0 | 1.2 | 0.9 | 1.7 | n/a |
| METALS & MINING | | | | | | | | | | | | | | | | | | | | | | | |
| Norilsk Nickel | GMKN | UR | 136.00 | UR | n/a | 24,605 | 613 | - | (8.1) | R | Neg | n/a | n/a | n/a | 4.7 | n/a | n/a | n/a | n/a | 1.8 | n/a | 2.0 | n/a |
| Severstal | SVST LI | Sell | 7.35 | 3.0 | (59) | 7,407 | 7,039 | - | (7.5) | R | 3.6 | Neg | Neg | 4.2 | 2.3 | 52.4 | 9.3 | 4.7 | n/a | 0.3 | n/a | 0.6 | 649 |
| Novolipetsk | NLMK LI | Hold | 24.73 | 20.0 | (19) | 14,821 | 8,769 | - | (9.8) | R | 6.5 | 29.0 | 16.1 | 9.4 | 3.2 | 9.9 | 7.8 | 4.8 | n/a | 1.3 | n/a | 1.3 | 1417 |
| Mechel | MTL US | Sell | 16.23 | 3.2 | (80) | 6,756 | 37,799 | - | (11.5) | R | 5.9 | Neg | 73.8 | 9.5 | 3.9 | 15.8 | 11.2 | 5.5 | 0.0 | 0.7 | n/a | 1.2 | 1971 |
| Evraz | EVR LI | Hold | 24.93 | 23.0 | (8) | 9,162 | 15,636 | - | (8.5) | R | 4.9 | 42.5 | 11.8 | 4.5 | 2.8 | 9.1 | 7.2 | 4.5 | 0.0 | 0.4 | n/a | 0.9 | 1082 |
| Magnitogorsky MK | MMK LI | Buy | 9.15 | 8.8 | (4) | 7,865 | 3,238 | - | (6.3) | R | 7.3 | Neg | 128.5 | 8.7 | 3.3 | 8.5 | 6.3 | 3.3 | n/a | 0.7 | n/a | 0.7 | 605 |
| TMK | TMKS LI | UR | 17.90 | UR | n/a | 3,907 | 2,642 | - | (8.0) | R | 19.7 | n/a | n/a | n/a | 6.9 | n/a | n/a | n/a | 0.0 | 0.7 | n/a | 1.2 | n/a |
| Polyus Gold | PLZL | Buy | 53.80 | 59.0 | 10 | 9,584 | 222 | - | (2.2) | R | 158.8 | 23.4 | 18.3 | 15.9 | 20.5 | 14.5 | 11.5 | 9.7 | 0.0 | 8.8 | 3.4 | 8.2 | n/a |
| CONSUMER GOODS & RETAIL | | | | | | | | | | | | | | | | | | | | | | | |
| X5 Retail Group | FIVE LI | Hold | 22.20 | 18.0 | (19) | 6,028 | 5,301 | - | (4.6) | R | 54.2 | 48.6 | 19.9 | 13.9 | 9.7 | 10.5 | 8.1 | 6.5 | 0.0 | 0.7 | 3.7 | 0.9 | n/a |
| Magnit | MGNT | Buy | 54.60 | 68.0 | 25 | 4,532 | 185 | - | (1.6) | R | 24.1 | 17.0 | 11.8 | 10.1 | 12.0 | 9.4 | 6.8 | 5.8 | 0.0 | 0.8 | 5.4 | 0.9 | n/a |
| 7th Continent | SCON | Sell | 8.90 | 6.1 | (31) | 668 | 34 | - | (7.8) | R | 16.2 | 19.7 | 14.9 | 6.0 | 7.0 | 7.0 | 5.4 | 4.2 | 0.0 | 0.4 | 1.0 | 0.6 | n/a |
| Dixy Group | DIXY | UR | 6.57 | UR | n/a | 565 | 23 | - | (2.2) | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Wimm-Bill-Dann | WBD US | Hold | 65.35 | 53.0 | (19) | 2,875 | 6,957 | - | (7.1) | R | 28.6 | 38.4 | 18.4 | 15.9 | 9.0 | 11.2 | 8.9 | 8.0 | 0.0 | 1.0 | 4.5 | 1.2 | 2.2 |
| Lebedyansky | LEKZ | UR | n/a | UR | n/a | n/a | n/a | - | n/a | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Nutritek | NTRI | UR | 4.20 | UR | n/a | 67 | 42 | - | 0.0 | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Baltika | PKBA | UR | 27.00 | UR | n/a | 4,404 | 17 | - | 0.0 | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| BANKS | | | | | | | | | | | | | | | P/BV: | P/BV: | P/BV: | P/BV: | | | | | |
| Sberbank | SBER | UR | 2.25 | UR | n/a | 49,896 | 4,078 | - | (2.6) | R | 12.7 | n/a | n/a | n/a | 2.0 | n/a | n/a | n/a | 0.0 | n/a | 2.0 | n/a | n/a |
