| Akin,
Gump, Strauss, Hauer & Feld, L.L.P |
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| Alfa
Bank The Bank is a core holding of Alfa Group Consortium, a privately owned financial industrial group with interests ranging from oil and telecommunications to supermarkets and commodities trading. As of 31 December 2001 Alfa Bank had assets of $2.7 billion and shareholders’ equity of $278 million. Net profits in 2001 were $85 million compared with $77 million in 2000. Alfa Bank has a mix of Western and Russian management and aims to provide expertise in Russian markets with the highest standards of international business practice. Alfa Bank honoured its financial commitments to western institutions before, during and following Russia’s 1998 devaluation and in 2000 became the only Russian issuer to repay its Eurobond in full and on time. Alfa Bank is rated B- by Fitch IBCA, B1 by Moody’s and B- by Standard & Poor’s. These are the highest ratings for a private financial institution in Russia. The Bank has won numerous press awards, including Euromoney Best Bank in Russia 2002, Global Finance’s Best Russian Bank in 2002 and Best Trade Finance Russian Bank in 2002, Bank of the Year 2000 in The Banker. For more information please visit: www.alfabank.com |
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| Bank
Zenit Bank ZENIT is one of the leading Russian banks. It was established in 1994 and reorganized into an open joint stock company in December 1999. Being one of the most dynamic and innovative credit institutions, Bank ZENIT gives a priority to providing a full package of services to corporate clients and financial institutions. The Bank’s customer base includes companies of:
Bank ZENIT achieved exceptional results in the Investment Banking business including:
The main shareholders of the Bank are: Bank ZENIT financials are audited by PriceWaterhouseCoopers. For further information on the Bank please visit our web site www.zenit.ru. |
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| Dresdner
Kleinwort Wasserstein Dresdner Kleinwort Wasserstein (DrKW) is the investment bank of Dresdner Bank AG and a member of the Allianz Group. With significant operations in New York, London, Frankfurt, and Tokyo, a full range of investment banking expertise is available to corporates, institutions and governments worldwide. DrKW fully utilizes its strengths in the debt and equity markets and has a leading position in European distribution, risk management, derivatives and international M&A and advisory. This includes: DrKW prides itself on an innovative approach to devising tailored clients solutions. Strategy is based a number of strengths: the power to handle large transactions in difficult markets and to sustain a long-term view; the global reach to manage client interests wherever opportunities and needs arise; a sector-focused view and a strong commitment to its customers and clients. DrKW’s in-depth understanding of international
capital flows and the clarity of our research enables us to create
products to match investor demand with the strategic needs of issuers,
in both developed and emerging markets. This is particularly illustrated
in the Russian and CIS market from recent significant deals such
as Gazprom, City of Moscow, Rosneft, Mobile TeleSystems (MTS), KyivStar
and Ukraine Ministry of Finance. 1301 Ave of the Americas, New York, NY 10019 |
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| 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 $200 million in telecommunications services in Russia in 2001. This figure represents approximately 6% of the total fixed line telecommunications market spending in the country and 32% of the alternative telephone operator market in Moscow (see figure above). |
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| Ilim
Pulp Enterprise JSC The Group companies account for about 61% of Russia’s total pulp output and 77% of its total board production. Ilim Pulp Enterprise’s timber cutting amounts to eight million cubic meters annually. |
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| MDM
Financial Group MDM Financial Group ('MDM') is one of the three largest privately-owned banking groups operating in Russia as measured by both assets and capital. At 30 September 2002 MDM had total assets of US$ 2.52 billion and total shareholders’ equity of US$ 362 million. The Group comprises MDM Holding GmbH, Austria and its subsidiaries, which include eight banks in the Russian Federation and one bank in Latvia. The Group’s lead operating entity, MDM Bank, accounts for approximately two thirds of both the Group’s assets and its income. Following upgrades from Fitch (to ‘B’) and Standard & Poor's (to ‘B-‘), and the assignment of first-time ratings from Moody's (at the level of ‘B1’), all in the second half of 2002, MDM has maximally high ratings for a Russian privately-owned banking group from each of the three international agencies. MDM has also led the return of Russian banks to international markets. In 2001 MDM Bank was the recipient of the first uncollateralised syndicated loan for a privately-owned Russian bank since the crisis, and in 2002 re-opened the a forfait financing market for Russia, placing over US$ 50 million of paper. During 2002, MDM Bank finalized the first transactions for a Russian bank since the 1998 crisis with both the U.S. Eximbank and the Commodity Credit Corporation of the US Department of Agriculture. In December 2002, MDM placed its debut Eurobond, a three year Regulation S US$ 125 million transaction, issued with a coupon of 10.75% at par. MDM Bank was the borrower under the transaction and MDM Holding GmbH the guarantor. |
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| NIKoil
