Research Notes

12/19/2008  Silvinit: a successful and reliable potash fertilizer manufacturer 
Research note related to: Chemicals & Petrochemicals, Mineral Fertilizers, Silvinit

12/17/2008  MRSK Urals: power distribution on an industrial scale 
Research note related to: Power Utilities, Distribution Grids, MRSK Urals (Interregional Distribution Grid Company Urals)

12/16/2008  VTB: provider of liquidity 
Research note related to: Financial sector, VTB Bank

12/08/2008  Sberbank’s ambitious five-year plan 
Research note related to: Financial sector, Sberbank of Russia

Performance of the investment ideas presented in the equity research note: Shares Price on the day of idea release* Target price Current price* Current returns Highest returns Sberbank 0,73 3,32 0,78 6,1% 13,8% Sberbank (pref) 0,32 1,17 0,31 -3,2% 9,5%

12/08/2008  MRSK North-West: great potential in a promising region 
Research note related to: Power Utilities, Distribution Grids, MRSK North-West (Interregional Distribution Grid Company North West)

12/03/2008  Electricity distribution grid companies: different responses to crisis events 
Research note related to: Power Utilities, Distribution Grids, MRSK Center and Volga (Interregional Distribution Grid Company Center and Volga)

12/02/2008  Raspadskaya: hard times ahead 
Research note related to: Metals, Coal, Raspadskaya

11/28/2008  MTS: leader amid crisis 
Research note related to: Telecommunications, IT, Mobile TeleSystems

11/26/2008  URSA Bank: privileged position of preferred share holders 
Research note related to: Financial sector

11/19/2008  Novo Ufimsky Refinery (Novoil): attractive dividends 
Research note related to: Chemicals & Petrochemicals, Oil and Gas Refining, Novo Ufimsky Refinery

*Market prices are given either as the prices of the last transactions in a previous session on an exchange (MICEX and RTS) or the average between the best ask price and the best bid price on RTS as of a previous session's close.