| City
of Moscow Vladimir Resin, First Deputy Mayor of Moscow Profile to follow shortly. |
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| Delta
Capital Management/The US Russia Investment Fund Patricia M. Cloherty, Chairman and CEO The US Russia Investment Fund (The Fund), managed by Delta Capital Management, is a private equity fund established in 1994 to identify and to finance exceptional emerging growth companies in Russia. The Fund’s investment strategy focuses mainly, though not exclusively, in three sectors: financial services; consumer products and product distribution; and technology, media and telecommunications. These three areas are central to Russia’s evolution to a consumer economy that is responsive to the demands the country’s growing middle class. The Fund has invested USD 260 million in 42 companies over nine years, and it is net ahead between write-offs and sales of investments over that time. The Fund’s portfolio of investments includes the following:
The Fund actively supports its investments. Notably, in the case of St. Petersburg’s historic Lomonosov Porcelain Plant (LFZ), the Fund stabilized the company’s operations through new management, and it asserted its ownership rights in a landmark suit, leading to successful exit from the investment in 2002. In 2002, the Fund sold its equity stake in Russian bottled water producer, Saint Springs, to Nestle Waters, owner of other brands such as Perrier and Vittel. In November 2003, Delta Capital Management sold its 100% equity stake in Russian leasing company DeltaLeasing to Baring Vostok Capital Partners, one of the private equity firms investing in Russia and the CIS. The Fund, along with others in Russian private
equity, is experiencing strong deal flow and accelerated liquidity
prospects in today’s markets. |
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| European
Bank for Reconstruction and Development Hubert A. Pandza, Business Group Director, Russia & Central Asia The European Bank for Reconstruction and Development was established in 1991 when communism was crumbling in central and eastern Europe and ex-soviet countries needed support to nurture a new private sector in a democratic environment. Today the EBRD uses the tools of investment to help build market economies and democracies in 27 countries from central Europe to central Asia. The EBRD is the largest single investor in the region and mobilises significant foreign direct investment beyond its own financing. It is owned by 60 countries and two intergovernmental institutions. But despite its public sector shareholders, it invests mainly in private enterprises, usually together with commercial partners. It provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. It also works with publicly owned companies, to support privatisation, restructuring state-owned firms and improvement of municipal services. The Bank uses its close relationship with governments in the region to promote policies that will bolster the business environment. The mandate of the EBRD stipulates that it must only work in countries that are committed to democratic principles. Respect for the environment is part of the strong corporate governance attached to all EBRD investments. |
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| Fleming
Family & Partners Maksim Kunin, Head of Real Estate Fleming Family & Partners’ heritage is the investment business of Robert Fleming which was founded in 1873 and which, as Robert Fleming Holdings, was sold to the Chase Manhattan Bank in August 2000. The company’s main activities include: asset management, trust services and direct investments. FF&P is an independent, privately-owned investment house, managing funds and trusts for its clients and advising on direct investments. In Russia FF&P is represented by its fully owned UK registered subsidiary FF&P (Russia) Limited, acting through its representative office. The Flemings have been working in Russia since 1992. During these 11 years the firm has accumulated a good understanding of the market and an experience of acquiring and managing businesses in Russia. In May 2003 FF&P closed a fund aimed at investing in top quality commercial office properties in Moscow. The decision by FF&P to establish this fund was prompted by the existing shortage in supply of high quality office space in Moscow, the attractive yield combined with the opportunity to benefit from capital appreciation, and the broad improvement in the investment environment in Russia. The Fleming Family and General Electric Pension Trust are the principle investors to the Fund. |
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Gosstroy Profile to follow shortly. |
Hermitage
Capital Management Hermitage Capital Management is one of the largest investment management firms that specializes in the Russian equity market. The firm makes significant minority investments in large public Russian companies and uses its influence to make positive changes in the corporate governance of those companies. The firm is an affiliate of HSBC and has offices in Guernsey and Moscow. The main product of the firm is the Hermitage Fund. |
