This document provides financial data and analysis for various Russian companies and stock indices. It includes metrics such as market capitalization, revenue, earnings, growth rates, and credit ratings. The document contains financial information for over 30 Russian companies across multiple industries.

1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
RUSSIAN RTS INDEX $
September 2012
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date
S&P 500 INDEX USD 13510871 1960.47 1087 1087 201 209 209 98.29 103.53 103.53 14.85 14.85 14.10 14.10 19.06
Euro Stoxx 50 Pr EUR 2481831 10803.43 4638 4638 763 789 789 153.14 306.10 306.10 28.45 14.83 14.23 14.23 21.06
NIKKEI 225 JPY 2205628 178.9361 228 228 23 25 25 5.15 8.00 8.00 0.29 0.23 0.18 0.18 0.14
FTSE 100 INDEX GBP 2651870 13837.17 9386 9386 1559 1657 1657 725.80 831.61 831.61 21.32 20.15 18.61 18.61 26.10
SWISS MARKET INDEX CHF 890881 11014.26 3982 3982 814 799 799 388.41 520.73 520.73 19.53 19.24 14.57 14.57 22.52
S&P/TSX COMPOSITE INDEX CAD 1710428 19350.25 7903 7903 1973 1979 1979 835.19 854.49 854.49 15.66 15.66 15.31 15.30 25.63
S&P/ASX 200 INDEX AUD 1234267 8104.359 2923 2923 620 719 719 273.81 353.10 353.10 17.47 15.14 13.55 13.55 22.96
HANG SENG INDEX HKD 1541297 2357.47 1450 1450 339 355 355 255.09 244.66 244.66 1.34 1.46 1.40 1.40 3.08
MSCI EM USD 7391772 1356.995 964 964 179 183 183 80.18 89.27 89.27 12.63 12.84 11.34 11.34 18.83
ACRON RUB 1911 8 48 2 0 0 1 3.16 2117 2292 2230 2310 956 1000 173 173 - 12.68 8.80 7.19 0.12 - 0.17 0.21 1.29 - 5.96 1.43 1.46 - - B1 15.06.2011
AEROFLOT-RUSSIAN AIRLINES RUB 1613 66763 1040 0 0 0 0 0.10 174 215 251 274 16 - - - - 0.01 0.01 0.01 0.24 - 0.25 0.17 0.79 - -0.86 0.04 0.30 - - - -
AK TRANSNEFT OAO-PREF RUB 2956 0 6 20 0 1 5 20.14 21688 23785 21596 22257 9422 10257 2614 2614 - 880.40 721.26 773.47 0.07 - 0.09 0.08 1.61 0.87 0.68 0.74 1.41 BBB 08.12.2008 - -
BANK ST PETERSBURG RUB 669 34 301 2 0 0 1 #VALUE! 953 938 520 617 - - - - - 0.04 0.28 0.54 1.90 - 0.26 0.13 0.27 1.06 - - - - - Ba3 17.08.2009
BASHNEFT OAO RUB 10599 6 170 0 0 0 0 0.49 535 535 525 528 105 101 26 26 - 0.30 0.24 0.24 0.22 - 0.27 0.27 0.78 - 0.27 1.13 0.63 - - - -
BASHNEFT-PFD RUB 1496 13 170 0 0 0 0 0.20 535 535 578 597 105 101 116 116 - 0.30 0.24 0.28 0.15 - 0.19 0.16 0.78 - 0.27 1.13 0.63 - - - -
DIXY GROUP RUB 1429 7 125 1 0 0 0 2.15 3311 4335 4761 5898 204 260 70 70 - 0.27 0.45 0.78 1.36 - 0.83 0.47 1.87 - 2.70 1.27 0.20 - - - -
E.ON RUSSIA JSC RUB 5671 3951 63049 0 0 0 0 5.37 2138 2264 2609 2875 742 854 401 401 - 0.01 0.01 0.01 0.35 - 0.30 0.28 1.01 - 1.86 1.95 1.12 - - - -
FEDERAL HYDROGENERATING CO RUB 8398 2 290303 4 0 1 2 12.30 11733 11733 8974 9937 2411 2411 - - - 0.00 0.00 0.00 0.24 - 0.30 0.25 -1.01 - 0.18 1.00 0.66 BB+ 22.12.2009 - -
FEDERAL GRID CO UNIFIED RUB 9951 10 1255948 4 0 0 1 13.39 4516 4516 4914 5390 2610 2610 - - - 0.00 0.00 0.00 0.20 - 0.33 0.33 0.75 0.66 1.04 0.94 1.87 BBB 28.10.2008 - -
GAZPROM OAO RUB 128681 1203 23700 50 0 10 17 161.03 150042 147069 157183 166263 63746 57701 14800 14800 - 1.63 1.65 1.55 0.11 - 0.11 0.11 0.94 0.54 1.32 0.50 1.37 BBB 29.11.2006 Baa1 03.04.2009
IDGC HOLDING JSC RUB 3744 539461 42964 6 0 6 2 14.01 20534 20534 21601 23105 3667 3667 - - - 0.02 0.02 0.02 0.14 - 0.15 0.15 0.43 - 0.42 - 0.58 - - - -
INTER RAO UES RUB 9079 7270000 8484151 2 0 1 1 10.62 17 K 17 K 19 K 22 K 1720 1720 1245 1245 - 0.00 0.00 0.00 0.19 - 0.23 0.23 0.50 - 1.46 - 0.32 - - - -
LSR GROUP RUB 2090 7 103 0 0 0 0 0.10 57 55 74 81 11 11 14 14 - 0.02 0.02 0.06 1.00 - 1.13 0.37 0.24 0.27 0.72 0.69 0.64 - - - -