Financial Corporation Financial Corporation NIKoil is one of the largest Russian full-service financial institutions that offer their clients full range of financial products and business services. The history of NIKoil dates back to 1993. In the beginning it was an investment company. NIKoil played an important role in formation of oil company LUKOIL, as well as in restructuring and attraction of investment to quite a few enterprises of the oil sector. Later this experience was used and further developed in other sectors. It was in 1996 that NIKoil merged with commercial bank “Rodina” (since 1998 the title of the company is Joint-Stock Bank "Investment Banking Group NIKoil”). Financial Corporation NIKoil enjoys one of the highest levels of capitalization among Russian financial corporations, at present its capital exceeds $1.1 bln. NIKoil has been recognized as the leader in financial services innovation domain. As such, in addition to running a sizable commercial banking business, it controls, for instance, more than 80% of the factoring market and over 60% of the unit funds market (about 80 thousand investors). The corporation works actively with precious metals in the Russian and international markets and is one of the equity brokerage leaders in Russia. The corporation includes a Depositary, which provides safe custody services for more than $1.5 bln. NIKoil successfully implements its strategic plan of forming a financial corporation following the example of the western most efficient full-service financial institutions. Last year, the important milestones in the light of this strategy were the acquisition of Industrial Insurance Company, the biggest Russian insurer, and entering into alliance with Avtobank. NIKoil decided to develop the regional retail business through the use of Avtobank and Industrial Insurance Company networks that contain solid client base and experienced managers. The integrated sales system will include 106 branches and operating outlets in Moscow and in other regions of Russia. In this way NIKoil will advance services to customer's requirements in specific regions and provide with products highly regarded at the marketplace. NIKoil’s FITCH ratings: Foreign currency Short-term senior B, Long-term senior B-, Individual D; Support 5T. Client-oriented business is the priority for the Bank and Corporation. NIKoil's client network involves such large companies and enterprises as RAO UES, LUKoil, Tatneft, Bashenergo, Rosneftegazstroi, Sukhoy and many others. By the results of the year 2001, NIKoil was among the first ten most actively and dynamically developing companies in Russia. In 2001, Financial Corporation NIKoil was awarded with the National business prize as the "Company of the Year in the field of business services in the financial markets" and was titled the Best Company of the Year in Russia. According to the experts’ estimates, NIKoil has one of the best management team in the country. It unites experienced and professional Russian and foreign experts in financial markets. This year, for its high corporate culture “NIKoil” was awarded the National prize in public relations “Silver archer”. The President of Financial Corporation NIKoil Nikolay Tsvetkov has been its head since the company’s formation in 1993. According to the rating by the National association of managers, Nikolay Tsvetkov is among the ten best managers in the Russian financial market. |
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| Russian
Aluminium Russian Aluminium (RUSAL), founded in March 2000, is the second largest primary aluminum producer in the world. It was created out of the merger between Russia’s major aluminum producers and a number of plants located in the Commonwealth of Independent States. RUSAL is vertically integrated with a complete production cycle from bauxite mining and the production of primary metal, to the fabrication of high value aluminium products. RUSAL accounts for a total of 75% of Russia’s and 10% of the global primary aluminum output. Consolidated annual sales are over $4 billion. At present, RUSAL has consolidated a bauxite mine, four alumina refineries, four aluminum smelters, two rolling mills, two foil mills, a beverage can producer and other facilities. Most RUSAL plants are ISO 9000-9002 certified. RUSAL is committed to delivering value for its shareholders, consumers and communities and continuing its global development as a vertically integrated company via:
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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 1,700 barrels net to Teton per day. In 2003, revenues are expected to exceed $12 million with additional wells coming online. |
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| Tyumen
Oil Company TNK International, the holding company, has the highest credit rating of any Russian corporate: “Ba3” by Moody’s Investors’ Services, “B+” by Standard and Poor’s Rating Service, and “B+” by Fitch Ratings. All ratings are with a positive and stable outlook. In 2002, TNK was named the world's “Best Oil and Gas Company” of 2000 by Financial Times Energy and in 2002 TNK received a Special Recognition Award for Outstanding Achievement in Corporate Governance granted by the Oil and Gas Investor. |
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| Trust
& Investment Bank TIBank's management controls 30% of company stock. The Bank's stockholders also include IFA Menatep, YUKOS and others. TIBank's basic activity is in the investment banking sector. The bulk of the Bank's profits (approximately 70%) come from its investment activity. TIBank is a leading organiser of various types of loans to corporate clients and Russian Federation municipalities. Bank participated in the organisation and placement of over US$ 500 mn of bond issues in 2002. It holds 1st place among underwriters of issues of corporate and municipal bonds and 2nd place among organisers of such bonds. 80% of Russian companies which have ever issued bonds have been TIBank's clients for underwriting, financial consulting or arranging of issues. Our clients produce over 60% of Russia's gross national product. In trade and project finance, companies such as Gazprom, Sibneft, TNK, and organisations such as the Moscow Region Ministry of Finance and many others have used TIBank's services. The bank's loan portfolio amounts to more than US$ 330 mn, TIBank is a member of important international securities market organisations such as EMTA (Emerging Markets Traders' Association) and ISMA (International Securities Market Association). |
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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.
Finance and Deputy Prime Minister of the Russian Federation. Currently Dr. Fedorov holds a prominent position of a member of the Board of Directors of Gazprom, Russia’s major natural resources company. Mr. Charles Ryan, Chairman, joined Boris Fedorov in creating United Financial Group, and as CEO has overseen its development into largest independent investment bank in Russia. From 1991 to 1994 Mr. Ryan was an Associate and Principle Banker at the EBRD. |
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| YUKOS
Reserves
Production
Refining
Marketing
Corporate Governance
Environment, Health and Safety Policies
Building a World Class Team
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