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| Interfin
Trade Financial Company Sergey Kuznetsov, Chief Executive Officer Interfin Trade Financial Company is a cross-linking element of the investment group that also includes Interfin CAPITAL Asset Management Company, Interfin Trade (Overseas) Limited and Interfin Trade Representative Office in the People’s Republic of China. Just after a few years of its foundation Interfin Trade quickly became a high level member of the Russian professional financial community and by acquiring Interfin CAPITAL Asset Management Company and CG Projects IT-Company the investment group was formed around Interfin Trade. Interfin Trade is certified on all the leading Russian exchanges and has all the necessary licenses of the Securities Market Federal Commission (FCSM) and the Ministry of Antitrust Law and Business Support. The company actively operates in the Russian Trading System (RTS), one of the leading Russian exchanges. Fund management is one of Interfin Trade Financial Group businesses. Currently Interfin CAPITAL Asset Management Company is managing open balanced mutual investment fund “Partnership”, interval equity mutual investment fund “Telecom CAPITAL”, interval equity mutual investment fund “Energy CAPITAL”, and interval equity mutual investment fund “Metallurgy CAPITAL”. Interfin Trade Financial Company strives to improve and develop its services offering them to the widest range of clients, i.e. legal and individual persons, both Russian residents and non-residents.. |
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| International
Financial Corporation Kutlay Ebiri, Regional Chief Economist and Strategist, Central and Eastern Europe The International Finance Corporation (IFC) is member of the World Bank Group and is the world’s largest multilateral financier for companies that do business in emerging economies. IFC provides project finance, corporate loans, equity and quasi-equity, guarantees and advisory services to private businesses in emerging markets. Since its founding in 1956 IFC has invested nearly $40 billion of its own capital and syndicated over $20 billion in more than 2,800 companies in 140 countries. IFC began working in the former Soviet countries in the early 90s starting with technical assistance in the area of small business and land privatization, turning thousands of enterprises to private owners through transparent auctions and creating millions of jobs. Technical assistance to local companies on corporate governance, environmental and social issues, on creating supply links with major producers, and advice to governments on business legislation remain a key part of IFC’s work in these countries. To date, IFC has invested $2.1 billion in some 160 companies across the former Soviet Union. In the region, IFC finances joint ventures with strong foreign partners, promoting private sector involvement in agribusiness, oil and gas, mining, power, telecommunications, and information technology, and fostering basic institution-building in the financial sector. IFC also identifies local enterprises with which it can work, coupling investment operations with technical assistance to improve these enterprises’ business practices. |
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| Moody’s
Investor Service Jonathan R. Schiffer, Vice President, Senior Credit Officer Profile to follow shortly. |
| The
Nixon Center Dimitri K. Simes, President The Nixon Center is a non-partisan public policy institution, committed to the analysis of policy challenges to the United States through a prism of American national interest. Created by President Nixon shortly before his death, the Center is a programmatically independent division of the Richard Nixon Library & Birthplace. The Center's Chairman of the Board is Maurice R. Greenberg, Chairman and CEO of American International Group. Henry A. Kissinger serves as Honorary Chairman and James Schlesinger chairs the Advisory Council. Nixon Center staff conduct research and organize conferences, seminars and lectures in six main program areas: National Security Studies, U.S.-Russian Relations, Chinese Studies, Regional Strategy, Immigration and International Security and Energy. The Center publishes the influential magazine The National Interest. Additional Nixon Center publications, including the Center's recently released report on Russia policy to the new administration, are available on the Center's website at www.nixoncenter.org. |
| RAO
UES Dmitry Ahanov, Head of Strategy The Russian Joint Stock Power and Electrification Company RAO “UES of Russia” is a sector-wide holding company with extensive functions in ensuring a reliable supply of electricity and heat energy to various sectors of the economy and general public, as well as managing the Unified Energy System of Russia and implementing investment programs in the energy sector. RAO “UES of Russia” is the most important component of Russia’s power generation and supply industry and operates in structural terms as a company, a holding company and a group. RAO “UES of Russia” controls the substantial number of subsidiaries and dependent companies, the primary operations of which relate to the process of producing, transmitting and distributing energy and organizing the functioning and development of the Unified Energy Systems of Russia. RAO “UES of Russia” plays the leading