LUKOIL OAO RUB 55105 106 774 0 0 0 0 1.94 4325 4425 4260 4274 570 522 166 166 - 0.35 0.46 0.43 0.19 - 0.15 0.16 1.79 0.80 0.32 0.26 0.43 BBB- 12.11.2010 - -
M VIDEO RUB 1658 30 180 0 0 0 0 1.50 3622 #VALUE! 4474 5177 202 - 252 252 - - 0.75 0.90 - - 0.40 0.33 0.95 - 1.23 1.10 0.18 - - - -
MAGNIT RUB 12881 73 95 0 0 0 0 0.46 370 412 471 595 29 40 9 9 - 0.22 0.19 0.25 0.66 - 0.73 0.57 1.52 1.13 1.49 1.58 0.25 BB- 17.04.2012 - -
MAGNITOGORSK IRON&STEEL RUB 3796 140 11006 0 0 0 0 0.24 301 311 314 348 41 36 12 12 - 0.00 0.00 0.01 - - 0.08 0.05 0.67 - -0.41 -0.29 0.44 NR 20.01.2010 - -
MECHEL RUB 3230 1137 498 0 0 0 0 0.43 406 406 397 415 80 76 15 15 - 0.04 0.04 0.04 0.21 - 0.21 0.20 0.93 0.85 0.63 0.70 0.63 - - - -
MECHEL-PFD RUB 758 75 #VALUE! 0 0 0 0 0.35 406 406 450 486 80 76 15 15 - - 0.05 0.06 - - 0.10 0.09 0.93 0.85 0.63 0.70 0.63 - - - -
MMC NORILSK NICKEL OJSC RUB 31607 5 191 0 0 0 0 1.14 457 457 402 418 234 234 183 183 - 0.78 0.61 0.65 0.22 - 0.28 0.27 0.34 0.08 -0.06 -0.06 1.66 BBB- 26.09.2011 - -
MOBILE TELESYSTEMS OJSC RUB 15846 0 1989 0 0 0 0 0.70 399 399 417 431 167 167 39 39 - 0.02 0.03 0.03 0.34 - 0.25 0.27 0.29 0.53 0.20 0.32 1.36 BB 03.02.2012 - -
MOSCOW UNITED ELECTRIC GRID RUB 1991 459 48707 2 0 0 0 3.38 4186 4186 4042 4278 1348 1348 1272 1272 - 0.01 0.01 0.01 0.11 - 0.14 0.14 0.51 1.40 0.39 1.34 1.04 - - - -
MOSENERGO RUB 1816 75480 39749 1 0 0 1 1.36 5213 5076 5526 6088 774 665 79 79 - 0.01 0.01 0.01 0.25 - 0.19 0.22 0.35 - 0.62 0.24 0.48 BB 27.05.2011 - -
MOSTOTREST-CLS RUB 1688 161 280 0 0 0 1 0.94 3203 3203 3885 4407 311 311 362 362 - 0.43 0.57 0.68 0.45 - 0.34 0.29 2.08 - 1.56 - 0.31 - - - -
NOVATEK OAO RUB 36442 7 3036 3 0 0 1 39.00 5697 6153 7225 8782 2877 2955 3287 3287 - 1.25 0.73 0.99 0.31 - 0.54 0.39 1.63 - 1.88 1.01 1.63 BBB- 19.11.2010 - -
NOVOLIPETSK STEEL (NLMK OAO) RUB 11988 0 5993 0 0 0 0 0.50 379 412 410 435 73 61 19 19 - 0.00 0.01 0.01 0.47 - 0.38 0.33 1.31 0.91 -0.09 -0.12 0.62 BBB- 23.07.2008 - -
NOVOROSSIYSK COMMERCIAL RUB 1869 563 19260 0 0 0 0 0.13 34 35 32 39 18 - 5 5 - 0.00 0.00 0.00 1.30 - 0.24 0.31 2.11 0.75 1.08 1.24 1.71 BB- 15.04.2011 - -
OGK-2 RUB 833 116689 56967 1 0 0 0 1.81 3394 3771 3568 4059 191 177 - - - 0.00 0.00 0.00 - - 0.70 0.34 0.28 - -1.42 3.97 0.18 - - - -
PHARMSTANDARD-CLS RUB 1816 6 38 0 0 0 0 1.58 1380 1306 1358 1455 323 - 377 377 7.83 6.89 7.37 7.64 0.23 - 0.21 0.20 1.41 1.06 - 1.30 1.09 - - - -
PHOSAGRO OAO - CLS RUB 5159 1 124 1 0 1 1 6.20 3252 3252 3415 3497 1144 1144 430 430 - 0.52 5.20 4.88 2.58 - 0.26 0.27 0.99 - 2.36 - 1.14 - - - -
PIK GROUP RUB 1226 548 493 2 0 0 0 2.66 1488 1488 1722 1954 224 224 - - - 0.30 0.06 0.19 0.26 - 1.42 0.42 0.67 0.29 133.51 -0.23 0.49 - - - -
RASPADSKAYA RUB 2025 1065 781 0 0 0 0 0.07 23 23 24 31 11 11 - - - 0.01 0.00 0.01 0.48 - 0.64 0.28 0.09 0.54 -0.10 0.30 1.48 - - - -
ROSNEFT OAO RUB 72216 187 9588 1 0 0 0 3.06 2981 3128 3181 3271 713 591 189 189 - 0.03 0.03 0.03 0.23 - 0.21 0.22 1.33 0.97 0.36 0.87 0.77 BBB- *- 25.07.2012 WR 20.11.2006
ROSTELECOM RUB #VALUE! 2 #VALUE! 5 0 0 0 #VALUE! 9578 9578 10278 10589 3809 3809 4111 4111 - - 0.45 0.46 - - 0.32 0.31 0.24 - 0.52 - 1.29 BB+ 13.05.2011 - -
ROSTELECOM-PFD-CLS RUB 746 1290 #VALUE! 5 0 0 0 5.93 9578 9578 10278 10589 3809 3809 4111 4111 - - 0.45 0.46 - - 0.22 0.22 0.24 - 0.52 - 1.29 BB+ 13.05.2011 - -
SBERBANK RUB 66265 8881 21555 44 0 0 25 #VALUE! 34235 38705 29147 33100 - - - - - 0.47 0.50 0.52 0.21 - 0.20 0.19 0.25 0.77 - - - - - A3 24.02.2009
SBERBANK-PREFERENCE RUB 2362 303 #VALUE! 44 0 0 25 #VALUE! 34235 38705 #VALUE! #VALUE! - - - - - - 0.47 0.51 - - 0.16 0.15 0.25 0.77 - - - - - A3 24.02.2009
