| Golden
Telecom, Inc., Golden Telecom consists of three major operating companies; TeleRoss, Sovintel and Golden Telecom Ukraine, and conducts its business in Russia and the CIS through a network of affiliated or controlled structures, i.e. regional branches and joint ventures. The most significant branches are those in St. Petersburg, Khabarovsk, Irkutsk, Ufa, Arkhangelsk, and Novokuznetsk. The leading regional joint ventures are situated in Novosibirsk, Nizhny Novgorod, Vladivostok, Tyumen, Krasnodar, Volgograd, Voronezh, and Samara. Through agents and distributors, the Company also operates in Azerbaijan, Belarus, Georgia and Uzbekistan, and through its subsidiary in Kazakhstan. Golden Telecom focuses on expansion of its main group of services, including:
Golden Telecom and its affiliates, including Sovintel, provided over $200 million in telecommunications services in Russia in 2001. This figure represents approximately 6% of the total fixed line telecommunications market spending in the country and 32% of the alternative telephone operator market in Moscow (see figure above). |
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| Teton
Petroleum Company Teton Petroleum is an independent oil and gas exploration and production company that has been producing and exporting Russian oil for six consecutive years. Teton is the only fully reporting public US company operating exclusively in Russia. Teton Petroleum Company’s growth was exponential in 2002. Revenues tripled, exceeding $7 million. The funds were used to drill additional wells and eliminate debts, making Teton completely debt-free. Field production increased 2.5 times in the last twelve months with production levels of 1,800 barrels net to Teton per day. In 2003, revenues are expected to exceed $12 million with additional wells coming online. |
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| United
Financial Group Internationally ranked Research Department is highly respected for producing comprehensive reports on Russia’s major companies, macroeconomic and political developments and market trends. UFG’s analysts and top-managers are speaking at the most important international conferences and forums dedicated to Russian economy and investment climate. Among those are Sixth Annual Conference on Investing in Russia & CIS in New York (March 14, 2002), Fifth Annual Russian Economic Forum in London (April 17-19), World Russian Forum in Washington (27-29 April), Sixth Russian Investment Symposium (14-16 November). Judging from major surveys, UFG has consistently been ranked in the top three for research coverage in Russia:
UFG trades actively in both local shares and ADRs and GDRs listed overseas with a special focus on helping clients. Its clients primarily comprise institutional investors, hedge funds and Russia-dedicated funds from Europe and North America, with local Russian funds forming a small but growing part of the business. In 2001, UFG had more than $5.8 billion of turnover with more than over 1,000 counterparties, or an estimated 15% share of the Russian market overall. With its main office in Moscow and additional offices in London and Cyprus, UFG has managed its growth well in what has been a volatile market, and should continue to gain market share as the Russian market consolidates going forward. UFG plays an active role in developing Russia’s infrastructure and promoting the adoption of a market-oriented and transparent corporate culture. UFG professionals serve on the boards of all the market’s self-regulatory organizations, major exchanges and investor protection associations. Among those are NAUFOR (The National Association of Securities Market Participants), IPA (The Investor Protection Association), RTS (The Russian Trading System), MICEX (Moscow Inter-Bank Currency Exchange), MSE (Moscow Stock Exchange), DCC (The Depository Clearing Company) UFG is a member of a number of non-profit organizations
focusing on strengthening cooperation between Russia and international
business community, such as American Chamber of Commerce in Moscow,
U.S.-Russia Business Council, European Business Club in Moscow.
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