role in Russia’s electric power sector: Number of employees: RAO “UES of Russia” is the largest in Russia holding by number of employed. The number of employees in the companies within the Holding is 632 thousand. |
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| SISTEMA
AFK Alexey Buyanov, First VP, CFO Sistema JSFC is one of the largest diversified holdings in Russia, unique in that its key assets are located outside of the oil, gas and mining sectors. Vladimir Evtushenkov, Sistema's founder and Chairman of the Board, controls about 78% of Sistema, while the remaining shares are owned by the company's management and directors. With an asset base of over $5.5bn and 1H 2003 sales exceeding US$1.5bn, Sistema enjoys dominant positions in Russia's telecom (MTS, MGTS, MTU-Inform), insurance (ROSNO), technology (OAO CSC) and real estate (Sistema Hals) sectors. The company also invests in other fast-growing industries in Russia, such as retail (Detsky Mir), tourism (Intourist) and banking (MBRD). Over the 10 years of its existence, Sistema has developed a track record of building solid partnerships with international industry leaders, such as Siemens, Deutsche Telekom, Allianz AG and Volvo. The company has been preparing consolidated US GAAP financials since 1997, and adheres to the highest standards of corporate governance and transparency. In 2003, Sistema entered international capital markets with a debut US$350mn Eurobond, which was followed by the second $350mn issue in January 2004. Today, the company has a clear return-based investment policy and is committed to further increasing shareholder value. |
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| Stiles
& Riabokobylko Ltd Mark B. Stiles, Head of Representation The partnership of Stiles & Riabokobylko was established in October 1995 to provide professional agency and property consultancy services to Russian and international corporate clients. Since January 1998 the firm is the Associate office of Cushman & Wakefield Healey & Baker in Russia and the CIS. The association that has been formed between Cushman & Wakefield, Healey & Baker and Stiles & Riabokobylko is committed to providing the best, most cost effective real estate solutions in this new market. Cushman & Wakefield Healey & Baker is part of the world's largest commercial real estate consultancy. Founded in London in 1820, the firm today is an international partnership and a part of Cushman & Wakefield, with more than 11,000 staff in 49 countries. Clients seek their help and advice on matters affecting all manner of commercial property, including retail, leisure, office and industrial. They benefit from a comprehensive portfolio of skills, covering estate agency, corporate services, investment and financial services, research and consultancy, development, property valuation and professional services. Clients of C&W H&B who range from entrepreneurs to some of the world's leading multi-national operators, demand and expect the best. Cushman & Wakefield Healey & Baker adds value to a client's business through the identification, acquisition, management, optimization and disposal of property assets. Their Partners and staff respond to clients' needs with one common objective to provide solutions to clients' needs.. |
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| SUAL Iosif Bakaleynik, Senior Vice President – Finance (CFO) Siberian-Urals Aluminium Company (SUAL) is one of the world’s top ten aluminium producers and the second largest in Russia. It employs 62,000 people across nine regions, from Murmansk in the north-west to Buryatia in the south-east of Russia. Formed in 1996, by the merger of Irkutsk Aluminium and Ural Aluminium, the Group is now involved in all stages of the aluminium production process, from bauxite mining to the manufacture of finished aluminium products. Annually, SUAL Group mines more than 4.4 million tonnes of bauxite (83% of total Russian production); refines over 2 million tonnes of alumina (63% of total Russian production); and manufactures 890,000 tonnes of primary aluminium (26% of total Russian production). SUAL also produces more than 50,000 tonnes of silicon per annum (70% of total Russian production), as well as a range of aluminium-fabricated products (including metal structures, foil, cable and cookware). The Group has a number of significant investment projects of which the largest is in Russia’s Komi Republic. It foresees the development, construction and operation of an integrated bauxite, alumina and aluminium complex. The project is based upon the Group’s existing Timan bauxite mine, with the largest resource base of its kind in Russia. SUAL Group is privately held and is headquartered in Moscow, Russia. |
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