SEVERSTAL RUB 11330 0 1008 0 0 0 0 0.49 512 489 485 516 116 89 22 22 - 0.04 0.04 0.04 0.39 - 0.37 0.32 0.76 0.35 0.64 0.13 0.73 BB+ 21.06.2012 Ba1 07.06.2012
SISTEMA JSFC RUB 8213 1865 9268 1 0 0 0 0.92 1067 1047 1124 1199 261 271 64 64 - 0.00 0.00 0.01 - - 0.39 0.17 0.74 0.75 0.54 0.60 0.79 BB 03.02.2012 - -
SURGUTNEFTEGAS RUB 35071 314 35726 0 0 0 12 23.07 25493 25493 34649 34499 - - - - - 0.20 0.14 0.14 0.16 - 0.22 0.24 0.87 0.30 - - - - - - -
SURGUTNEFTEGAS-PFD RUB 5122 111 #VALUE! 0 0 0 12 #VALUE! 25493 25493 30148 30529 - - 11856 11856 - - 0.16 0.16 - - 0.13 0.13 0.87 0.30 - - - - - - -
TATNEFT-CLS RUB 14825 1 2179 3 0 0 1 16.44 19928 20552 21604 21462 3333 3546 942 942 - 0.99 1.18 1.12 - - 0.19 0.20 1.02 - 1.14 0.45 0.54 NR 25.08.2006 - -
TATNEFT-PFD 3 SERIES RUB 500 21 #VALUE! 3 0 0 1 2.12 19928 20552 21604 21462 3333 3546 942 942 - - 1.18 1.12 - - 0.09 0.10 1.02 - 1.14 0.45 0.54 NR 25.08.2006 - -
TNK-BP HOLDING-PFD-CLS RUB 1143 80 #VALUE! 0 0 0 0 0.11 1255 1255 1974 2027 440 440 497 497 - - 0.02 0.02 - - 0.15 0.15 0.99 0.57 1.14 0.41 1.13 - - WR 06.11.2007
UNITED CO RUSAL-STD USD #VALUE! 6 #VALUE! 12 0 0 1 #VALUE! 12291 11680 10875 11270 2762 1901 1836 1836 - - 0.10 0.51 - - 56.12 10.89 11.95 - 123.64 -5.58 22.47 - - - -
URALKALI RUB 24804 17 3095 0 0 0 0 0.87 110 135 144 175 71 - - - - 0.02 0.02 0.02 0.45 - 0.51 0.40 4.25 - 6.03 - 2.09 BBB- 18.06.2012 - -
BANK VOZROZHDENIE RUB 510 1 24 1 0 0 1 #VALUE! 634 682 481 544 - - - - - 2.84 3.09 4.16 0.24 - 0.22 0.17 0.24 0.50 - - - BB- 02.09.2011 - -
VSMPO-AVISMA CORPORATION RUB 2047 1 12 1 0 0 0 2.54 1005 1005 994 1178 254 254 196 196 - 2.33 3.29 8.04 2.47 - 1.75 0.71 -0.64 0.52 -0.70 0.54 0.82 - - - -
VTB BANK OJSC RUB 19652 213694 10460541 76 0 1 29 #VALUE! 15046 16767 10218 11823 - - - - - 0.00 0.00 0.00 0.23 - 0.21 0.16 0.73 1.45 - - - BBB 09.11.2011 Baa1 24.02.2009
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot
S&P 500 INDEX 2.18 2.18 1.98 1.81 2.18 1.34 1.34 1.29 1.24 1.34 9.57 9.57 8.72 7.98 9.57 9.38 9.38 8.71 8.08 9.38 14.10 14.10 12.63 11.33 14.10 2.10 2.10 2.33 2.52 2.10 1571.5 7.7%
Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.72 0.72 0.70 0.68 0.72 5.28 5.28 5.00 4.60 5.28 13.69 13.69 13.01 12.36 13.69 10.90 10.90 9.85 8.96 10.90 4.18 4.18 4.67 5.05 4.18 2677.5 4.8%
NIKKEI 225 1.11 1.11 1.04 0.97 1.11 0.51 0.51 0.48 0.48 0.51 6.49 6.49 5.91 5.66 6.49 7.24 7.24 6.61 6.27 7.24 14.50 14.50 12.83 10.71 14.50 2.27 2.27 2.32 2.67 2.27 9986.0 9.5%
FTSE 100 INDEX 1.63 1.63 1.51 1.40 1.63 1.02 1.02 0.98 0.97 1.02 7.36 7.36 6.74 6.25 7.36 8.35 8.35 7.70 7.28 8.35 11.46 11.46 10.36 9.55 11.46 4.01 4.01 4.28 4.59 4.01 6337.0 7.9%
SWISS MARKET INDEX 2.09 2.09 1.95 1.80 2.09 1.77 1.77 1.66 1.58 1.77 11.57 11.57 10.01 9.02 11.57 13.79 13.79 12.66 11.79 13.79 13.52 13.52 12.06 10.99 13.52 3.58 3.58 3.94 4.30 3.58 7006.3 7.3%
S&P/TSX COMPOSITE INDEX 1.76 1.76 1.63 1.49 1.76 1.61 1.61 1.51 1.46 1.61 8.86 8.85 7.94 7.21 8.86 9.78 9.78 8.52 7.95 9.78 14.93 14.92 13.04 11.81 14.93 2.93 2.93 3.04 3.23 2.93 14018.2 12.7%
S&P/ASX 200 INDEX 1.66 1.66 1.56 1.48 1.66 1.57 1.57 1.48 1.40 1.57 9.55 9.55 8.73 8.18 9.55 11.27 11.27 10.05 9.35 11.27 12.99 12.99 11.68 10.83 12.99 4.92 4.92 5.28 5.66 4.92 4674.2 6.4%
HANG SENG INDEX 1.34 1.34 1.24 1.14 1.34 1.83 1.83 1.69 1.57 1.83 6.58 6.58 6.11 5.81 6.58 6.64 6.64 6.03 5.56 6.64 10.86 10.86 10.05 9.10 10.86 3.57 3.57 3.82 4.18 3.57 22469.1 9.1%
MSCI EM 1.51 1.51 1.37 1.24 1.51 1.05 1.05 0.97 0.90 1.05 7.12 7.12 6.39 5.74 7.12 7.40 7.40 6.65 6.09 7.40 11.34 11.34 10.02 9.08 11.34 2.88 2.88 3.09 3.43 2.88 1129.9 11.6%