| Vozrozhdeniye | VZRZ | Hold | 34.50 | 17.3 | (50) | 837 | 68 | - | (1.4) | R | 6.6 | 65.5 | 26.2 | 10.0 | 1.6 | 1.7 | 1.7 | 1.5 | 1.4 | n/a | 1.6 | n/a | n/a |
| VTB | VTBR LI | Sell | 4.09 | 2.0 | (51) | 14,203 | 13,248 | - | (5.8) | R | 67.0 | Neg | 31.2 | 14.6 | 1.1 | 1.3 | 1.2 | 1.2 | 0.0 | n/a | 1.1 | n/a | n/a |
| REAL ESTATE | | | | | | | | | | | | | | | | | | | | | | | |
| LSR | LSRG LI | Buy | 6.25 | 8.2 | 31 | 2,927 | 853 | - | (3.8) | R | Neg | Neg | 119.5 | 16.2 | 7.7 | 14.8 | 11.8 | 7.4 | 0.0 | 1.5 | 2.5 | 2.0 | n/a |
| Open Investments | OPIN | NR | 60.20 | NR | n/a | 920 | 37 | - | 0.0 | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| AFI Development | AFID LI | NR | 1.95 | NR | n/a | 1,026 | 335 | - | (11.4) | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| PIK Group | PIK LI | NR | 3.67 | NR | n/a | 1,810 | 1,080 | - | (11.1) | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Sistema HALS | HALS LI | NR | 1.69 | NR | n/a | 379 | - | - | (6.1) | R | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| | | | | Up/ Down | | | | | | P/E 07 | P/E 08E | P/E 09E | P/E 10E | EV/EBITDA 07 | EV/EBITDA 08E | EV/EBITDA 09E | EV/EBITDA 10E | | | P/S | P/BV | EV/S |
| RUSSIA WEIGHTED AVERAGE* | | | | | Up/ Down | | | | | | P/E | 0.0 | 0.0 | 0.0 | EV/EBITDA | 0.0 | 0.0 | 0.0 | | | P/S | P/BV | EV/S |
| OIL & GAS | | | | | n/a | | | | | | #### | #N/A | #N/A | #N/A | #N/A | #N/A | #N/A | #N/A | | | ### | #N/A | #N/A |
| UTILITIES | | | | | 0.0 | | | | | | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | | | 0.0 | 0.0 | 0.0 |
| TELECOMS Fixed | | | | | 18.2 | | | | | | #### | #N/A | #N/A | #N/A | #N/A | #N/A | #N/A | #N/A | | | ### | #N/A | #N/A |
| TELECOMS Mobile | | | | | n/a | | | | | | #### | #N/A | #N/A | #N/A | 10.3 | 10.7 | 5.1 | #N/A | | | ### | #N/A | #N/A |
| MACHINERY | | | | | 47.5 | | | | | | 13.1 | 33.6 | 27.6 | 27.7 | 7.3 | 7.4 | 7.4 | 7.1 | | | 1.3 | 1.4 | 1.4 |
| METALS & MINING | | | | | 47.2 | | | | | | 17.4 | 11.5 | 8.5 | 6.9 | 5.0 | 5.9 | 4.7 | 4.2 | | | 2.0 | 4.5 | 2.4 |
| CONSUMER GOODS & RETAIL | | | | | 0.0 | | | | | | #### | #N/A | #N/A | #N/A | #N/A | #N/A | #N/A | #N/A | | | ### | #N/A | #N/A |
| TRANSPORTATION | | | | | (0.3) | | | | | | #### | ###### | ###### | ###### | 3.7 | 20.4 | 14.0 | 8.3 | | | 1.9 | 0.5 | 1.7 |
| FERTILISERS | | | | | (4.2) | | | | | | #### | ###### | ###### | ###### | 12.1 | 12.3 | 9.3 | 7.7 | | | 0.6 | 3.1 | 0.7 |
| IT & MEDIA | | | | | (62.5) | | | | | | #### | ###### | ###### | ###### | #N/A | #N/A | #N/A | #N/A | | | 0.4 | 3.8 | 2.4 |
| BANKS | | | | | 2.4 | | | | | | 9.5 | 19.8 | 11.4 | 7.5 | 5.4 | 12.9 | 8.3 | 6.2 | | | 2.8 | 5.7 | 3.1 |
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