ACRON 1.28 0.98 0.89 0.84 0.89 0.93 0.86 0.83 0.81 0.73 5.54 4.65 5.41 6.47 9.26 4.95 5.22 5.50 6.61 6.25 5.44 5.36 6.55 9.04 9.33 6.78 5.16 3.68 2.60 2.56 1841.39 26.4%
AEROFLOT-RUSSIAN AIRLINES 1.10 1.02 0.87 0.75 0.63 0.30 0.21 0.19 0.18 0.19 3.06 4.12 2.93 2.53 2.05 5.16 4.60 3.58 3.18 2.89 3.64 7.77 5.36 4.79 4.27 2.07 2.96 2.41 3.03 2.62 60.02 33.7%
AK TRANSNEFT OAO-PREF 0.42 0.38 0.32 0.28 0.24 0.15 0.14 0.13 0.13 0.13 2.01 1.76 1.53 1.46 1.48 2.04 1.97 1.83 1.79 1.78 2.29 2.64 2.46 2.24 2.45 1.28 1.06 1.16 1.33 1.18 69832.48 18.9%
BANK ST PETERSBURG 0.68 0.57 0.50 0.44 0.34 1.18 1.29 1.08 0.95 3.64 8.09 4.14 3.45 3.10 0.27 0.15 0.22 0.29 0.13 82.31 19.6%
BASHNEFT OAO 1.92 1.84 1.69 1.53 1.48 0.63 0.65 0.65 0.66 0.65 5.32 5.86 5.86 5.70 6.52 4.72 4.99 5.01 5.22 5.09 7.01 8.29 8.44 9.00 8.58 8.55 6.64 6.70 6.20 8.62 2150.00 11.7%
BASHNEFT-PFD 0.95 1.11 0.96 0.85 0.76 0.09 0.08 0.08 0.09 0.08 3.99 4.44 4.15 4.30 4.21 1.81 1.70 1.59 1.77 1.77 4.85 5.74 5.06 7.79 7.10 10.93 10.62 11.65 8.44 9.01 1538.39 15.2%
DIXY GROUP 1.72 1.65 1.47 1.24 1.25 0.43 0.30 0.24 0.19 0.16 7.78 8.11 5.78 4.18 3.60 10.09 7.41 5.58 4.37 3.66 27.27 25.64 14.67 9.58 7.25 0.00 0.00 0.00 0.00 500.51 41.4%
E.ON RUSSIA JSC 1.58 1.41 1.24 1.12 0.97 2.56 2.17 1.97 1.82 1.51 9.49 7.47 7.22 7.02 4.98 7.23 5.64 5.34 5.15 3.96 10.90 9.21 8.66 8.55 6.29 1.04 2.84 3.92 4.31 4.78 3.55 27.7%
FEDERAL HYDROGENERATING CO 0.48 0.49 0.47 0.44 0.41 1.23 0.94 0.85 0.73 0.71 4.73 4.86 4.81 4.01 3.23 5.71 6.25 5.08 4.13 3.74 7.21 9.12 7.58 6.00 5.35 1.34 0.89 1.12 2.35 2.35 1.06 18.9%
FEDERAL GRID CO UNIFIED 0.33 0.33 0.32 0.31 0.28 2.15 2.02 1.85 1.68 1.51 4.36 4.69 4.44 4.14 2.71 4.96 4.78 4.24 3.76 3.23 8.71 10.17 10.17 9.04 7.39 1.23 1.23 0.82 0.82 0.41 0.25 2.4%
GAZPROM OAO 0.55 0.47 0.42 0.39 0.36 0.87 0.82 0.77 0.73 0.69 2.72 2.62 2.55 2.48 2.32 2.73 2.77 2.75 2.68 2.58 3.17 3.29 3.51 3.47 3.07 4.07 4.71 4.82 5.09 5.33 228.00 35.7%
IDGC HOLDING JSC 0.40 0.38 0.36 0.33 0.22 0.18 0.17 0.16 0.15 0.14 1.22 1.19 1.18 1.07 1.09 3.55 3.81 3.59 3.17 2.61 3.55 4.58 4.77 4.29 2.98 0.46 0.46 0.58 0.95 1.24 2.79 15.5%
INTER RAO UES 0.85 0.74 0.66 0.63 0.54 0.55 0.48 0.42 0.38 0.36 14.44 9.63 7.22 4.13 5.78 7.76 8.53 6.37 5.27 4.81 9.63 7.22 7.22 7.22 5.78 0.00 0.00 0.00 0.00 3.46 0.03 21.1%
LSR GROUP 1.17 1.16 1.03 0.90 1.12 0.92 0.83 0.70 0.58 5.31 4.03 10.15 7.39 5.55 4.45 4.05 126.79 34.98 11.46 8.61 5.87 0.01 0.03 0.05 0.07 0.08 1329.57 112.1%
LUKOIL OAO 0.73 0.68 0.61 0.55 0.47 0.41 0.42 0.42 0.41 0.44 3.27 3.31 3.33 2.87 2.97 3.02 3.19 3.17 2.91 3.38 4.45 4.59 4.89 4.89 5.59 4.14 4.23 4.17 4.21 4.06 2381.26 18.9%
M VIDEO 4.02 3.17 2.57 2.11 2.06 0.46 0.37 0.32 0.28 0.26 17.05 7.53 5.95 5.21 4.06 7.80 5.93 4.99 4.30 3.96 17.68 12.38 10.27 8.83 7.90 1.71 4.75 3.02 4.28 5.18 362.96 27.4%
MAGNIT 5.26 4.11 3.39 2.67 1.13 0.88 0.70 0.58 0.49 29.52 14.43 10.91 17.11 10.85 8.73 7.33 6.47 38.50 22.65 17.57 13.53 11.86 0.31 0.32 0.59 5308.63 26.1%
MAGNITOGORSK IRON&STEEL 0.35 0.41 0.39 0.35 0.35 0.32 0.37 0.34 0.17 5.16 5.58 4.46 4.20 4.04 169.87 2.50 1.52 0.98 1.05 0.88 2.35 12.66 16.78 3.53 13.05 24.3%
MECHEL 0.82 0.25 0.26 0.25 0.20 0.20 42.38 2.58 3.94 5.61 6.27 5.88 5.73 5.19 4.49 6.43 6.24 3.30 2.29 2.97 5.22 2.52 4.38 4.90 308.70 28.7%
MECHEL-PFD 0.57 0.06 0.05 0.05 0.05 4.56 4.94 4.67 3.57 3.23 2.86 2.33 12.63 311.50 84.4%
MMC NORILSK NICKEL OJSC 1.93 2.12 1.65 1.59 2.21 2.54 2.44 2.31 2.38 5.27 5.91 5.85 4.54 4.90 6.24 6.07 5.52 5.98 6.21 8.76 8.28 7.44 7.56 3.56 3.59 2.96 3.32 3.95 5472.71 6.8%
MOBILE TELESYSTEMS OJSC 1.26 1.23 1.19 1.20 3.50 3.52 4.18 4.00 3.86 4.01 7.83 8.34 7.43 9.78 9.19 8.87 279.80 18.1%
MOSCOW UNITED ELECTRIC GRID 0.49 0.45 0.42 0.39 0.31 0.50 0.49 0.47 0.44 0.38 1.82 2.30 2.08 1.97 2.69 2.62 2.65 2.61 2.62 2.53 3.82 4.28 4.39 4.28 3.77 1.42 1.35 1.11 1.11 2.37 1.63 29.4%
MOSENERGO 0.27 0.26 0.25 0.25 0.24 0.35 0.33 0.30 0.27 0.24 2.51 2.61 2.73 2.75 2.68 1.73 1.81 1.79 1.61 1.31 5.27 5.93 6.76 5.86 3.94 1.06 1.06 1.13 1.63 2.69 2.18 54.5%
MOSTOTREST-CLS 3.06 2.26 1.90 1.62 1.43 0.59 0.43 0.38 0.34 0.31 6.99 5.46 5.38 4.78 4.10 3.26 2.61 2.28 2.05 1.92 15.86 10.49 8.81 7.53 7.16 2.15 3.39 3.84 4.50 5.34 274.60 48.5%
NOVATEK OAO 5.95 4.31 3.47 2.85 2.57 6.33 5.04 4.15 3.52 3.09 21.09 15.77 12.00 11.87 11.19 13.83 11.86 9.47 8.42 8.17 18.80 16.55 12.18 10.18 9.05 1.42 1.83 2.54 3.04 3.14 434.24 17.1%
NOVOLIPETSK STEEL (NLMK OAO) 1.13 1.08 1.01 0.92 0.83 1.04 0.95 0.89 0.84 0.80 1.56 6.67 8.33 6.59 6.92 6.23 5.58 4.94 8.77 11.63 10.10 8.97 7.07 11.50 2.50 2.25 19.15 21.75 72.38 17.1%
NOVOROSSIYSK COMMERCIAL 2.26 1.67 1.39 1.08 0.88 2.56 1.90 1.55 1.44 1.35 6.07 5.39 8.42 7.23 6.56 6.01 5.53 7.47 7.47 9.71 4.85 4.85 0.00 2.06 4.83 60.9%
OGK-2 0.27 0.30 0.30 0.30 0.27 0.24 0.23 0.21 0.18 0.15 3.31 4.93 4.71 3.41 1.85 6.59 6.73 4.96 4.21 2.16 6.88 21.69 10.58 11.41 1.82 0.46 0.46 1.15 1.15 1.61 0.50 16.1%
PHARMSTANDARD-CLS 1.54 1.47 1.22 1.14 1.43 1.34 1.25 1.15 1.05 9.04 5.67 5.81 3.93 4.21 4.01 3.70 3.48 6.22 6.52 6.29 5.79 5.32 0.00 0.00 0.00 2344.61 57.9%
PHOSAGRO OAO - CLS 1.59 1.51 1.48 1.26 1.20 5.25 5.74 5.23 5.61 5.85 4.83 4.72 7.30 7.97 8.49 4.76 3.59
PIK GROUP 35.07 8.78 3.14 0.86 0.71 0.63 0.46 0.38 13.76 11.22 8.73 5.86 35.07 43.76 13.07 4.88 3.40 99.72 29.8%
RASPADSKAYA 1.20 1.99 1.73 1.41 1.20 2.65 2.73 2.09 1.69 1.54 6.88 8.65 6.12 4.47 3.65 5.27 7.06 4.65 3.54 3.23 9.60 19.65 8.67 6.05 4.96 4.74 2.89 3.86 5.78 9.14 106.69 33.1%
ROSNEFT OAO 1.00 0.90 0.81 0.74 0.65 0.79 0.73 0.71 0.69 0.73 3.95 3.88 3.81 3.70 3.75 4.20 4.70 4.56 4.41 4.44 5.21 6.39 6.68 6.67 6.56 1.72 3.05 3.04 3.18 3.24 249.04 18.3%
ROSTELECOM 1.65 1.44 1.35 1.19 1.06 5.35 4.00 3.89 3.79 3.50 10.84 9.82 9.52 8.55 8.18 2.70 3.82 4.07 4.94 3.48 150.67 10.9%
ROSTELECOM-PFD-CLS 1.15 1.01 0.94 0.83 0.74 0.08 0.07 0.07 0.07 0.06 3.74 2.80 2.72 2.65 2.45 1.60 1.44 1.40 1.35 1.28 7.57 6.86 6.65 5.97 5.71 4.76 4.53 5.06 5.48 102.33 7.8%
SBERBANK 1.66 1.34 1.14 0.97 0.88 2.68 2.27 2.00 1.73 1.55 5.12 6.46 5.90 5.45 6.54 6.12 5.91 5.41 5.80 2.25 2.76 3.37 3.97 5.26 128.39 35.3%
SBERBANK-PREFERENCE 1.35 1.08 0.90 0.75 0.64 0.10 5.00 5.01 4.60 4.11 4.04 2.67 5.06 7.84 9.64 10.30
SEVERSTAL 1.49 1.59 1.33 1.18 1.01 0.69 0.76 0.71 0.69 0.64 7.67 6.01 7.96 3.95 5.46 5.05 5.19 4.74 6.97 11.40 9.96 9.03 9.34 2.79 2.85 2.54 2.91 3.05 504.49 20.7%
SISTEMA JSFC 0.24 0.24 0.22 2.24 2.24 1.74 3.50 3.46 2.99 10.13 12.16 5.32 0.00 11.98 14.57 40.30 53.2%
SURGUTNEFTEGAS 0.82 0.75 0.71 0.67 0.56 0.99 1.01 1.02 1.05 1.09 3.25 3.45 3.64 4.41 4.53 2.09 2.25 2.42 2.57 2.63 5.21 6.83 7.27 7.55 7.76 3.15 2.22 2.25 2.22 2.06 36.59 20.6%
SURGUTNEFTEGAS-PFD 0.57 0.17 0.15 0.14 0.34 0.16 0.17 0.17 0.18 0.15 2.30 2.62 2.79 2.92 3.09 3.62 4.16 4.12 4.60 10.03 10.01 9.56 8.96 7.78 5.77
TATNEFT-CLS 1.19 0.99 0.90 0.80 0.69 0.74 0.69 0.69 0.71 0.71 6.42 4.60 4.95 5.15 4.81 4.82 4.01 4.06 4.43 4.09 7.44 5.79 6.08 6.77 5.93 3.28 4.11 4.43 3.82 4.55 203.09 -3.4%
TATNEFT-PFD 3 SERIES 0.59 0.49 0.45 0.40 0.35 0.03 0.02 0.02 0.02 0.02 3.20 2.29 2.47 2.56 2.40 0.62 0.52 0.52 0.57 0.53 3.71 2.88 3.03 3.37 2.95 6.88 8.04 7.73 7.03 8.56 117.14 11.9%
TNK-BP HOLDING-PFD-CLS 1.46 1.26 1.10 0.94 0.83 0.02 0.02 0.02 0.02 0.02 4.08 5.13 4.84 3.48 3.68 0.24 0.21 0.21 0.26 0.30 4.33 4.59 4.67 5.24 5.40 13.54 15.75 15.51 14.17 18.31 101.97 29.9%
UNITED CO RUSAL-STD 0.69 0.79 0.69 0.61 10.00 56.12 10.89 10.83 7.94 44.4%
URALKALI 3.21 3.09 2.99 7.25 5.56 4.58 4.57 3.86 25.07 12.82 9.42 11.97 10.24 8.03 8.01 6.33 18.01 15.82 12.48 14.32 4.17 4.43 5.66 4.50 307.11 17.6%
BANK VOZROZHDENIE 0.87 0.79 0.68 0.59 0.54 1.29 1.06 0.94 0.79 0.75 3.70 6.36 5.00 3.66 10.21 6.94 5.17 3.96 3.78 0.19 0.23 0.45 0.70 0.09 811.49 22.2%
VSMPO-AVISMA CORPORATION 1.74 1.87 1.73 1.56 2.34 2.06 1.74 1.44 11.94 16.91 11.53 8.63 10.67 12.97 9.20 6.99 28.74 54.04 22.08 15.06 0.33 0.19 0.45 0.66 6523.35 18.9%
VTB BANK OJSC 0.95 0.89 0.77 0.68 2.26 1.92 1.66 1.46 1.46 4.15 6.45 5.28 3.63 6.45 6.45 4.84 4.15 3.87 1.72 1.72 3.44 5.17 0.07 21.7%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 18.09.2012
Acron JSC
Acron JSC is a vertically integrated Russian mineral fertilizer producer with a Price/Volume
diversified product portfolio consisting of multi-nutrient fertilizers such as
1800 .4 M
NPK and bulk blends, as well as straight nitrogen based products such as urea, 1600 .4 M
ammonium nitrate and UAN. 1400 .3 M
1200
.3 M
1000
.2 M
Valuation Analysis 800
.2 M
Latest Fiscal Year: 12/2011 600
400 .1 M
LTM as of: 06/yy
200 .1 M
52-Week High (29.11.2011) 1'625.00
0 .0 M
52-Week Low (12.10.2011) 889.30 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12
Daily Volume 7'516.00
Current Price (9/dd/yy) 1457 Market Data
52-Week High % Change -10.46% Dividend Yield -
52-Week Low % Change 63.84% Beta 0.87
% 52 Week Price Range High/Low 82.97% Equity Float -
Shares Out 30.06.2012 40.5 Short Int -
Market Capitalization 59'058.04 1 Yr Total Return 13.93%
Total Debt 48'800.00 YTD Return 14.53%
Preferred Stock 0.0 Adjusted BETA 0.868
Minority Interest 2'781.0 Analyst Recs 19
Cash and Equivalents 15'895.00 Consensus Rating 4.211
Enterprise Value 97'794.04 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 16'135
AKRN RM EQUITY YTD Change - Average Volume 30 Day 16'036
AKRN RM EQUITY YTD % CHANGE - Average Volume 3 Month 20'661
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2
Total Revenue 31'105.2 43'131.6 37'541.7 46'737.7 65'431.0 54'779.8 70'824.8 68'925.4 71'402.2 19'796.5 20'224.5
TEV/Revenue 1.90x 0.98x 1.85x 1.85x 1.51x 6.33x 5.11x 1.37x 1.35x - -
EBITDA 8'670.7 17'400.2 6'899.8 10'396.8 29'554.0 14'689.5 30'918.8 18'745.9 17'792.5 5'348.0 6'391.0
TEV/EBITDA 6.80x 2.44x 10.08x 8.30x 3.35x 6.60x 2.78x 5.22x 5.50x - -
Net Income 5'063.9 9'340.4 7'081.4 5'584.1 18'329.0 8'677.0 19'175.9 11'038.3 9'745.7 4'264.5 3'757.0
P/E 10.61x 1.38x 5.29x 8.82x 3.45x 6.62x 2.97x 5.36x 6.55x - -
Profitability S&P Issuer Ratings
EBITDA 29'554.00 Long-Term Rating Date -
EBIT 27'637.00 Long-Term Rating -
Operating Margin 42.24% Long-Term Outlook -
Pretax Margin 39.01% Short-Term Rating Date -
Return on Assets 17.02% Short-Term Rating -
Return on Common Equity 38.38% Credit Ratios
Return on Capital 22.61% EBITDA/Interest Exp. 23.83
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 15.09
Margin Analysis Net Debt/EBITDA 1.11
Gross Margin 45.8% Total Debt/EBITDA 1.65
EBITDA Margin 45.2% Reference
EBIT Margin 42.2% Total Debt/Equity 97.1%
Net Income Margin 28.0% Total Debt/Capital 47.9%
Structure Asset Turnover 0.61
Current Ratio 1.37 Net Fixed Asset Turnover 2.27
Quick Ratio 0.70 Accounts receivable turnover-days 13.65
Debt to Assets 41.60% Inventory Days 84.12
Tot Debt to Common Equity 97.08% Accounts Payable Turnover Day 18.71
Accounts Receivable Turnover 26.74 Cash Conversion Cycle 79.07
Inventory Turnover 4.34
Price/ Cash Flow Sales/Revenue/Turnover
30.00 70'000.0
25.00 60'000.0
50'000.0
20.00
40'000.0
15.00
30'000.0
10.00
20'000.0
5.00 10'000.0
0.00
0.0
04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 04.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 18.09.2012
Acron JSC
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
REFKO HOLDINGS LTD n/a Co File 9'451'682 23.32 - 31.12.2011 n/a
AKRONAGROSERVICE n/a Co File 9'432'607 23.27 - 31.12.2011 Unclassified
KVESTAR HOLDINGS LTD n/a Co File 9'036'800 22.29 - 31.12.2011 n/a
CJSC GRANIT n/a Co File 7'153'140 17.65 - 31.12.2011 n/a
GRANADILLA HOLDINGS n/a Co File 6'323'376 15.6 - 31.12.2011 n/a
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 789'861 1.95 69'775 31.03.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 243'004 0.6 39'000 31.08.2012 Investment Advisor
URALSIB JSC Multiple Portfolios MF-AGG 151'772 0.37 - 31.05.2012 Investment Advisor
CARNEGIE FONDER AB/S Multiple Portfolios MF-AGG 135'659 0.33 - 31.07.2012 Investment Advisor
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 84'088 0.21 (20'500) 29.06.2012 Investment Advisor
ALLIANZ ROSNO ASSET Multiple Portfolios MF-AGG 42'627 0.11 (4'187) 30.12.2011 Investment Advisor
PICTET & CIE EUROPE Multiple Portfolios MF-AGG 42'000 0.1 - 30.06.2012 Mutual Fund Manager
FIRST TRUST ADVISORS Multiple Portfolios MF-AGG 33'215 0.08 - 17.09.2012 Investment Advisor
ANTONOV IVAN NIKOLAE n/a Research 30'997 0.08 - 08.02.2012 n/a
CLARIDEN SICAV Multiple Portfolios MF-AGG 27'320 0.07 - 30.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'078 0.06 5'494 30.06.2012 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 21'043 0.05 (713) 31.05.2012 Mutual Fund Manager
KUNITSKY VLADIMIR YA n/a Co File 14'783 0.04 - 31.12.2011 n/a
POPOV ALEXANDER n/a Co File 12'876 0.03 - 31.12.2011 n/a
GOLUBKOV DMITRY ARKA n/a Co File 10'968 0.03 - 31.12.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Uralsib ARTEM EGORENKOV buy 5 M 1'868 Not Provided 17.09.2012
HSBC YONAH WEISZ neutral 3 M 1'600 Not Provided 06.09.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 05.09.2012
Infina Investment Company MAXIM TSITOVICH buy 5 M 2'039 Not Provided 03.09.2012
Alfa-Bank MARIA BOVYKINA equalweight 3 M 1'510 Not Provided 27.08.2012
UFS-Finance Investment Company ILYA BALAKIREV hold 3 M 1'615 Not Provided 24.08.2012
Deutsche Bank BOB KOMMERS hold 3 M 1'600 12 month 23.08.2012
ING Wholesale Banking ANNA KOCHKINA buy 5 M 1'491 Not Provided 21.08.2012
VTB Capital ELENA SAKHNOVA hold 3 D 1'468 12 month 21.08.2012
Credit Suisse SEMYON MIRONOV neutral 3 M 1'460 Not Provided 10.08.2012
Otkritie Capital DENIS GABRIELIK buy 5 M 1'676 Not Provided 07.08.2012
Gazprombank ALEKSEI ASTAPOV overweight 5 M 2'032 12 month 23.07.2012
CIBC World Markets JACOB BOUT market outperform 4 M #N/A N/A Not Provided 22.07.2012
RMG Securities ELENA SADOVSKAYA buy 5 M 2'237 Not Provided 20.07.2012
Nomos Bank YURI VOLOV buy 5 M 2'532 Not Provided 27.06.2012
Grandis Capital DMITRY TEREKHOV buy 5 N 3'309 Not Provided 25.01.2012
Aton LLC MIKHAIL PAK hold 3 M 1'300 12 month 20.01.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 18.09.2012
Aeroflot - Russian Airlines OJSC
Aeroflot - Russian Airlines transports passengers and freight. The Company Price/Volume
operates scheduled international and domestic passenger flights and cargo
70 80.0 M
services. Aeroflot's fleet consists of Boeing, Airbus, and other aircraft.
60 70.0 M
50 60.0 M
50.0 M
40
40.0 M
Valuation Analysis 30
30.0 M
Latest Fiscal Year: 12/2011 20 20.0 M
LTM as of: 12/yy 10 10.0 M
52-Week High (20.09.2011) 58.34
0 .0 M
52-Week Low (18.05.2012) 38.00 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12
Daily Volume 66'762'500.00
Current Price (9/dd/yy) 44.89 Market Data
52-Week High % Change -23.04% Dividend Yield -
52-Week Low % Change 18.13% Beta 0.99
% 52 Week Price Range High/Low 34.17% Equity Float 475.17
Shares Out 30.06.2012 1'110.6 Short Int -
Market Capitalization 49'855.57 1 Yr Total Return -18.62%
Total Debt 2'266.00 YTD Return -7.65%
Preferred Stock 0.0 Adjusted BETA 0.991
Minority Interest (84.2) Analyst Recs 10
Cash and Equivalents 414.10 Consensus Rating 4.000
Enterprise Value 3'055.49 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 2'053'100
AFLT RM EQUITY YTD Change - Average Volume 30 Day 1'667'083
AFLT RM EQUITY YTD % CHANGE - Average Volume 3 Month 2'132'085
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2
Total Revenue 3'807.8 4'613.8 3'345.9 4'319.3 5'377.9 1'890.0 5'499.0 7'769.0 8'464.0 - -
TEV/Revenue 1.32x 0.47x 1.06x 0.95x 0.63x 3.45x 2.65x 0.54x 0.56x - -
EBITDA 723.0 497.8 423.1 683.7 501.4 256.6 616.6 664.1 854.6 - -
TEV/EBITDA 6.97x 4.38x 8.41x 5.99x 6.79x 0.00x 0.00x 4.60x 3.58x - -
Net Income 305.3 56.1 89.2 278.4 524.6 74.5 394.8 206.0 294.7 - -
P/E 13.10x 17.72x 21.58x 9.66x 3.03x 0.00x 0.00x 7.77x 5.36x - -
Profitability S&P Issuer Ratings
EBITDA 501.40 Long-Term Rating Date -
EBIT 280.30 Long-Term Rating -
Operating Margin 5.21% Long-Term Outlook -
Pretax Margin 10.88% Short-Term Rating Date -
Return on Assets 10.64% Short-Term Rating -
Return on Common Equity 40.11% Credit Ratios
Return on Capital 17.48% EBITDA/Interest Exp. 3.85
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 2.86
Margin Analysis Net Debt/EBITDA 3.69
Gross Margin - Total Debt/EBITDA 4.52
EBITDA Margin 9.3% Reference
EBIT Margin 5.2% Total Debt/Equity 152.2%
Net Income Margin 9.8% Total Debt/Capital 61.7%
Structure Asset Turnover 1.09
Current Ratio 0.99 Net Fixed Asset Turnover 2.59
Quick Ratio 0.51 Accounts receivable turnover-days 33.18
Debt to Assets 42.47% Inventory Days -
Tot Debt to Common Equity 152.24% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.00 Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
12.00 6'000.0
10.00 5'000.0
8.00 4'000.0
6.00 3'000.0
4.00 2'000.0
2.00 1'000.0
0.00
0.0
04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 04.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 18.09.2012
Aeroflot - Russian Airlines OJSC
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RUSSIAN FEDERAL PROP n/a Co File 568'302'378 51.17 - 31.03.2012 Government
AEROFLOT-FINANCE n/a Co File 65'082'117 5.86 - 31.03.2012 Other
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 24'008'376 2.16 5'380'904 31.03.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 3'823'900 0.34 (660'000) 31.08.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 3'360'000 0.3 - 29.02.2012 Investment Advisor
KAPITAL FUNDS Multiple Portfolios MF-AGG 2'130'000 0.19 (107'500) 31.08.2012 Investment Advisor
HALBIS CAPITAL MGMT Multiple Portfolios MF-AGG 1'276'446 0.11 - 15.03.2012 Investment Advisor
BANK OF MOSCOW Multiple Portfolios MF-AGG 1'110'918 0.1 1'319 29.06.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 978'030 0.09 - 31.07.2012 Investment Advisor
MANAGEMENT-CONSULTIN Multiple Portfolios MF-AGG 878'500 0.08 163'500 31.08.2012 Mutual Fund Manager
KURMASHOV SHAMIL RAV n/a Co File 788'538 0.07 - 31.03.2012 n/a
DEUTSCHE ASSET MANAG Multiple Portfolios MF-AGG 700'000 0.06 - 20.10.2011 Mutual Fund Manager
DWS FINANZ SERVICE G Multiple Portfolios MF-AGG 700'000 0.06 - 18.11.2011 Investment Advisor
CLARIDEN SICAV Multiple Portfolios MF-AGG 570'760 0.05 - 30.07.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 560'280 0.05 - 31.07.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 513'282 0.05 - 14.09.2012 Investment Advisor
SAPRYKIN DMITRY PETR n/a Co File 488'671 0.04 - 31.03.2012 n/a
KALMYKOV ANDREY YURI n/a Co File 466'459 0.04 - 31.03.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 456'710 0.04 - 30.06.2012 Investment Advisor
ALLIANZ ROSNO ASSET Multiple Portfolios MF-AGG 377'314 0.03 (30'500) 30.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Uralsib DENIS VORCHIK hold 3 M 46 Not Provided 17.09.2012
Aton LLC NIKITA MELNIKOV hold 3 M 51 12 month 06.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 05.09.2012
Infina Investment Company MAXIM TSITOVICH buy 5 M 85 Not Provided 03.09.2012
Renaissance Capital ALEXANDER KAZBEGI buy 5 M 64 12 month 23.08.2012
VTB Capital ELENA SAKHNOVA buy 5 U 64 12 month 17.08.2012
Deutsche Bank GEORGY IVANIN hold 3 D 51 12 month 31.07.2012
Goldman Sachs ANTON FARLENKOV Buy/Neutral 5 M 59 12 month 20.07.2012
Otkritie Capital IRINA STUPACHENKO not rated #N/A N/A M #N/A N/A Not Provided 06.06.2012
RMG Securities ELENA SADOVSKAYA Under Review #N/A N/A M #N/A N/A Not Provided 21.05.2012
Troika Dialog MIKHAIL GANELIN buy 5 M 78 12 month 17.05.2012
Gazprombank ALEKSEI ASTAPOV Under Review #N/A N/A M #N/A N/A Not Provided 25.04.2012
Alfa-Bank VLADIMIR DOROGOV overweight 5 U 77 Not Provided 25.01.2012
IFC Metropol ANDREY ROZHKOV buy 5 M 94 Not Provided 27.07.2011
ING Wholesale Banking ALEXANDER KUZNETSOV buy 5 M 79 12 month 15.07.2010
Veles Capital MARINA IRKLY buy 5 M 93 Not Provided 13.01.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |