Fundamental Analysis - RTSI Index Members with Tables + Index Analysis by Q.M.S Advisors

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 $ October 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 |

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

13460934

1951.976

1090

202

212

98.53

104.89

14.78

13.88

19.16

Euro Stoxx 50 Pr

EUR

2379724

10699.27

4603

755

778

153.12

303.84

27.30

14.48

13.76

20.77

NIKKEI 225

JPY

2117033

174.2512

229

5.19

7.67

0.28

0.23

0.19

0.14

FTSE 100 INDEX

GBP

2589506

13574.93

9433

1541

1632

713.05

823.04

20.99

19.83

18.18

25.59

SWISS MARKET INDEX

CHF

895942

11052.95

3949

804

786

385.54

519.73

19.74

19.43

14.64

22.22

S&P/TSX COMPOSITE INDEX

CAD

1709140

19336.31

7869

1968

1995

828.25

849.35

15.74

15.35

25.67

S&P/ASX 200 INDEX

AUD

1240948

8065.938

2881

633

708

270.53

346.63

17.42

14.68

13.59

23.37

HANG SENG INDEX

HKD

1566879

2392.914

1448

341

358

256.30

245.31

1.36

1.48

1.42

3.10

MSCI EM

USD

7308109

1354.44

956

181

182

79.47

88.27

12.56

12.96

11.31

18.89

ACRON

RUB

1831

172

8.04

0.12

0.15

0.18

1.29

5.92

1.42

1.45

AEROFLOT-RUSSIAN AIRLINES

RUB

1552

480

1040

0.10

173

214

252

275

0.01

0.22

0.24

0.17

0.79

-0.86

0.04

0.30

AK TRANSNEFT OAO-PREF

RUB

2974

20.05

21548

23631

21312

21913

9361

10191

2267

874.71

710.95

760.92

0.07

0.09

0.08

1.60

0.86

0.67

0.74

1.40

BBB

08.12.2008

BANK ST PETERSBURG

RUB

654

103

301

#VALUE!

947

932

472

574

0.04

0.28

0.49

1.85

0.25

0.14

0.27

1.05

Ba3

17.08.2009

BASHNEFT OAO

RUB

10279

170

0.48

532

528

536

104

101

0.30

0.24

0.21

0.26

0.77

0.27

1.12

0.63

BASHNEFT-PFD

RUB

1530

170

0.20

532

555

576

104

101

103

0.30

0.19

0.21

0.15

0.24

0.22

0.77

0.27

1.12

0.63

DIXY GROUP

RUB

1379

125

2.09

3289

4307

4713

5823

203

259

0.27

0.41

0.74

1.32

0.86

0.48

1.86

2.68

1.26

0.20

E.ON RUSSIA JSC

RUB

5696

2090

63049

5.40

2125

2250

2555

2804

738

849

1406

0.01

0.35

0.31

0.29

1.01

1.85

1.94

1.12

FEDERAL HYDROGENERATING CO

RUB

7858

290303

11.73

11657

9565

10609

2395

0.00

0.23

0.29

0.23

-1.00

0.18

0.99

0.66

BB+

22.12.2009

FEDERAL GRID CO UNIFIED

RUB

9822

1255948

13.24

4487

4850

5306

2593

0.00

0.20

0.34

0.74

0.66

1.04

0.94

1.86

BBB

28.10.2008

GAZPROM OAO

RUB

120482

1821

23700

152.63

149072

146119

154428

163190

63334

57328

14704

1.62

1.60

1.54

0.10

0.11

0.93

0.54

1.31

0.50

1.37

BBB

29.11.2006

Baa1

03.04.2009

IDGC HOLDING JSC

RUB

3321

129532

42964

13.65

20401

19769

21080

22840

3643

3445

1788

0.01

0.02

0.20

0.13

0.14

0.43

0.42

0.57

INTER RAO UES

RUB

8788

3083500

8484151

8.57

17 K

18 K

19 K

22 K

1709

1464

1223

0.00

0.30

0.50

1.45

0.32

LSR GROUP

RUB

1920

103

0.10

0.02

0.06

0.91

1.03

0.34

0.24

0.27

0.72

0.68

0.64

LUKOIL OAO

RUB

53567

774

1.88

4297

4397

4215

4242

567

519

163

0.35

0.44

0.19

0.15

1.78

0.80

0.32

0.25

0.42

BBB-

12.11.2010

M VIDEO

RUB

1513

180

1.35

3599

#VALUE!

4439

5121

201

250

0.74

0.89

0.36

0.30

0.94

1.22

1.09

0.18

MAGNIT

RUB

13497

0.48

367

409

469

590

0.22

0.20

0.25

0.68

0.75

0.59

1.51

1.12

1.48

1.57

0.25

BB-

17.04.2012

MAGNITOGORSK IRON&STEEL

RUB

3772

140

11006

0.24

299

309

312

342

0.00

0.01

0.07

0.04

0.66

-0.41

-0.29

0.43

20.01.2010

MECHEL

RUB

2916

299

416

0.40

403

391

378

394

-0.04

0.01

0.02

0.76

0.32

0.92

1.00

0.62

0.69

0.63

MECHEL-PFD

RUB

662

#VALUE!

0.33

403

391

#VALUE!

0.92

1.00

0.62

0.69

0.63

MMC NORILSK NICKEL OJSC

RUB

30321

191

1.09

454

400

416

233

0.77

0.60

0.66

0.21

0.27

0.25

0.34

0.08

-0.06

-0.05

1.65

BBB-

26.09.2011

MOBILE TELESYSTEMS OJSC

RUB

15013

1989

0.67

396

406

411

166

0.02

0.03

0.32

0.25

0.27

0.29

0.52

0.20

0.32

1.35

03.02.2012

MOSCOW UNITED ELECTRIC GRID

RUB

1942

419

48707

3.32

4159

3999

4187

1339

1238

0.01

0.11

0.14

0.15

0.51

1.39

0.39

1.33

1.03

MOSENERGO

RUB

1826

5795

39749

1.37

5180

5043

5457

6004

769

661

0.01

0.25

0.20

0.23

0.35

0.61

0.23

0.48

27.05.2011

MOSTOTREST-CLS

RUB

1795

280

1.78

3182

3853

4404

309

348

0.42

0.55

0.64

0.48

0.37

0.32

2.06

1.55

0.31

NOVATEK OAO

RUB

35465

3036

38.00

5660

6113

7117

8740

2858

2936

3218

1.24

0.72

0.97

0.30

0.52

0.39

1.62

1.87

1.00

1.62

BBB-

19.11.2010

NOVOLIPETSK STEEL (NLMK OAO)

RUB

11911

5993

0.50

377

410

402

424

0.00

0.01

0.46

0.38

0.34

1.30

0.91

-0.09

-0.12

0.62

BBB-

23.07.2008

NOVOROSSIYSK COMMERCIAL

RUB

1820

639

19260

0.13

0.00

1.26

0.23

0.30

2.10

0.74

1.07

1.23

1.70

BB-

15.04.2011

OGK-2

RUB

750

31664

56967

1.77

3372

4020

3539

4024

190

186

0.00

0.70

0.38

0.28

-1.42

3.94

0.18

PHARMSTANDARD-CLS

RUB

1798

1.57

1371

1298

1349

1446

385

374

6.84

7.32

7.59

0.22

0.21

0.20

1.40

1.06

0.65

0.91

0.90

PHOSAGRO OAO - CLS

RUB

5210

124

6.24

3231

3498

3596

1137

427

0.52

5.71

5.51

2.60

0.24

0.98

2.34

1.13

PIK GROUP

RUB

1135

493

2.59

1479

1231

1711

1942

223

214

236

0.02

0.06

0.19

3.89

1.31

0.39

0.67

0.05

132.65

-0.23

0.48

RASPADSKAYA

RUB

1873

1743

781

0.07

0.00

0.01

3.47

1.10

0.31

0.09

1.13

-0.10

0.30

1.47

ROSNEFT OAO

RUB

72349

156

9588

3.05

2962

3107

3123

3224

708

587

181

0.03

0.23

0.21

1.32

0.96

0.35

0.86

0.77

BBB- *-

25.07.2012

20.11.2006

ROSTELECOM

RUB

#VALUE!

9516

10184

10463

3784

4076

0.44

0.46

0.31

0.30

0.24

0.52

1.28

BB+

13.05.2011

ROSTELECOM-PFD-CLS

RUB

763

594

#VALUE!

5.91

9516

10184

10463

3784

4076

0.44

0.46

0.23

0.22

0.24

0.52

1.28

BB+

13.05.2011

SBERBANK

RUB

64532

3566

21555

#VALUE!

34013

38455

29094

33006

0.47

0.50

0.52

0.20

0.19

0.25

0.76

24.02.2009

SBERBANK-PREFERENCE

RUB

2182

#VALUE!

34013

38455

#VALUE!

0.49

0.14

0.25

0.76

24.02.2009

SEVERSTAL

RUB

10712

1008

0.47

508

485

479

506

115

0.04

0.36

0.31

0.75

0.35

0.64

0.13

0.73

BB+

21.06.2012

Ba1

07.06.2012

SISTEMA JSFC

RUB

7640

986

9268

0.90

1060

1041

1117

1192

259

269

0.00

0.01

0.72

0.36

0.16

0.74

0.75

0.54

0.59

0.79

03.02.2012

SURGUTNEFTEGAS

RUB

33455

1030

35726

21.54

25328

32745

33281

2380

0.20

0.15

0.14

0.15

0.21

0.22

0.86

0.30

SURGUTNEFTEGAS-PFD

RUB

5172

#VALUE!

25328

29900

30131

11252

0.16

0.14

0.86

0.30

TATNEFT-CLS

RUB

14287

2179

15.86

19799

19807

20856

21321

3311

3296

992

0.83

1.15

1.14

0.18

1.02

1.13

0.45

0.54

25.08.2006

TATNEFT-PFD 3 SERIES

RUB

476

#VALUE!

2.05

19799

19807

20856

21321

3311

3296

992

1.15

1.14

0.09

1.02

1.13

0.45

0.54

25.08.2006

TNK-BP HOLDING-PFD-CLS

RUB

1034

439

#VALUE!

0.03

1246

1240

1904

1970

437

403

471

0.02

0.12

0.99

0.60

1.13

0.41

1.13

06.11.2007

UNITED CO RUSAL-STD

USD

#VALUE!

12291

11680

10995

11762

2762

1901

2011

0.15

0.76

40.48

7.82

11.95

123.64

-5.58

22.47

URALKALI

RUB

24489

3095

0.86

109

135

143

169

0.02

0.44

0.50

0.40

4.22

5.99

2.08

BBB-

18.06.2012

BANK VOZROZHDENIE

RUB

460

#VALUE!

630

678

459

530

2.82

3.06

4.13

0.22

0.20

0.15

0.24

0.50

BB-

02.09.2011

VSMPO-AVISMA CORPORATION

RUB

1934

2.42

998

962

1140

252

189

2.31

3.18

7.78

2.33

1.70

0.69

-0.64

0.52

-0.70

0.53

0.81

VTB BANK OJSC

RUB

18411

92186

10460541

#VALUE!

14949

17321

10776

12354

0.00

0.27

0.22

0.16

0.73

1.20

BBB

09.11.2011

Baa1

24.02.2009

3.08

2103

2277

2243

2323

950

994

172

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.60

9.49

15.06.2011 -

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

2.16

1.96

1.80

2.16

1.34

1.29

1.23

1.34

9.45

8.61

8.27

9.45

9.21

8.57

7.96

9.21

13.88

12.49

11.18

13.88

2.16

2.35

2.54

2.16

1584.6

8.8%

Euro Stoxx 50 Pr

1.11

1.05

0.99

1.11

0.70

0.68

0.67

0.70

5.12

4.83

4.48

5.12

13.75

13.08

12.41

13.75

10.64

9.63

8.75

10.64

4.29

4.77

5.14

4.29

2700.6

8.0%

NIKKEI 225

1.07

1.00

0.94

1.07

0.49

0.46

0.47

0.49

6.27

5.72

5.49

6.27

7.07

6.47

6.12

7.07

14.60

12.81

10.45

14.60

2.29

2.33

2.75

2.29

9935.9

13.3%

FTSE 100 INDEX

1.62

1.50

1.39

1.62

0.99

0.96

0.94

0.99

7.46

6.81

6.28

7.46

8.32

7.66

7.22

8.32

11.36

10.28

9.47

11.36

4.04

4.31

4.60

4.04

6506.5

11.5%

SWISS MARKET INDEX

2.13

1.98

1.83

2.13

1.80

1.70

1.61

1.81

11.73

10.12

9.07

11.73

14.07

12.92

12.04

14.07

13.71

12.27

11.18

13.72

3.51

3.87

4.21

3.51

7061.7

5.8%

S&P/TSX COMPOSITE INDEX

1.75

1.62

1.49

1.75

1.62

1.51

1.44

1.62

8.86

7.93

7.24

8.86

9.69

8.48

7.91

9.69

14.98

13.02

11.82

14.98

2.94

3.07

3.26

2.94

14094.4

13.5%

S&P/ASX 200 INDEX

1.69

1.59

1.50

1.69

1.60

1.49

1.42

1.60

9.78

8.92

8.31

9.78

11.40

10.12

9.40

11.40

13.29

11.90

10.98

13.29

4.85

5.21

5.60

4.85

4674.2

3.7%

HANG SENG INDEX

1.36

1.25

1.15

1.36

1.87

1.72

1.59

1.87

6.92

6.42

6.09

6.92

6.69

6.08

5.60

6.69

11.01

10.19

9.19

11.01

3.52

3.77

4.12

3.52

22594.3

7.9%

MSCI EM

1.50

1.35

1.23

1.50

1.04

0.96

0.90

1.04

7.10

6.40

5.77

7.10

7.46

6.69

6.10

7.46

11.31

9.91

8.98

11.31

2.89

3.18

3.54

2.89

1132.8

13.5%

ACRON

1.23

0.94

0.85

0.79

0.70

0.90

0.82

0.79

0.77

0.68

5.35

4.05

4.42

4.85

3.28

4.85

4.86

5.08

5.80

4.92

5.24

4.76

5.62

7.06

5.55

7.04

6.14

5.01

4.15

6.26

1796.14

27.8%

AEROFLOT-RUSSIAN AIRLINES

1.06

0.98

0.84

0.72

0.60

0.29

0.20

0.18

0.17

2.94

3.96

2.82

2.43

1.97

5.06

4.64

3.65

3.28

3.01

3.50

7.47

5.16

4.61

3.83

2.72

3.36

2.58

3.44

3.08

60.85

40.0%

AK TRANSNEFT OAO-PREF

0.43

0.39

0.33

0.29

0.27

0.15

0.14

0.13

2.04

1.81

1.56

1.50

1.88

2.04

1.99

1.85

1.80

1.86

2.32

2.69

2.51

2.29

3.13

1.26

1.04

1.14

1.30

12.27

68748.16

15.5%

BANK ST PETERSBURG

0.67

0.57

0.52

0.46

0.35

1.16

1.38

1.14

0.99

1.11

3.58

7.86

4.45

3.68

3.14

0.28

0.16

0.20

0.29

0.13

81.90

21.2%

BASHNEFT OAO

1.86

1.77

1.63

1.48

1.42

0.61

0.63

0.62

0.63

0.61

5.15

5.54

5.58

5.50

6.28

4.62

4.84

4.85

5.08

5.06

6.80

8.00

8.03

8.66

8.39

8.82

6.94

6.63

6.10

7.77

2134.53

13.6%

BASHNEFT-PFD

0.98

1.08

0.98

0.90

0.83

0.09

4.08

5.57

5.79

5.47

5.12

1.83

1.92

1.80

1.91

1.87

4.96

7.46

6.74

9.26

8.43

10.68

10.94

9.31

6.92

7.09

1337.79

-2.7%

DIXY GROUP

1.67

1.62

1.44

1.22

1.21

0.42

0.29

0.24

0.19

0.16

7.56

7.95

5.67

4.11

3.49

9.90

7.31

5.53

4.36

3.71

26.49

26.79

14.88

9.69

7.34

0.00

487.99

41.9%

E.ON RUSSIA JSC

1.60

1.41

1.25

1.13

0.99

2.59

2.23

2.03

1.87

1.57

9.59

7.49

7.28

6.40

5.17

7.31

5.79

5.52

5.30

4.11

11.02

9.56

9.12

8.95

6.75

1.03

3.06

3.84

4.27

5.91

3.77

34.0%

FEDERAL HYDROGENERATING CO

0.46

0.47

0.45

0.42

0.38

1.16

0.82

0.74

0.73

0.70

4.46

4.09

4.39

3.66

2.72

5.48

5.91

4.80

4.05

3.65

6.79

8.96

7.02

5.54

5.01

1.43

1.19

1.43

2.38

1.43

1.03

22.2%

FEDERAL GRID CO UNIFIED

0.33

0.32

0.31

0.29

2.13

2.03

1.85

1.68

1.51

4.33

4.57

4.49

4.04

2.99

4.94

4.81

4.27

3.80

3.28

8.66

10.54

9.70

8.98

1.24

0.83

0.41

0.25

4.0%

GAZPROM OAO

0.52

0.44

0.39

0.36

0.33

0.82

0.78

0.74

0.71

0.68

2.56

2.29

2.61

2.37

2.28

2.61

2.70

2.64

2.60

2.98

3.18

3.31

3.42

3.20

4.32

5.27

5.19

5.48

5.72

220.17

39.1%

IDGC HOLDING JSC

0.35

0.31

0.30

0.28

0.21

0.16

0.15

0.13

1.09

1.10

1.05

0.99

1.04

3.48

3.77

3.52

3.12

2.67

3.17

4.09

4.29

3.88

3.22

0.51

0.65

1.07

1.39

2.65

22.8%

INTER RAO UES

0.83

0.70

0.65

0.64

0.54

0.53

0.46

0.41

0.37

0.34

14.05

9.37

4.01

6.29

7.00

5.22

4.37

3.99

9.37

9.38

7.03

0.00

3.56

0.04

26.8%

LSR GROUP

1.07

0.95

0.83

1.03

0.84

0.77

0.64

0.53

4.88

3.70

9.61

6.99

5.25

4.21

3.84

116.45

32.13

10.53

7.88

5.39

0.02

0.03

0.05

0.08

0.09

1329.57

129.4%

LUKOIL OAO

0.71

0.66

0.59

0.52

0.46

0.40

0.41

0.39

0.40

3.18

3.25

3.12

2.65

2.49

2.94

3.15

3.08

2.81

2.93

4.32

4.56

4.62

4.45

4.23

4.26

4.30

4.36

4.58

4.89

2524.47

28.9%

M VIDEO

3.69

2.92

2.36

1.94

1.89

0.42

0.34

0.30

0.26

0.23

15.66

6.91

5.47

4.79

3.72

7.09

5.41

4.55

3.90

3.50

16.24

11.32

9.44

8.13

6.86

1.86

7.26

3.44

4.63

4.52

362.70

38.6%

MAGNIT

5.51

4.23

3.48

2.76

2.36

1.18

0.93

0.73

0.59

0.49

30.92

13.66

10.45

7.53

7.61

17.85

11.26

9.06

7.65

6.74

40.34

23.35

18.20

14.18

12.43

0.30

0.31

0.54

0.61

0.73

5302.17

19.4%

MAGNITOGORSK IRON&STEEL

0.35

0.40

0.39

0.35

0.31

0.36

0.34

0.17

5.15

5.31

4.27

4.05

3.70

168.74

2.07

1.30

0.68

0.56

0.89

2.96

16.00

29.63

12.30

17.1%

MECHEL

0.74

0.23

0.25

0.24

0.22

0.21

3.69

5.31

5.21

6.39

5.94

5.66

7.04

4.06

23.50

10.03

14.01

3.28

2.00

1.37

289.68

32.9%

MECHEL-PFD

0.50

0.05

223.30

50.4%

MMC NORILSK NICKEL OJSC

1.85

6225.83

25.8%

279.80

23.8%

MOBILE TELESYSTEMS OJSC

2.04

1.58

1.53

4.38

3.73

3.12

38.27

4.26

2.12

2.44

2.34

2.19

2.33

2.84

1.20

1.19

1.17

1.24

1.23

5.05

5.65

5.34

3.84

3.41

3.52

3.56

3.12

4.72

6.02

5.86

5.19

6.35

3.61

4.02

3.87

3.81

4.09

4.14

5.95

14.46 8.49

7.69

6.67

7.85

8.45

7.90

3.71

3.72

2.86

7.57

7.85

11.15

10.19

3.39

MOSCOW UNITED ELECTRIC GRID

0.48

0.44

0.42

0.38

0.31

0.49

0.46

0.43

0.39

1.78

2.21

2.04

1.94

2.64

2.59

2.68

2.65

2.61

2.55

3.75

4.43

4.81

4.46

4.59

1.45

1.61

1.13

1.61

1.34

8.3%

MOSENERGO

0.27

0.26

0.25

0.24

0.35

0.33

0.30

0.27

0.24

2.54

2.49

2.65

2.72

2.57

1.76

1.88

1.86

1.74

1.46

5.33

6.27

7.29

7.18

5.20

1.05

0.98

1.33

2.45

2.20

54.3%

MOSTOTREST-CLS

3.27

2.49

2.17

1.89

1.64

0.63

0.47

0.41

0.37

0.33

7.48

5.83

5.72

4.97

3.91

6.20

5.13

4.49

4.07

3.67

16.97

11.66

10.01

8.75

7.74

2.01

3.36

3.95

4.62

5.28

264.77

33.9%

NOVATEK OAO

5.83

4.28

3.44

2.83

2.59

6.20

4.98

4.06

3.47

3.05

20.66

15.45

11.69

11.62

10.96

13.56

11.81

9.35

8.32

8.10

18.42

16.28

12.02

10.09

9.00

1.45

1.86

2.56

3.05

3.11

424.30

16.8%

NOVOLIPETSK STEEL (NLMK OAO)

1.12

1.07

1.00

0.92

0.82

1.03

0.95

0.90

0.80

0.75

1.55

6.62

7.10

6.56

6.99

6.21

5.28

4.70

8.71

11.90

10.63

8.28

6.21

11.58

2.67

2.77

3.02

4.03

69.65

12.7%

NOVOROSSIYSK COMMERCIAL

2.20

1.63

1.35

1.05

0.86

2.49

1.85

1.51

1.40

1.31

5.91

5.25

8.31

7.14

6.47

5.93

5.47

7.27

9.45

4.73

0.00

2.12

4.73

60.9%

OGK-2

0.24

0.27

0.29

0.28

0.25

0.22

0.21

0.19

0.17

0.14

3.00

4.74

4.28

6.51

6.64

4.92

4.18

2.19

6.24

21.85

11.92

9.83

1.87

0.51

1.02

0.51

29.8%

PHARMSTANDARD-CLS

1.54

1.47

1.21

1.14

1.43

1.33

1.24

1.15

1.05

9.01

5.65

5.79

3.91

4.19

3.99

3.68

3.46

6.20

6.50

6.27

5.77

5.30

0.00

3.17

2.92

2.73

1.61

1.49

1.45

1.25

1.21

5.02

5.10

4.44

4.32

5.30

5.28

5.42

4.39

4.29

7.42

7.33

7.60

6.16

6.10

13.89

8.26

13.05

13.00

PHOSAGRO OAO - CLS PIK GROUP

2.58

3.10

2.04

0.51

1.78

2545.92

72.0%

2839.65

118.1%

32.69

8.18

2.92

0.80

0.66

0.58

0.43

0.35

13.47

10.98

8.55

5.74

32.69

40.79

12.19

4.55

3.17

99.72

39.3%

RASPADSKAYA

1.11

1.87

1.65

1.46

1.11

2.45

2.79

2.03

1.67

1.36

6.36

8.75

5.89

4.30

3.38

5.80

9.60

5.87

4.63

4.17

8.88

34.26

9.75

6.83

4.89

5.13

1.84

3.67

5.05

12.72

90.75

21.6%

ROSNEFT OAO

1.00

0.91

0.82

0.74

0.64

0.79

0.74

0.72

0.70

0.69

3.96

3.90

3.76

3.61

3.27

4.20

4.71

4.58

4.45

4.16

5.22

6.50

6.46

6.45

6.01

1.71

2.97

3.18

3.25

3.34

251.94

18.6%

ROSTELECOM

1.63

1.43

1.33

1.17

1.12

5.29

3.96

3.85

3.75

3.79

10.72

9.71

9.41

8.45

8.75

2.73

3.87

4.11

4.99

3.43

147.68

9.9%

ROSTELECOM-PFD-CLS

1.19

1.04

0.97

0.85

0.82

0.08

0.07

0.06

3.85

2.88

2.80

2.73

2.76

7.80

7.06

6.85

6.15

6.36

4.62

SBERBANK

1.62

1.32

1.11

0.95

0.98

2.62

2.22

1.95

1.69

1.51

5.02

5.87

5.71

5.30

6.41

5.94

5.77

5.33

6.74

2.30

2.85

3.44

SBERBANK-PREFERENCE

1.25

4.65

4.48

4.44

2.87

4.88

5.63

SEVERSTAL

1.41

1.50

1.26

1.12

0.95

0.65

0.72

0.68

0.63

7.25

5.95

6.66

3.79

5.30

5.10

6.59

11.31

9.58

8.93

9.71

2.96

3.00

2.64

0.22

0.21

2.08

1.62

3.43

3.39

2.93

9.42

11.31

4.95

0.00

12.89

15.66

1.97

2.12

2.23

5.00

6.43

6.79

7.52

7.50

3.28

2.38

2.42

2.32

2.17

3.67

4.20

4.21

4.68

10.19

9.85

9.39

8.70

7.58

5.51

1.60

1.45

1.42

1.36

1.28

0.09

SISTEMA JSFC

5.36

3.05

38.4%

496.79

24.9%

40.30

63.6%

36.59

25.6%

0.78

0.73

0.69

0.59

0.52

0.95

1.02

1.01

1.05

1.19

3.12

3.10

3.27

4.32

4.17

SURGUTNEFTEGAS-PFD

0.58

0.17

0.16

0.14

0.35

0.16

0.17

0.18

0.16

2.33

2.08

2.18

2.96

3.14

TATNEFT-CLS

1.15

0.98

0.86

0.77

0.68

0.72

0.69

0.67

0.70

0.69

6.23

4.64

4.85

5.03

4.97

4.68

3.91

3.87

4.28

4.14

7.22

5.69

5.73

6.41

6.05

3.38

4.11

4.21

3.95

4.50

200.89

-1.5%

TATNEFT-PFD 3 SERIES

0.57

0.48

0.42

0.38

0.34

0.02

3.07

2.29

2.39

2.48

2.45

0.61

0.51

0.50

0.55

0.54

3.56

2.80

2.82

3.16

2.98

7.17

7.66

7.89

7.46

8.29

112.24

11.7%

TNK-BP HOLDING-PFD-CLS

1.32

1.13

1.02

0.92

0.84

0.02

3.69

3.00

3.08

2.85

2.77

0.07

0.06

0.08

4.33

14.98

16.46

17.29

16.20

18.07

108.00

51.1%

UNITED CO RUSAL-STD

0.74

0.84

0.74

0.66

8.42

42.5%

3.04

2.91

2.79

2.51

7.15

5.51

4.67

4.57

4.12

24.75

11.73

9.53

9.99

300.16

15.7%

0.53

1.17

1.00

0.87

0.72

0.68

3.36

5.77

4.53

3.32

11.35

16.51

11.26

8.43

3.91

6.08

4.56

3.42

BANK VOZROZHDENIE

0.79

0.72

0.62

0.54

VSMPO-AVISMA CORPORATION

1.65

1.83

1.69

1.53

2.23

2.01

1.70

1.41

VTB BANK OJSC

0.90

0.86

0.76

0.66

2.13

1.71

1.49

1.38

1.37

8.91

11.83

10.25

9.96

12.79

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8.14

9.07

8.04

6.90

2.42

3.00

4.7%

128.65

SURGUTNEFTEGAS

URALKALI

2.43

5.31

3.86

102.33

6.92

3.92

3.65

3.67

4.33

10.75

40.48

7.82

5.74

17.78

15.62

12.32

14.13

9.26

6.32

4.68

3.53

27.34

52.78

21.57

14.71

6.08

6.84

4.98

3.91

3.08

3.65

4.22

4.03

5.97

5.73

6.86

0.21

0.25

0.50

0.84

841.29

39.7%

0.35

0.19

0.46

0.68

6276.81

20.3%

1.83

3.65

0.07

24.9%

09.10.2012

Acron JSC Acron JSC is a vertically integrated Russian mineral fertilizer producer with a diversified product portfolio consisting of multi-nutrient fertilizers such as NPK and bulk blends, as well as straight nitrogen based products such as urea, ammonium nitrate and UAN.

Price/Volume 1800

.4 M

1600

.4 M

1400

.3 M

1200

.3 M

1000

Latest Fiscal Year: LTM as of: 52-Week High (29.11.2011) 52-Week Low (12.10.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKRN RM EQUITY YTD Change AKRN RM EQUITY YTD % CHANGE

12/2011 06/yy 1'625.00 889.30 4'335.00 1405 -13.49% 57.99% 69.06% 40.5 56'950.27 48'800.00 0.0 2'781.0 15'895.00 95'686.27

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

600 400

.1 M

200

.1 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 31'105.2 1.90x 8'670.7 6.80x 5'063.9 10.61x

.2 M

800

Valuation Analysis

31.12.2008 31.12.2009 43'131.6 37'541.7 0.98x 1.85x 17'400.2 6'899.8 2.44x 10.08x 9'340.4 7'081.4 1.38x 5.29x Profitability

LTM-4Q 31.12.2010 46'737.7 1.85x 10'396.8 8.30x 5'584.1 8.82x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 65'431.0 1.51x 29'554.0 3.35x 18'329.0 3.45x 29'554.00 27'637.00 42.24% 39.01% 17.02% 38.38% 22.61% 0.61% 45.8% 45.2% 42.2% 28.0% 1.37 0.70 41.60% 97.08% 26.74 4.34

Price/ Cash Flow

06/yy 54'779.8 6.33x 14'689.5 6.60x 8'677.0 6.62x

LTM 06/yy 70'824.8 5.11x 30'918.8 2.78x 19'175.9 2.97x

FY+1

0.88 29.67% 10.44% 0.877 20 4.250 6'385 14'590 18'243 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 69'784.2 72'271.4 19'796.5 20'224.5 1.27x 1.26x 19'677.5 18'827.1 5'348.0 6'391.0 4.86x 5.08x 11'673.1 10'460.9 4'264.5 3'757.0 4.76x 5.62x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

23.83 15.09 1.11 1.65 97.1% 47.9% 0.61 2.27 13.65 84.12 18.71 79.07

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 04.01.2009

0.0 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 |

09.10.2012

Acron JSC Holdings By:

All

Holder Name REFKO HOLDINGS LTD AKRONAGROSERVICE KVESTAR HOLDINGS LTD CJSC GRANIT GRANADILLA HOLDINGS EAST CAPITAL ASSET M HANDELSBANKEN FONDER URALSIB JSC CARNEGIE FONDER AB/S CARMIGNAC GESTION LU ALLIANZ ROSNO ASSET PICTET & CIE EUROPE FIRST TRUST ADVISORS ANTONOV IVAN NIKOLAE CLARIDEN SICAV VANGUARD GROUP INC JULIUS BAER MULTICOO KUNITSKY VLADIMIR YA POPOV ALEXANDER GOLUBKOV DMITRY ARKA

Firm Name Uralsib HSBC EVA Dimensions Infina Investment Company Alfa-Bank UFS-Finance Investment Company Deutsche Bank ING Wholesale Banking VTB Capital Credit Suisse Otkritie Capital Gazprombank CIBC World Markets RMG Securities Nomos Bank Grandis Capital Aton LLC

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst ARTEM EGORENKOV YONAH WEISZ TEAM COVERAGE MAXIM TSITOVICH MARIA BOVYKINA ILYA BALAKIREV BOB KOMMERS ANNA KOCHKINA ELENA SAKHNOVA SEMYON MIRONOV DENIS GABRIELIK ALEKSEI ASTAPOV JACOB BOUT ELENA SADOVSKAYA YURI VOLOV DMITRY TEREKHOV MIKHAIL PAK

Source Co File Co File Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG Co File Co File Co File

Recommendation buy neutral overweight buy equalweight hold hold buy hold neutral buy overweight market outperform buy buy buy hold

Amt Held 9'451'682 9'432'607 9'036'800 7'153'140 6'323'376 789'861 243'004 151'772 135'659 84'088 42'627 42'000 33'215 30'997 27'320 23'078 21'043 14'783 12'876 10'968

% Out 23.32 23.27 22.29 17.65 15.6 1.95 0.6 0.37 0.33 0.21 0.11 0.1 0.08 0.08 0.07 0.06 0.05 0.04 0.03 0.03

Weighting

Change 5 3 5 5 3 3 3 5 3 3 5 5 4 5 5 5 3

M M D M M M M M D M M M M M M N M

Latest Chg 69'775 39'000 (20'500) (4'187) 5'494 (713) -

Target Price 1'868 1'600 #N/A N/A 2'039 1'510 1'615 1'600 1'491 1'468 1'460 1'676 2'032 #N/A N/A 2'237 2'532 3'309 1'300

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 n/a 31.12.2011 Unclassified 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 31.03.2012 Investment Advisor 31.08.2012 Investment Advisor 31.05.2012 Investment Advisor 31.07.2012 Investment Advisor 29.06.2012 Investment Advisor 30.12.2011 Investment Advisor 30.06.2012 Mutual Fund Manager 17.09.2012 Investment Advisor 08.02.2012 n/a 30.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.05.2012 Mutual Fund Manager 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a

Date Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Date 17.09.2012 06.09.2012 05.09.2012 03.09.2012 27.08.2012 24.08.2012 23.08.2012 21.08.2012 21.08.2012 10.08.2012 07.08.2012 23.07.2012 22.07.2012 20.07.2012 27.06.2012 25.01.2012 20.01.2012

09.10.2012

Aeroflot - Russian Airlines OJSC Aeroflot - Russian Airlines transports passengers and freight. The Company operates scheduled international and domestic passenger flights and cargo services. Aeroflot's fleet consists of Boeing, Airbus, and other aircraft.

Price/Volume 70

80.0 M

70.0 M

60.0 M 50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.10.2011) 52-Week Low (18.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AFLT RM EQUITY YTD Change AFLT RM EQUITY YTD % CHANGE

12/2011 12/yy 57.20 38.00 480'200.00 43.47 -24.00% 14.39% 27.76% 1'110.6 48'278.49 2'266.00 0.0 (84.2) 414.10 2'993.94

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2008 31.12.2009 4'613.8 3'345.9 0.47x 1.06x 497.8 423.1 4.38x 8.41x 56.1 89.2 17.72x 21.58x Profitability

20.0 M

10.0 M

0 s-11

.0 M o-11

LTM-4Q 31.12.2010 4'319.3 0.95x 683.7 5.99x 278.4 9.65x

31.12.2011 5'377.9 0.63x 501.4 6.79x 524.6 3.03x 501.40 280.30 5.21% 10.88% 10.64% 40.11% 17.48% 1.09% 9.3% 5.2% 9.8% 0.99 0.51 42.47% 152.24% 11.00 -

Price/ Cash Flow

12/yy 1'890.0 3.45x 256.6 0.00x 74.5 0.00x

n-11

d-11

j-12

f-12 m-12

LTM 12/yy 5'499.0 2.65x 616.6 0.00x 394.8 0.00x

a-12 m-12

j-12

a-12

FY+1

0.99 475.17 -10.66% -10.57% 0.989 11 4.091 3'141'660 3'888'110 2'522'193 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 7'832.6 8'567.8 0.51x 0.54x 645.3 821.4 4.64x 3.65x 202.7 293.8 7.47x 5.16x S&P Issuer Ratings

3.85 2.86 3.69 4.52 152.2% 61.7% 1.09 2.59 33.18 -

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 04.01.2009

30.0 M

Fiscal Year Ended 31.12.2007 3'807.8 1.33x 723.0 7.01x 305.3 13.20x

40.0 M

0.0 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 |

09.10.2012

Aeroflot - Russian Airlines OJSC Holdings By:

All

Holder Name RUSSIAN FEDERAL PROP AEROFLOT-FINANCE EAST CAPITAL ASSET M HANDELSBANKEN FONDER JUPITER ASSET MANAGE KAPITAL FUNDS HALBIS CAPITAL MGMT BANK OF MOSCOW EATON VANCE MANAGEME MANAGEMENT-CONSULTIN KURMASHOV SHAMIL RAV DEUTSCHE ASSET MANAG DWS FINANZ SERVICE G CLARIDEN SICAV AVIVA PLC VAN ECK ASSOCIATES C SAPRYKIN DMITRY PETR KALMYKOV ANDREY YURI VANGUARD GROUP INC ALLIANZ ROSNO ASSET

Firm Name Uralsib Aton LLC EVA Dimensions Infina Investment Company Renaissance Capital VTB Capital Deutsche Bank Goldman Sachs Otkritie Capital RMG Securities Troika Dialog Gazprombank Alfa-Bank IFC Metropol ING Wholesale Banking Veles Capital

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst DENIS VORCHIK NIKITA MELNIKOV TEAM COVERAGE MAXIM TSITOVICH ALEXANDER KAZBEGI ELENA SAKHNOVA GEORGY IVANIN ANTON FARLENKOV IRINA STUPACHENKO ELENA SADOVSKAYA MIKHAIL GANELIN ALEKSEI ASTAPOV VLADIMIR DOROGOV ANDREY ROZHKOV ALEXANDER KUZNETSOV MARINA IRKLY

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG

Recommendation hold hold underweight buy buy buy hold Buy/Neutral not rated Under Review buy Under Review overweight buy buy buy

Amt Held 568'302'378 65'082'117 24'008'376 3'823'900 3'360'000 2'130'000 1'276'446 1'110'918 978'030 878'500 788'538 700'000 700'000 570'760 560'280 513'282 488'671 466'459 456'710 377'314

% Out 51.17 5.86 2.16 0.34 0.3 0.19 0.11 0.1 0.09 0.08 0.07 0.06 0.06 0.05 0.05 0.05 0.04 0.04 0.04 0.03

Weighting

Change

3 3 1 5 5 5 3 5 #N/A N/A #N/A N/A 5 #N/A N/A 5 5 5 5

M M U M M U D M M M M M U M M M

Latest Chg 5'380'904 (660'000) (107'500) 1'319 163'500 (30'500)

Target Price 46 51 #N/A N/A 85 64 64 51 59 #N/A N/A #N/A N/A 78 #N/A N/A 77 94 79 93

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2012 Government 31.03.2012 Other 31.03.2012 Investment Advisor 31.08.2012 Investment Advisor 29.02.2012 Investment Advisor 31.08.2012 Investment Advisor 15.03.2012 Investment Advisor 29.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.03.2012 n/a 20.10.2011 Mutual Fund Manager 18.11.2011 Investment Advisor 30.07.2012 Investment Advisor 31.07.2012 Investment Advisor 14.09.2012 Investment Advisor 31.03.2012 n/a 31.03.2012 n/a 30.06.2012 Investment Advisor 30.12.2011 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Date 17.09.2012 06.09.2012 05.09.2012 03.09.2012 23.08.2012 17.08.2012 31.07.2012 20.07.2012 06.06.2012 21.05.2012 17.05.2012 25.04.2012 25.01.2012 27.07.2011 15.07.2010 13.01.2010

09.10.2012

AK Transneft OAO AK Transneft OAO is a monopoly provider of pipeline oil transportation in Russia. The Company's pipelines pass from East Siberia to the western border of the country.

Price/Volume 70000

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M

60000 50000 40000

Valuation Analysis

30000

Latest Fiscal Year: LTM as of: 52-Week High (23.04.2012) 52-Week Low (25.10.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TRNFPS RU EQUITY YTD Change TRNFPS RU EQUITY YTD % CHANGE

12/2011 06/yy 61'573.50 35'742.00 25.00 59500 -3.37% 66.47% 91.97% 1.6 92'515.06 605'311.00 77.0 37'056.0 145'546.00 623'715.06

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10000 0 s-11

31.12.2008 31.12.2009 274'977.0 351'051.0 0.94x 1.22x 160'798.0 216'419.0 1.61x 1.97x 70'506.0 120'407.0 0.54x 1.08x Profitability

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

31.12.2011 670'270.0 1.15x 291'189.0 2.65x 188'105.0 1.47x 291'189.00 212'422.00 31.69% 35.14% 10.72% 21.67% 13.98% 0.38% 43.4% 31.7% 28.1% 2.45 0.90 32.58% 63.09% 73.17 -

Price/ Cash Flow

a-12

Market Data

LTM-4Q 31.12.2010 447'532.0 1.21x 240'912.0 2.25x 119'190.0 1.75x

LTM

FY+1

96.95% 24.58% 11 3.364 5 2 1 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 535'789.0 735'085.0 662'925.5 681'634.6 157'184.0 156'919.0 4.24x 4.13x 0.73x 0.64x 3.54x 3.54x 217'646.0 317'008.0 313'182.5 337'504.8 70'531.0 64'871.0 0.00x 2.50x 1.99x 1.85x 197'228.0 151'413.0 166'710.0 172'093.5 34'022.0 29'991.0 1.14x 1.74x 2.69x 2.51x S&P Issuer Ratings Long-Term Rating Date 08.12.2008 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 6.59 (EBITDA-Capex)/Interest Exp. 1.85 Net Debt/EBITDA 1.58 Total Debt/EBITDA 2.08 Reference Total Debt/Equity 63.1% Total Debt/Capital 37.8% Asset Turnover 0.38 Net Fixed Asset Turnover 0.52 Accounts receivable turnover-days 4.99 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

2.00

800'000.0

1.80

700'000.0

1.60

600'000.0

1.40

500'000.0

1.20 1.00

400'000.0

0.80

300'000.0

0.60

200'000.0

0.40

100'000.0

0.20 0.00 02.01.2009

o-11

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 221'942.0 1.75x 125'504.0 3.09x 60'139.0 3.78x

20000

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

AK Transneft OAO Holdings By:

All

Holder Name RUSSIAN FEDERAL PROP VANGUARD GROUP INC EAST CAPITAL ASSET M BLACKROCK GROUP LIMI DWS INVESTMENT SA CARNEGIE FONDER AB/S BLACKROCK INSTITUTIO VAN ECK ASSOCIATES C SWEDBANK ROBUR FONDE HARDING LOEVNER LP DELAWARE MANAGEMENT UBS STRATEGY FUND MG PICTET CONSEIL EN IN DEKA INTERNATIONAL S ING INVESTMENT MANAG PICTET ASSET MANAGEM STATE STREET CORP HANDELSBANKEN FONDER JUPITER ASSET MANAGE RENAISSANCE ASSET MA

Firm Name Uralsib Gazprombank VTB Capital Aton LLC Goldman Sachs Otkritie Capital Alfa-Bank Renaissance Capital Credit Suisse EVA Dimensions HSBC RMG Securities

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst ALEXEI KOKIN IVAN KHROMUSHIN OLGA DANILENKO SLAVA BUNKOV TATYANA LUKINA ALEXANDER BURGANSKY ALEXANDER KORNILOV ILDAR DAVLETSHIN ANDREY OVCHINNIKOV TEAM COVERAGE ILDAR KHAZIEV DARIA KOZLOVA

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research

Recommendation hold overweight buy sell Sell/Neutral buy overweight Under Review underperform buy neutral speculative buy

Amt Held 1'554'900 66'301 40'210 30'707 26'050 21'130 19'426 17'872 14'217 13'279 11'126 9'782 8'889 8'130 6'400 6'206 5'620 5'491 3'720 3'617

% Out 100 4.26 2.59 1.97 1.68 1.36 1.25 1.15 0.91 0.85 0.72 0.63 0.57 0.52 0.41 0.4 0.36 0.35 0.24 0.23

Weighting

Change

3 5 5 1 1 5 5 #N/A N/A 1 5 3 4

M M M N M M M M M M D N

Latest Chg 2'462 4'860 (850) (112) (1'880) 50 (1'724) (567) 6'060 (600) 1'729 (665) -

Target Price 52'067 76'641 92'805 50'960 41'802 120'053 73'108 #N/A N/A 31'633 #N/A N/A 55'000 70'508

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Government 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 14.09.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 14.09.2012 Investment Advisor 14.09.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.05.2012 Investment Advisor 30.06.2012 Investment Advisor 30.11.2011 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 14.09.2012 Investment Advisor 31.08.2012 Investment Advisor 29.02.2012 Investment Advisor 30.03.2011 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 17.09.2012 30.08.2012 30.08.2012 22.08.2012 10.08.2012 16.07.2012 30.05.2012 18.05.2012 17.05.2012 09.05.2012 28.11.2011 13.04.2011

09.10.2012

Bank St Petersburg OJSC Bank St. Petersburg is a diversified bank whose main services are in corporate and retail banking.

Price/Volume 120

1.6 M 1.4 M

100

1.2 M 80

Latest Fiscal Year: LTM as of: 52-Week High (28.10.2011) 52-Week Low (27.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BSPB RM EQUITY YTD Change BSPB RM EQUITY YTD % CHANGE

12/2011 06/yy 104.00 40.10 102'970.00 67.6 -35.00% 68.58% 41.13% 300.7 20'328.60 60'189.12 242.7 0.0 38'752.26 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

.8 M .6 M

.4 M 20

.2 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 10'757.8 0.00x 0.0 0.00x 2'009.2 15.29x

1.0 M

Valuation Analysis

31.12.2008 31.12.2009 21'068.1 30'640.1 0.00x 0.00x 0.0 0.0 0.00x 0.00x 2'773.8 640.3 3.37x 37.00x Profitability

LTM-4Q 31.12.2010 27'191.7 0.00x 0.0 0.00x 4'114.7 14.46x

31.12.2011 29'456.8 0.00x 0.0 0.00x 5'885.5 4.04x 42.13% 42.12% 1.95% 15.04% 6.54% 0.10% 34.0% 18.24% 151.30% -

LTM

06/yy 28'230.4 0.00x 0.0 0.00x 7'483.1 5.90x

06/yy 29'003.7 0.00x 0.0 0.00x 1'627.4 47.29x

FY+1

1.23 127.28 -1.90% -6.65% 1.227 22 3.364 167'514 79'207 82'712 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 14'684.6 17'864.6 4'168.0 4'472.0 2'862.9 5'434.5 7.86x 4.45x S&P Issuer Ratings

151.3% 60.1% 0.10 -

Sales/Revenue/Turnover

35'000.0 30'000.0 25'000.0

0.80

20'000.0 0.60

15'000.0

0.40

10'000.0 5'000.0

0.20

0.0 0.00

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 |

09.10.2012

Bank St Petersburg OJSC Holdings By:

All

Holder Name SAVELYEV ALEXANDER V STEPANOVA LUDMILA I PILIPENKO YURIY I EAST CAPITAL ASSET M VOROBYEV MAKSIM YURI SEB FONDFORVALTNING FIDELITY MANAGEMENT BNP PARIBAS ASSET MG IVANNIKOVA ELENA VIK T ROWE PRICE ASSOCIA FIM FUND MANAGEMENT FIDELITY INTERNATION KARMAZINOV FELIX VLA WOORI ASSET MANAGEME PICTET & CIE EUROPE JPMORGAN ASSET MANAG PYRAMIS GLOBAL ADVIS HANDELSBANKEN FONDER JP MORGAN CHASE & CO BARCLAYS MULTI-MANAG

Firm Name Uralsib Troika Dialog VTB Capital Deutsche Bank JPMorgan Olma Barclays Otkritie Capital Sovlink Securities Infina Investment Company Goldman Sachs Credit Suisse Alfa-Bank ING Wholesale Banking Renaissance Capital EVA Dimensions Aton LLC IFC Metropol TKB Capital RMG Securities Broker Credit Service

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LEONID SLIPCHENKO ANDREW KEELEY MIKHAIL SHLEMOV BOB KOMMERS ALEXANDER KANTAROVICH RUSLAN YUNUSOV CRISTINA MARZEA VLADIMIR SAVOV OLGA BELENKAYA VERONIKA CHEKINA DMITRY TREMBOVOLSKY HUGO SWANN JASON HURWITZ ANDRZEJ NOWACZEK DAVID NANGLE TEAM COVERAGE RINAT KIRDAN MARK RUBINSTEIN MARIA KALVARSKAIA ANDREY TRETELNIKOV MAX SHEIN

Source Co File Co File Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold hold buy hold underweight hold underweight hold buy buy Buy/Neutral neutral underweight buy hold hold sell buy buy buy buy

Amt Held 84'381'724 54'640'625 22'553'918 8'344'251 7'638'260 3'620'210 3'192'338 3'183'311 2'886'901 2'509'770 2'277'690 1'323'640 1'112'660 926'000 615'701 508'108 465'590 390'389 253'818 215'900

% Out 28.06 18.17 7.5 2.77 2.54 1.2 1.06 1.06 0.96 0.83 0.76 0.44 0.37 0.31 0.2 0.17 0.15 0.13 0.08 0.07

Weighting

Change 3 3 5 3 1 3 1 3 5 5 5 3 1 5 3 3 1 5 5 5 5

M D M D M D D U M M M D D M D D M M M N M

Latest Chg 25'279 3'620'210 (427) 193'000 3'730 244'578 (640'517) (132'007) (634'813) (24'000)

Target Price 61 86 95 70 84 76 64 73 89 151 105 76 54 79 71 #N/A N/A 57 136 132 163 215

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 31.03.2012 Investment Advisor 31.12.2011 n/a 31.03.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2011 n/a 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.10.2011 Investment Advisor 31.12.2011 n/a 31.03.2012 Mutual Fund Manager 30.06.2012 Mutual Fund Manager 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month 15 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month

Date 17.09.2012 17.09.2012 11.09.2012 07.09.2012 07.09.2012 07.09.2012 07.09.2012 07.09.2012 06.09.2012 03.09.2012 28.08.2012 09.07.2012 09.07.2012 06.07.2012 19.06.2012 01.06.2012 14.05.2012 06.04.2012 13.03.2012 03.10.2011 01.08.2011

09.10.2012

Bashneft OAO Bashneft OAO, also known as Aktsionernaya Neftyanaya Kompaniya Bashneft, explores for, produces, and refines oil and gas in the Republic of Bashkortostan in the Ural Mountains.

Price/Volume 2500

.1 M .1 M

2000

.1 M .1 M

1500

.0 M

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (18.01.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BANE RM EQUITY YTD Change BANE RM EQUITY YTD % CHANGE

12/2011 06/yy 2'036.00 1'307.70 21'593.00 1879 -7.71% 43.69% 79.45% 170.2 319'748.97 3'385.00 13.0 1'438.0 881.00 14'891.81

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2008 31.12.2009 5'132.5 6'775.0 0.05x 1.17x 1'058.9 1'249.0 0.25x 6.34x 457.1 420.0 1.85x 14.81x Profitability

.0 M

0 n-11

d-11

LTM-4Q 31.12.2010 13'341.0 0.93x 2'981.0 4.17x 1'429.0 5.74x

31.12.2011 16'549.0 0.67x 3'231.0 3.41x 1'696.0 4.03x 3'231.00 2'576.00 15.57% 13.32% 11.88% 31.24% 19.74% 1.16% 19.5% 15.6% 10.2% 1.86 0.58 24.94% 60.48% 37.15 -

Price/ Cash Flow

j-12

f-12

LTM

06/yy 15'758.0 2.66x 2'800.0 0.00x 1'750.0 5.42x

m-12

06/yy 16'546.0 3.08x 3'129.0 4.07x 1'575.0 5.10x

a-12

m-12

j-12

a-12

FY+1

.0 M s-12

23.33 49.97% 8 4.250 15'567 11'797 7'382 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 16'439.6 16'672.5 4'267.0 4'265.0 0.86x 0.84x 3.68x 3.66x 3'079.5 3'067.9 802.0 769.0 4.84x 4.85x 1'510.3 1'541.7 371.0 328.0 8.00x 8.03x S&P Issuer Ratings

6.36 4.69 0.77 1.05 60.5% 32.4% 1.16 1.90 9.83 -

Sales/Revenue/Turnover

5.00

18'000.0

4.50

16'000.0

4.00

14'000.0

3.50

12'000.0

3.00

10'000.0

2.50

8'000.0

2.00

6'000.0

1.50

4'000.0

1.00

2'000.0

0.50 0.00 04.01.2009

.0 M

Fiscal Year Ended 31.12.2007 4'004.8 0.62x 874.9 2.83x 514.5 5.46x

.0 M

500

0.0 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 |

09.10.2012

Bashneft OAO Holdings By:

All

Holder Name JOINT FIN CORP SISTE BNP PARIBAS ASSET MG ALLIANZ GLOBAL INV O EVLI FUND MANAGEMENT HANDELSBANKEN FONDER JUPITER GLOBAL ACTIV JULIUS BAER MULTICOO BANCO FONDER AB ALLIANZ ROSNO ASSET RAIFFEISEN KAPITALAN THIRD MILLENNIUM ODIN FORVALTNING AS OFI ASSET MANAGEMENT TKB BNP PARIBAS NH-CA ASSET MANAGEME SEB ASSET MANAGEMENT DEKA INTERNATIONAL S UNION BANCAIRE PRIVE

Firm Name Credit Suisse HSBC

Analyst ZOLTAN PALFI ILDAR KHAZIEV

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform overweight

Amt Held 146'839'520 177'692 80'857 38'213 28'615 28'500 26'426 25'000 16'885 9'795 9'500 8'000 6'370 4'901 460 -

% Out 86.29 0.1 0.05 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0 0 0 0 0 0 0

Weighting

Change 5 5

Latest Chg 7'000 12'914 (28'729) (1'538) (33'600) (1'148) (515) (3'805) 9'500 (1'765) 460 (58'923) (17'000) (7'500)

Target Price

M N

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2'300 2'000

File Dt 31.12.2011 31.07.2012 30.06.2012 29.06.2012 31.08.2012 29.02.2012 31.05.2012 31.03.2012 30.12.2011 31.07.2012 29.02.2012 31.07.2012 31.05.2012 31.07.2012 31.03.2012 31.07.2012 30.11.2011 30.12.2011

Date Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 03.09.2012 29.08.2012

09.10.2012

Bashneft OAO Bashneft OAO, also known as Aktsionernaya Neftyanaya Kompaniya Bashneft, explores for, produces, and refines oil and gas in the Republic of Bashkortostan in the Ural Mountains.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.09.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BANEP RM EQUITY YTD Change BANEP RM EQUITY YTD % CHANGE

12/2010 06/yy 1'540.50 982.50 5'126.00 1375 -10.74% 39.95% 69.05% 34.6 47'606.19 3'385.00 13.0 1'438.0 881.00 6'144.83

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

.2 M

1400

.1 M

1200

.1 M

1000

.1 M

800

.1 M

600

.1 M

400

.0 M

200

.0 M

0 n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 4'004.8 0.62x 874.9 2.83x 514.5 0.00x

1600

31.12.2008 31.12.2009 5'132.5 6'775.0 0.05x 1.17x 1'058.9 1'249.0 0.25x 6.34x 457.1 420.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 13'341.0 0.93x 2'981.0 4.17x 1'429.0 0.00x

31.12.2011 16'549.0 0.67x 3'231.0 3.41x 1'696.0 0.00x 3'231.00 2'576.00 15.57% 13.32% 11.88% 31.24% 19.74% 1.16% 19.5% 15.6% 10.2% 1.86 0.58 24.94% 60.48% 37.15 -

LTM

06/yy 15'758.0 2.66x 2'800.0 0.00x 1'750.0 0.00x

06/yy 16'546.0 3.08x 3'129.0 4.07x 1'575.0 0.00x

FY+1

.0 M s-12

34.62 40.58% 6 5.000 29'746 38'368 25'991 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 17'271.5 17'920.3 0.26x 0.26x 3'196.3 3'415.3 1.92x 1.80x 1'539.5 1'682.3 7.46x 6.74x S&P Issuer Ratings

6.36 4.69 0.77 1.05 60.5% 32.4% 1.16 1.90 9.83 -

Sales/Revenue/Turnover

18'000.0 16'000.0

1.00 0.80

14'000.0 12'000.0 10'000.0

0.60

8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

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 |

09.10.2012

Bashneft OAO Holdings By:

All

Holder Name EAST CAPITAL ASSET M BNP PARIBAS ASSET MG CARNEGIE FONDER AB/S UNION BANCAIRE PRIVE HANDELSBANKEN FONDER PICTET & CIE PARVEST INVESTMENT M BANCO FONDER AB BANK OF MOSCOW EVLI FUND MANAGEMENT TKB BNP PARIBAS SHINHAN BNP PARIBAS URALSIB JSC OFI ASSET MANAGEMENT KAPITAL FUNDS BARCLAYS MULTI-MANAG NH-CA ASSET MANAGEME ALLIANZ INVEST KAGMG ALLIANZ ROSNO ASSET INTRAST JSC

Firm Name HSBC Goldman Sachs RMG Securities EVA Dimensions

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ILDAR KHAZIEV GEYDAR MAMEDOV MIKHAIL LOSHININ TEAM COVERAGE

Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight not rated buy buy

Amt Held 1'921'935 534'972 320'934 134'150 101'235 92'623 60'000 45'000 42'000 29'100 27'751 25'000 12'000 11'605 11'000 9'362 3'050 2'161 745 658

% Out 5.55 1.55 0.93 0.39 0.29 0.27 0.17 0.13 0.12 0.08 0.08 0.07 0.03 0.03 0.03 0.03 0.01 0.01 0 0

Weighting

Change

5 #N/A N/A 5 5

M M M N

Latest Chg 184'387 115'000 (20'000) 19'000 25'000 (66'843) 2'213 25'000 1'000 (4'237) (839) (55) 158

Target Price 1'360 #N/A N/A 1'722 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2012 31.07.2012 31.07.2012 30.12.2011 31.08.2012 30.06.2012 30.04.2012 31.03.2012 29.06.2012 29.06.2012 31.07.2012 31.03.2012 31.05.2012 30.04.2012 31.08.2012 31.07.2012 31.03.2012 31.07.2012 30.12.2011 29.02.2012

Date Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 12.09.2012 26.07.2012 12.07.2012 20.02.2012

09.10.2012

DIXY Group OJSC Dixy Group owns and operates discount food stores, Megamart hypermarkets, and Minimart supermarkets in Russia.

Price/Volume 450

.3 M

400 .2 M

350 300

.2 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2012) 52-Week Low (11.10.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DIXY RM EQUITY YTD Change DIXY RM EQUITY YTD % CHANGE

12/2011 06/yy 419.00 215.00 3'320.00 343.87 -17.93% 59.94% 59.67% 124.8 42'897.78 21'301.18 0.0 0.3 2'512.72 65'137.52

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100

.1 M

50 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 36'651.6 0.72x 1'936.6 13.65x 429.1 46.68x

.1 M

150

31.12.2008 31.12.2009 48'325.1 54'261.5 0.26x 0.49x 2'598.2 2'807.6 4.79x 9.44x (324.1) (111.9) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 64'799.1 0.64x 3'438.4 12.13x 257.7 129.20x

31.12.2011 102'317.3 0.54x 6'306.6 8.79x 1'101.8 28.98x 6'306.57 3'456.15 3.38% 2.10% 2.55% 7.48% 5.93% 2.37% 27.1% 6.2% 3.4% 1.1% 0.53 0.17 33.70% 90.97% 52.56 12.72

Price/ Cash Flow

LTM

FY+1

0.97 56.75 51.55% 16.97% 0.965 22 4.182 15'360 28'413 20'408 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 73'138.3 133'983.9 146'600.6 181'126.3 36'801.8 35'280.0 2.50x 1.74x 0.45x 0.37x 4'166.4 8'049.9 8'914.3 11'777.8 2'152.8 2'018.0 15.25x 7.66x 7.31x 5.53x 739.9 1'045.7 1'501.4 2'691.0 280.3 384.0 49.35x 37.62x 26.79x 14.88x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

4.76 -1.46 2.98 3.38 91.0% 47.6% 2.37 5.48 6.94 28.70 48.63 -12.99

Sales/Revenue/Turnover

20.00

120'000.0

18.00

100'000.0

16.00 14.00

80'000.0

12.00

60'000.0

10.00 8.00

40'000.0

6.00 4.00

20'000.0

2.00 0.00 04.01.2009

0.0 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 |

09.10.2012

DIXY Group OJSC Holdings By:

All

Holder Name DIXY HOLDING LTD FIDELITY MANAGEMENT EAST CAPITAL ASSET M JPMORGAN ASSET MANAG GOLDMAN SACHS ASSET GOLDMAN SACHS GROUP SEB FONDFORVALTNING EVLI FUND MANAGEMENT WOORI ASSET MANAGEME SWEDBANK ROBUR FONDE JP MORGAN CHASE & CO BANK OF MOSCOW URALSIB JSC JP MORGAN ASSET MGMT PYRAMIS GLOBAL ADVIS HANDELSBANKEN FONDER UNION BANCAIRE PRIVE YAKUBSON ILYA ADOLFO THIRD MILLENNIUM NESTOR INVESTMENT MA

Firm Name Gazprombank Uralsib VTB Capital ING Wholesale Banking Renaissance Capital EVA Dimensions Otkritie Capital Infina Investment Company Credit Suisse Raiffeisenbank AG RMG Securities Deutsche Bank Goldman Sachs Morgan Stanley Alfa-Bank IFC Metropol JPMorgan Broker Credit Service Wood & Company Troika Dialog

Analyst VITALY BAIKIN TIGRAN HOVHANNISYAN MARIA KOLBINA ANNA KOCHKINA NATALYA ZAGVOZDINA TEAM COVERAGE MIKHAIL TERENTIEV MAXIM TSITOVICH VICTORIA PETROVA NATALYA KOLUPAEVA MIKHAIL LOSHININ NATALIA SMIRNOVA ANTON FARLENKOV MARYIA BERASNEVA ANDREI NIKITIN TATYANA BOBROVSKAYA ELENA V JOURONOVA EKATERINA ANDREYANOVA PATRICK SHIELDS MIKHAIL KRASNOPEROV

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG

Recommendation overweight buy hold buy buy sell buy hold outperform buy buy buy Buy/Neutral Overwt/In-Line equalweight buy underweight buy buy buy

Amt Held 67'888'950 1'457'298 1'360'019 712'163 632'716 580'396 468'849 377'785 361'600 335'100 305'133 206'760 150'000 113'200 100'169 72'800 72'694 62'375 60'000 57'760

% Out 54.42 1.17 1.09 0.57 0.51 0.47 0.38 0.3 0.29 0.27 0.24 0.17 0.12 0.09 0.08 0.06 0.06 0.05 0.05 0.05

Weighting

Change 5 5 3 5 5 1 5 3 5 5 5 5 5 5 3 5 1 5 5 5

N M M M M D M M N N M U M M M M D M M M

Latest Chg (2'491) 158'000 (19'514) (7'167) 335'100 (4'040) 157 (9'200) (20'000) 28'000 -

Target Price 527 459 430 670 422 #N/A N/A 521 509 430 560 476 444 471 571 483 609 335 595 714 430

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2012 31.07.2012 31.03.2012 30.04.2012 31.05.2012 30.06.2012 31.03.2012 29.06.2012 31.03.2012 31.03.2012 31.07.2012 29.06.2012 31.05.2012 17.08.2011 31.03.2012 31.08.2012 30.12.2011 31.03.2012 29.02.2012 31.07.2012

Date 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month 12 month

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Mutual Fund Manager

Date 17.09.2012 17.09.2012 17.09.2012 14.09.2012 06.09.2012 06.09.2012 06.09.2012 03.09.2012 02.08.2012 31.07.2012 26.07.2012 20.07.2012 20.07.2012 17.07.2012 09.07.2012 25.06.2012 31.05.2012 16.05.2012 06.02.2012 25.01.2012

09.10.2012

E.ON Russia JSC E.ON Russia JSC generates electricity. The Company operates thermal energy-fueled power plants.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.04.2012) 52-Week Low (24.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EONR RM EQUITY YTD Change EONR RM EQUITY YTD % CHANGE

12/2011 01/yy 2.91 2.04 2'090'000.00 2.81 -3.34% 37.75% 85.51% 63'048.7 177'166.86 0.00 0.0 5.7 10'523.87 167'961.12

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

140.0 M

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 31'436.6 5.28x 3'158.5 52.58x 1'581.6 107.67x

31.12.2008 31.12.2009 38'013.3 42'890.1 0.63x 2.37x 5'251.5 8'677.6 4.54x 11.71x 6'188.5 5'515.4 3.87x 18.51x Profitability

31.12.2010 50'321.9 3.69x 14'573.7 12.74x 10'248.8 18.13x

31.12.2011 66'089.3 1.88x 22'941.8 5.41x 14'606.7 9.22x 22'941.79 17'735.60 26.84% 27.50% 13.07% 14.42% 0.59% 34.7% 26.8% 22.1% 4.95 2.32 0.00% 0.00% 19.32 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.99 13'675.16 33.90% 34.95% 0.989 21 4.905 9'725'200 14'222'530 10'500'030 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 79'469.4 87'232.7 137'030.0 142'342.0 1.86x 1.64x -0.11x -0.32x 29'032.5 30'454.9 43'732.0 45'003.0 5.79x 5.52x 18'712.0 19'592.0 9.56x 9.12x S&P Issuer Ratings

-0.46 0.00 0.0% 0.0% 0.59 0.79 18.89 -

Sales/Revenue/Turnover

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 04.01.2009

0.0 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 |

09.10.2012

E.ON Russia JSC Holdings By:

All

Holder Name E.ON RUSSIA HOLDING BNP PARIBAS ASSET MG FIDELITY MANAGEMENT SWEDBANK ROBUR FONDE DWS INVESTMENT SA VAN ECK ASSOCIATES C PICTET CONSEIL EN IN BANCO FONDER AB MASSACHUSETTS FINANC EVLI FUND MANAGEMENT PARVEST INVESTMENT M PICTET ASSET MANAGEM SHINHAN BNP PARIBAS HANDELSBANKEN FONDER CLARIDEN SICAV INTERFIN CAPITAL ALLIANZ ROSNO ASSET EAST CAPITAL ASSET M TKB BNP PARIBAS PYRAMIS GLOBAL ADVIS

Firm Name Uralsib VTB Capital EVA Dimensions Infina Investment Company Troika Dialog Nomos Bank Otkritie Capital ING Wholesale Banking Goldman Sachs Gazprombank Raiffeisenbank AG IFC Metropol Renaissance Capital RMG Securities HSBC Deutsche Bank Alfa-Bank Finam Investment Aton LLC

Analyst MATVEI TAITS MIKHAIL RASSTRIGIN TEAM COVERAGE ALEXANDER IVANISCHEV ALEXANDER KOTIKOV MIKHAIL LYAMIN SERGEY BEIDEN IGOR GONCHAROV TATYANA LUKINA DMITRY KOTLYAROV FEDOR KORNACHEV KONSTANTIN REYLI DEREK WEAVING DMITRY DORONIN DMYTRO KONOVALOV DMITRY BULGAKOV ALEXANDER KORNILOV ALEXEY KOVALEV ILYA KOUPREYEV

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy overweight hold buy buy buy buy Buy/Neutral overweight buy buy buy buy overweight buy overweight buy buy

Amt Held 49'373'442'476 632'339'026 429'107'256 260'400'000 210'465'202 153'190'304 121'132'931 101'000'000 97'636'665 85'000'000 76'000'000 54'554'584 52'666'226 51'663'025 47'939'000 45'216'200 44'328'480 40'512'841 39'429'550 37'988'064

% Out 78.31 1 0.68 0.41 0.33 0.24 0.19 0.16 0.15 0.13 0.12 0.09 0.08 0.08 0.08 0.07 0.07 0.06 0.06 0.06

Weighting

Change 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5

M M U M M M M M M M N M M M M M M M N

Latest Chg 1'969'726 118'400'000 (4'146'586) 15'000'000 (43'223'344) 6'229'285 (4'000'000) (2'793'000) 24'194'841 (4'569'000) 14'616'877

Target Price 4 3 #N/A N/A 3 4 4 3 3 4 3 3 4 6 4 4 4 4 5 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.07.2012 31.07.2012 31.03.2012 31.07.2012 14.09.2012 30.06.2012 31.03.2012 31.07.2012 29.06.2012 30.04.2012 30.06.2012 31.03.2012 31.08.2012 30.12.2011 31.01.2011 30.12.2011 31.03.2012 31.07.2012 31.03.2012

Date Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 17.09.2012 07.09.2012 05.09.2012 03.09.2012 31.08.2012 30.08.2012 30.08.2012 29.08.2012 10.08.2012 30.07.2012 02.07.2012 28.06.2012 14.06.2012 09.04.2012 27.03.2012 02.02.2012 31.01.2012 22.11.2011 15.02.2011

09.10.2012

Federal Hydrogenerating Co JSC Federal Hydrogenerating Company (RUSHYDRO) generates electricity. The Company owns and operates hydroelectric generating plants.

Price/Volume 1

45.0 M

40.0 M 35.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2012) 52-Week Low (29.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HYDRS RU EQUITY YTD Change HYDRS RU EQUITY YTD % CHANGE

12/2009 03/yy 1.25 0.72 25'400.00 0.842 -32.64% 16.94% 24.34% 290'302.7 244'434.88 124'038.00 0.0 27'169.0 47'337.00 365'000.88

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

20.0 M 15.0 M

10.0 M

5.0 M

0 s-11

.0 M o-11

31.12.2008 31.12.2009 107'669.8 338'460.0 1.36x 0.83x (208.6) 52'951.0 0.00x 5.33x (19'955.4) 31'094.0 0.00x 9.12x Profitability

LTM-4Q 31.12.2010 526'581.0 1.07x 70'487.0 8.02x 9'139.0 46.96x

31.12.2011 362'599.0 1.06x 74'500.0 5.17x 31'411.0 8.09x 74'500.00 58'079.00 16.02% 12.06% 4.04% 6.23% 5.06% 0.47% 20.5% 16.0% 8.7% 1.22 0.59 15.28% 24.88% 15.39 -

Price/ Cash Flow

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

LTM

FY+1

0.79 119'647.00 -24.01% -13.02% 0.792 18 3.667 66'280 104'797 206'827 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 0.0 283'441.0 297'528.8 329'999.3 #DIV/0! 3.97x 1.16x 1.12x 0.0 (76'924.0) 61'730.5 76'003.3 0.00x 0.00x 5.91x 4.80x 0.0 16'027.0 28'734.2 37'607.3 6'552.0 11'119.0 0.00x 0.00x 8.96x 7.02x S&P Issuer Ratings Long-Term Rating Date 22.12.2009 Long-Term Rating BB+ Long-Term Outlook NEG Short-Term Rating Date 22.12.2009 Short-Term Rating B Credit Ratios EBITDA/Interest Exp. 20.02 (EBITDA-Capex)/Interest Exp. -1.99 Net Debt/EBITDA 1.03 Total Debt/EBITDA 1.66 Reference Total Debt/Equity 24.9% Total Debt/Capital 19.1% Asset Turnover 0.47 Net Fixed Asset Turnover 0.67 Accounts receivable turnover-days 23.71 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

12.00

600'000.0

10.00

500'000.0

8.00

400'000.0

6.00

300'000.0

4.00

200'000.0

2.00

100'000.0

0.00 02.01.2009

n-11

Fiscal Year Ended 31.12.2007 80'756.5 0.00x 18'822.0 0.00x 5'663.0 0.00x

30.0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

Federal Hydrogenerating Co JSC Holdings By:

All

Holder Name RUSSIAN FEDERAL PROP EURASIAN BANK JSC VANGUARD GROUP INC HYDROINVEST BLACKROCK INSTITUTIO PICTET & CIE EAST CAPITAL ASSET M UBS STRATEGY FUND MG SEB ASSET MANAGEMENT ING INVESTMENT MANAG DEKA INTERNATIONAL S FIM FUND MANAGEMENT DOD EVGENY EATON VANCE MANAGEME HANDELSBANKEN FONDER KAPITAL ASSET MANAGE SEB FONDFORVALTNING SWEDBANK ROBUR FONDE BLACKROCK INVESTMENT UBS FUND MANAGEMENT

Firm Name Uralsib Gazprombank Otkritie Capital EVA Dimensions Infina Investment Company Goldman Sachs Morgan Stanley ING Wholesale Banking JPMorgan Deutsche Bank Alfa-Bank IFC Metropol Renaissance Capital VTB Capital RMG Securities HSBC Aton LLC Finam Investment Troika Dialog

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MATVEI TAITS DMITRY KOTLYAROV SERGEY BEIDEN TEAM COVERAGE ALEXANDER IVANISCHEV TATYANA LUKINA IGOR KUZMIN IGOR GONCHAROV SERGEY V ARININ DMITRY BULGAKOV ALEXANDER KORNILOV KONSTANTIN REYLI DEREK WEAVING MIKHAIL RASSTRIGIN DMITRY DORONIN DMYTRO KONOVALOV ILYA KOUPREYEV DENIS KRUGLOV ALEXANDER KOTIKOV

Source

Amt Held Co File 167'356'745'119 Research 41'281'042'162 MF-AGG 4'811'971'240 Co File 3'002'432'550 MF-AGG 1'353'204'300 MF-AGG 707'612'461 MF-AGG 618'257'988 MF-AGG 572'699'989 MF-AGG 467'289'452 MF-AGG 321'703'448 MF-AGG 315'000'001 MF-AGG 300'000'000 RNS-DIR 290'302'688 MF-AGG 270'795'238 MF-AGG 264'761'670 Research 218'939'000 MF-AGG 205'656'690 MF-AGG 194'803'203 MF-AGG 193'026'155 MF-AGG 157'660'935

Recommendation buy neutral hold buy buy Buy/Neutral not rated hold neutral buy overweight hold sell hold buy overweight buy buy buy

Weighting 5 3 3 5 5 5 #N/A N/A 3 3 5 5 3 1 3 5 5 5 5 5

% Out 57.65 14.22 1.66 1.03 0.47 0.24 0.21 0.2 0.16 0.11 0.11 0.1 0.1 0.09 0.09 0.08 0.07 0.07 0.07 0.05

Change M M D U M M M M D M M D M D M N N M M

Latest Chg 195'660'028 (4'982'000) (66'118'878) 36'418'000 (49'275'844) 36'504'700 5'000'001 (22'000'000) 150'000'000 178'816'355 (6'994'193)

Target Price 1 1 1 #N/A N/A 1 2 #N/A N/A 1 1 1 1 1 1 1 1 2 2 3 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2010 31.03.2012 30.06.2012 31.12.2010 14.09.2012 30.06.2012 31.03.2012 31.05.2012 31.07.2012 30.06.2012 30.11.2011 31.08.2012 08.08.2011 31.07.2012 31.08.2012 25.04.2012 31.03.2012 31.03.2012 30.06.2012 31.05.2012

Date Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 15 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month

Inst Type Government Unclassified Investment Advisor n/a Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 17.09.2012 12.09.2012 12.09.2012 05.09.2012 03.09.2012 30.08.2012 24.08.2012 24.08.2012 13.08.2012 03.08.2012 12.07.2012 12.07.2012 14.06.2012 14.06.2012 07.06.2012 31.10.2011 15.02.2011 17.05.2010 04.05.2010

09.10.2012

Federal Grid Co Unified Energy System JSC Federal Grid Co Unified Energy System JSC provides long-haul electricity transmission.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FEESS RU EQUITY YTD Change FEESS RU EQUITY YTD % CHANGE

12/2010 01/yy 0.36 0.15 10'100.00 0.2424 -33.43% 60.40% 42.84% 1'260'387.0 305'517.81 132'780.00 0.0 793.0 27'259.00 411'831.82

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

80.0 M

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 61'087.0 0.00x 25'322.0 0.00x 3'370.0 0.00x

31.12.2008 31.12.2009 70'807.0 87'580.0 2.27x 3.99x 24'330.0 (65'513.0) 6.62x 0.00x (23'784.0) (61'196.0) 0.00x 0.00x Profitability

31.12.2010 113'330.0 4.35x 60'995.0 8.08x 19'009.0 23.71x

31.12.2011 139'571.0 3.30x 80'666.0 5.71x 49'139.0 7.16x 80'666.00 46'614.00 33.40% 45.04% 4.40% 5.55% 5.46% 0.12% 57.8% 33.4% 35.2% 1.80 0.97 11.41% 14.80% 4.37 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.92 261'177.50 1.13% -14.26% 0.918 21 3.286 0 28'550 30'097 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/11 Q2 09/11 Q3 150'857.4 165'059.9 3.20x 3.33x 85'619.3 96'460.5 4.81x 4.27x 28'097.9 27'872.4 10.54x 10.54x S&P Issuer Ratings

28.10.2008 BBB STABLE 6.88 -6.21 1.31 1.65 14.8% 12.9% 0.12 0.15 83.55 -

Sales/Revenue/Turnover

14.00

160'000.0

12.00

140'000.0 120'000.0

10.00

100'000.0 8.00

80'000.0 6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

Federal Grid Co Unified Energy System JSC Holdings By:

All

Holder Name RUSSIAN FEDERAL PROP VANGUARD GROUP INC EAST CAPITAL ASSET M SWEDBANK ROBUR FONDE BLACKROCK GROUP LIMI BLACKROCK INSTITUTIO VAN ECK ASSOCIATES C UBS STRATEGY FUND MG DWS INVESTMENT SA FIM FUND MANAGEMENT HANDELSBANKEN FONDER PICTET CONSEIL EN IN ING INVESTMENT MANAG EATON VANCE MANAGEME SEB FONDFORVALTNING PIONEER INVESTMENTS DEKA INTERNATIONAL S PICTET ASSET MANAGEM BANK OF MOSCOW BANCO FONDER AB

Firm Name Uralsib ING Wholesale Banking Gazprombank VTB Capital Otkritie Capital Troika Dialog EVA Dimensions Infina Investment Company HSBC Goldman Sachs Raiffeisenbank AG Deutsche Bank Alfa-Bank JPMorgan IFC Metropol RMG Securities Renaissance Capital Aton LLC Morgan Stanley Olma Veles Capital

Analyst MATVEI TAITS IGOR GONCHAROV DMITRY KOTLYAROV MIKHAIL RASSTRIGIN SERGEY BEIDEN ALEXANDER KOTIKOV TEAM COVERAGE ALEXANDER IVANISCHEV DMYTRO KONOVALOV TATYANA LUKINA FEDOR KORNACHEV DMITRY BULGAKOV ALEXANDER KORNILOV SERGEY V ARININ KONSTANTIN REYLI DMITRY DORONIN DEREK WEAVING ILYA KOUPREYEV IGOR KUZMIN ROMAN GABBASOV ALEX MARTYANOV

Source

Amt Held Co File 999'106'733'438 MF-AGG 12'274'967'030 MF-AGG 6'353'876'761 MF-AGG 3'612'775'425 MF-AGG 3'155'352'072 MF-AGG 2'884'475'000 MF-AGG 2'774'172'928 MF-AGG 2'106'833'358 MF-AGG 1'968'400'000 MF-AGG 1'374'400'000 MF-AGG 1'043'455'054 MF-AGG 1'028'552'586 MF-AGG 893'395'900 MF-AGG 642'605'482 MF-AGG 544'250'000 MF-AGG 439'538'423 MF-AGG 376'000'000 MF-AGG 352'800'255 MF-AGG 330'620'000 MF-AGG 310'369'816

Recommendation buy sell Under Review sell hold buy overweight buy underweight Sell/Neutral hold hold equalweight overweight buy buy Under Review buy Equalwt/In-Line buy buy

Weighting 5 1 #N/A N/A 1 3 5 5 5 1 1 3 3 3 5 5 5 #N/A N/A 5 3 5 5

% Out 79.27 0.97 0.5 0.29 0.25 0.23 0.22 0.17 0.16 0.11 0.08 0.08 0.07 0.05 0.04 0.03 0.03 0.03 0.03 0.02

Latest Chg 331'486'008 222'829'000 (373'000'000) (16'460'000) 265'000'000 (115'000'000) (197'199'591) (175'896'850) (1'797'000'000) (5'000'000) (33'081'400) 310'369'816

Change

Target Price

M M M D M M D M M M N D M U M M M M M N M

0 0 #N/A N/A 0 0 0 #N/A N/A 0 0 0 0 0 0 0 0 0 #N/A N/A 0 0 1 0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2012 Government 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 31.03.2012 Investment Advisor 14.09.2012 Investment Advisor 14.09.2012 Investment Advisor 14.09.2012 Investment Advisor 31.05.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 31.05.2011 Investment Advisor 30.11.2011 Mutual Fund Manager 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor 31.03.2012 Investment Advisor

Date Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 3 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Date 17.09.2012 17.09.2012 11.09.2012 11.09.2012 11.09.2012 10.09.2012 06.09.2012 03.09.2012 24.08.2012 10.08.2012 23.07.2012 20.07.2012 14.06.2012 08.06.2012 28.05.2012 28.05.2012 11.05.2012 11.05.2012 23.04.2012 28.06.2011 19.10.2010

09.10.2012

Gazprom OAO Gazprom OAO operates gas pipeline systems, produces and explores gas, and transports high pressure gas in the Russian Federation and European countries. The Company is also engaged in oil production, oil refining, gas storage, and electric and heat energy generation.

Price/Volume 250

35.0 M 30.0 M

200

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2012) 52-Week Low (24.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GAZPS RU EQUITY YTD Change GAZPS RU EQUITY YTD % CHANGE

12/2010 03/yy 200.88 136.60 1'821'302.00 158.31 -21.19% 15.89% 34.99% 23'673.5 3'747'753.75 1'540'162.00 0.0 297'420.0 525'335.00 4'747'670.77

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

100

15.0 M 10.0 M

5.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 2'390'467.0 4.02x 885'355.0 10.85x 658'038.0 12.19x

150

31.12.2008 31.12.2009 3'518'960.0 2'990'971.0 1.10x 2.00x 1'554'286.0 1'115'242.0 2.48x 5.37x 742'928.0 779'585.0 3.39x 5.52x Profitability

LTM-4Q 31.12.2010 3'597'054.0 1.60x 1'399'892.0 4.10x 968'557.0 4.58x

LTM

FY+1

0.85 4'636.00 10.55% -2.44% 0.850 19 4.368 1'633'781 2'219'189 2'274'192 FY+2

FQ+1

FQ+2

31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 4'637'090.0 ######### ######### ######### ######### ######### 1.16x 5.61x 4.74x 1.04x 0.98x 1'970'093.0 ######### ######### ######### ######### 457'399.6 2.73x 4.20x 2.97x 2.70x 2.64x 1'307'018.0 ######### ######### ######### ######### 372'530.5 3.00x 4.72x 3.60x 3.18x 3.31x S&P Issuer Ratings 1'970'093.00 Long-Term Rating Date 29.11.2006 1'694'909.00 Long-Term Rating BBB 36.55% Long-Term Outlook STABLE 36.23% Short-Term Rating Date 20.08.2010 12.98% Short-Term Rating A-2 19.06% Credit Ratios 15.95% EBITDA/Interest Exp. 61.57 0.46% (EBITDA-Capex)/Interest Exp. 13.03 Net Debt/EBITDA 0.52 - Total Debt/EBITDA 0.78 42.5% Reference 36.6% Total Debt/Equity 20.6% 28.2% Total Debt/Capital 16.6% Asset Turnover 0.46 1.71 Net Fixed Asset Turnover 0.76 0.81 Accounts receivable turnover-days 36.90 14.13% Inventory Days 20.64% Accounts Payable Turnover Day 9.89 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

6.00

5'000'000.0 4'500'000.0

5.00

4'000'000.0 3'500'000.0

4.00

3'000'000.0

3.00

2'500'000.0 2'000'000.0

2.00

1'500'000.0 1'000'000.0

1.00 0.00 02.01.2009

500'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

Gazprom OAO Holdings By:

All

Holder Name RUSSIAN FEDERAL PROP BANK OF NEW YORK MEL ROSNEFTEGAZ GEROSGAZ BLACKROCK INSTITUTIO VANGUARD GROUP INC PICTET & CIE SWEDBANK ROBUR FONDE BNP PARIBAS ASSET MG MACKENZIE FINANCIAL HANDELSBANKEN FONDER BLACKROCK GROUP LIMI JUPITER ASSET MANAGE DEKA INTERNATIONAL S URALSIB JSC DEUTSCHE BANK AG ING INVESTMENT MANAG PICTET ASSET MANAGEM VAZHENIN YURI IVANOV SANPAOLO IMI ASSET M

Firm Name Uralsib Nomos Bank VTB Capital Gazprombank IFC Metropol Credit Suisse Otkritie Capital Infina Investment Company JPMorgan RMG Securities Alfa-Bank Deutsche Bank Raiffeisenbank AG UFS-Finance Investment Company Troika Dialog EVA Dimensions Aton LLC Societe Generale

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst ALEXEI KOKIN DENIS BORISOV DMITRY LOUKASHOV IVAN KHROMUSHIN SERGEY VAKHRAMEEV ANDREY OVCHINNIKOV ALEXANDER BURGANSKY ALEXANDER IVANISCHEV ARTEM KONCHIN MIKHAIL LOSHININ MARIYA YEGIKYAN PAVEL KUSHNIR ANDREY POLISCHUK ILYA BALAKIREV OLEG MAXIMOV TEAM COVERAGE ELENA SAVCHIK EVGENY SOLOVYOV

Source Co File Co File Co File Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG

Recommendation buy hold hold overweight buy neutral buy buy neutral buy overweight buy buy buy buy buy buy buy

Amt Held 9'083'527'196 6'711'441'126 2'542'535'368 693'627'871 120'119'662 82'641'596 25'848'952 18'046'593 13'967'991 10'800'000 9'929'965 9'598'512 7'622'000 6'959'999 4'106'000 3'845'260 3'548'600 2'370'300 2'248'984 2'158'247

% Out 38.37 28.35 10.74 2.93 0.51 0.35 0.11 0.08 0.06 0.05 0.04 0.04 0.03 0.03 0.02 0.02 0.01 0.01 0.01 0.01

Weighting

Change 5 3 3 5 5 3 5 5 3 5 5 5 5 5 5 5 5 5

M D M M M M M M M M M M N M U M M M

Latest Chg (380'010) 7'285'441 2'179'830 1'298'226 (183'000) 515'000 1'499'998 (509'000) (391'700) (42'000) (335'125)

Target Price 190 181 172 253 220 170 374 343 234 229 219 210 197 228 249 #N/A N/A 247 236

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Government 31.12.2011 Investment Advisor 31.12.2011 Government 31.12.2010 Unclassified 14.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 31.03.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 14.09.2012 Investment Advisor 29.02.2012 Investment Advisor 30.11.2011 Mutual Fund Manager 31.05.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2010 n/a 30.06.2011 Mutual Fund Manager

Date Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 3 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month

Date 17.09.2012 17.09.2012 17.09.2012 13.09.2012 11.09.2012 07.09.2012 07.09.2012 03.09.2012 13.07.2012 12.07.2012 09.07.2012 03.07.2012 02.07.2012 02.07.2012 21.05.2012 09.05.2012 20.01.2012 15.10.2009

09.10.2012

IDGC Holding JSC IDGC Holding JSC operates as a managing company for inter-regional electricity distribution companies in Russia.

Price/Volume 4

1200.0 M

1000.0 M

3 800.0 M

3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRKH RM EQUITY YTD Change MRKH RM EQUITY YTD % CHANGE

12/2011 01/yy 3.81 1.34 129'532'000.00 2.158 -43.36% 60.92% 33.94% 47'871.7 103'307.12 195'785.00 2'075.1 177'136.0 57'581.00 424'453.27

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

400.0 M

1 200.0 M

1 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 321'789.8 0.00x 53'496.5 0.00x 7'591.7 0.00x

600.0 M

31.12.2008 31.12.2009 397'881.7 461'659.8 0.74x 0.87x 66'374.6 86'338.4 4.44x 4.68x 11'040.9 13'821.1 3.20x 9.84x Profitability

31.12.2010 559'495.6 0.91x 100'243.4 5.06x 22'167.4 9.98x

31.12.2011 634'608.0 0.66x 113'329.0 3.68x 23'438.0 4.18x 113'329.00 59'254.00 9.34% 8.45% 2.85% 8.99% 7.70% 0.77% 17.9% 9.3% 3.7% 0.81 0.53 22.27% 73.97% 14.50 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.31 23'832.27 1.70% -6.42% 1.309 15 3.400 ######### ######### ######### FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 655'716.4 710'464.1 294'693.0 0.73x 0.72x 112'664.3 120'439.5 55'613.0 3.77x 3.52x 21'571.5 24'731.4 12'501.5 6'289.0 4.09x 4.29x S&P Issuer Ratings

12.50 -1.27 1.22 1.73 74.0% 30.6% 0.77 0.98 25.17 -

Sales/Revenue/Turnover

4.00

700'000.0

3.50

600'000.0

3.00

500'000.0

2.50

400'000.0

2.00

300'000.0

1.50

200'000.0

1.00

100'000.0

0.50 0.00 04.01.2009

0.0 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 |

09.10.2012

IDGC Holding JSC Holdings By:

All

Holder Name RUSSIAN FEDERAL PROP EAST CAPITAL ASSET M VANGUARD GROUP INC BLACKROCK GROUP LIMI BLACKROCK INSTITUTIO VAN ECK ASSOCIATES C BNP PARIBAS ASSET MG EOS RUSSIA AB SWEDBANK ROBUR FONDE JPMORGAN ASSET MANAG PICTET CONSEIL EN IN EATON VANCE MANAGEME GRIFFIN CAPITAL MGMT HANDELSBANKEN FONDER EVLI FUND MANAGEMENT JP MORGAN CHASE & CO URALSIB JSC INTERFIN CAPITAL PARVEST INVESTMENT M SEB FONDFORVALTNING

Firm Name RMG Securities Uralsib ING Wholesale Banking VTB Capital EVA Dimensions Otkritie Capital Infina Investment Company Goldman Sachs Alfa-Bank Renaissance Capital Aton LLC Deutsche Bank Troika Dialog Morgan Stanley IFC Metropol JPMorgan

Analyst DMITRY DORONIN MATVEI TAITS IGOR GONCHAROV MIKHAIL RASSTRIGIN TEAM COVERAGE SERGEY BEIDEN ALEXANDER IVANISCHEV TATYANA LUKINA ALEXANDER KORNILOV DEREK WEAVING ILYA KOUPREYEV DMITRY BULGAKOV ALEXANDER KOTIKOV IGOR KUZMIN KONSTANTIN REYLI SERGEY V ARININ

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy hold hold hold underweight buy not rated neutral/neutral equalweight Under Review hold buy buy Equalwt/In-Line Under Review neutral

Amt Held 24'038'395'154 945'191'506 741'131'823 240'688'842 211'060'200 208'780'400 163'042'474 90'000'000 74'335'658 46'579'000 45'970'427 44'993'800 37'563'000 32'799'900 32'000'000 29'771'900 28'020'000 25'855'300 21'729'893 20'000'000

% Out 50.21 1.97 1.55 0.5 0.44 0.44 0.34 0.19 0.16 0.1 0.1 0.09 0.08 0.07 0.07 0.06 0.06 0.05 0.05 0.04

Weighting

Change

5 3 3 3 1 5 #N/A N/A 3 3 #N/A N/A 3 5 5 3 #N/A N/A 3

M M M D D M M M M M M M M M M M

Latest Chg 577'885'382 63'321'837 (609'000) (43'000'000) (14'732'935) (14'950'000) (20'000'000) 11'270'000 20'000'000

Target Price 3 2 2 2 #N/A N/A 3 6 2 3 #N/A N/A 4 5 5 3 #N/A N/A 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2012 Government 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 14.09.2012 Investment Advisor 14.09.2012 Investment Advisor 14.09.2012 Investment Advisor 31.07.2012 Investment Advisor 07.09.2012 Investment Advisor 31.03.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.05.2012 Unclassified 31.08.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.05.2012 Investment Advisor 31.01.2011 Mutual Fund Manager 30.04.2012 Investment Advisor 31.03.2012 Mutual Fund Manager

Date Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided

Date 18.09.2012 17.09.2012 17.09.2012 11.09.2012 10.09.2012 05.09.2012 03.09.2012 08.06.2012 16.05.2012 14.05.2012 11.05.2012 16.02.2012 13.02.2012 08.02.2012 29.09.2011 15.02.2011

09.10.2012

Inter Rao Ues OAO OJSC "INTER RAO UES" operates power generating plants in Russian Federation and neighboring countries, export and import of electricity, retail and wholesale trading in electricity. The company was set up in spring 2008 as a successor to CJSC "INTER RAO UES" merged with a number of Russian-based companies transferred under its control as part of the reform of Russia's power industry.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.11.2011) 52-Week Low (07.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IRAO RM EQUITY YTD Change IRAO RM EQUITY YTD % CHANGE

12/2011 01/yy 0.04 0.02 3'083'500'000.00 0.028135 -27.35% 17.97% 27.29% 9'716'000.0 273'359.66 47'972.00 0.0 43'177.0 43'518.00 266'566.66

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

90000.0 M

80000.0 M

70000.0 M

60000.0 M

50000.0 M

40000.0 M

30000.0 M

20000.0 M

10000.0 M

0 s-11

.0 M o-11

31.12.2008 31.12.2009 60'927.7 68'121.8 0.32x 1.99x 10'561.0 (9'726.8) 1.86x 0.00x 2'841.2 (12'393.2) 2.56x 0.00x Profitability

31.12.2010 464'386.0 0.36x 36'656.0 4.54x 14'561.0 11.41x

31.12.2011 536'244.0 0.64x 53'166.0 6.44x 36'144.0 7.05x 53'166.00 40'169.00 7.49% 9.66% 9.26% 15.58% 14.29% 1.37% 9.9% 7.5% 6.7% 3.11 1.07 9.02% 13.81% 20.08 -

Price/ Cash Flow

d-11

LTM-4Q

LTM

01/yy

01/yy -

j-12

f-12 m-12 a-12 m-12

j-12

a-12

FY+1 -

0.00 1.04 ######### -14.74% -18.92% 1.042 20 4.100 ######### ######### ######### FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 591'006.9 669'194.3 0.55x 0.50x 38'054.4 51'059.4 7.00x 5.22x 18'084.5 25'781.4 9.38x 9.38x S&P Issuer Ratings

16.49 8.29 0.08 0.90 13.8% 10.9% 1.37 3.10 18.17 -

Sales/Revenue/Turnover

1'200.00

600'000.0

1'000.00

500'000.0

800.00

400'000.0

600.00

300'000.0

400.00

200'000.0

200.00

100'000.0

0.00 04.01.2009

n-11

Fiscal Year Ended 31.12.2007 44'669.9 0.00x (2'064.0) 0.00x (2'125.2) 0.00x

0.0 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 |

09.10.2012

Inter Rao Ues OAO Holdings By:

All

Holder Name FEDERAL GRID CO UNIF RUSSIAN FEDERAL PROP MMC NORILSK NICKEL ROSATOM STATE CORP INTER RAO CAPITAL VNESHECONOMBANK RUSHYDRO INTER RAO UES OJSC ROSNEFT VANGUARD GROUP INC VAN ECK ASSOCIATES C BLACKROCK INSTITUTIO DWS INVESTMENT SA FIM FUND MANAGEMENT CARNEGIE FONDER AB/S PICTET CONSEIL EN IN EATON VANCE MANAGEME SWEDBANK ROBUR FONDE DEUTSCHE BANK AG INTERFIN CAPITAL

Firm Name Uralsib Gazprombank EVA Dimensions VTB Capital Infina Investment Company Morgan Stanley Troika Dialog ING Wholesale Banking Deutsche Bank Goldman Sachs Otkritie Capital Renaissance Capital Nomos Bank IFC Metropol Alfa-Bank RMG Securities JPMorgan HSBC

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MATVEI TAITS DMITRY KOTLYAROV TEAM COVERAGE MIKHAIL RASSTRIGIN ALEXANDER IVANISCHEV IGOR KUZMIN ALEXANDER KOTIKOV IGOR GONCHAROV DMITRY BULGAKOV TATYANA LUKINA SERGEY BEIDEN VLADIMIR SKLYAR MIKHAIL LYAMIN KONSTANTIN REYLI ALEXANDER KORNILOV DMITRY DORONIN NADEZHDA TIMOKHOVA DMYTRO KONOVALOV

Source Research Research Research Research Research Research Research Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy overweight buy sell buy Equalwt/In-Line buy hold buy neutral/neutral buy buy buy hold overweight buy overweight overweight

Amt Held % Out Latest Chg ############# 19.95 ############# 14.79 ############# 14.19 ############# 13.42 820'030'400'000 8.44 ############# 529'522'000'000 5.45 213'752'000 513'004'800'000 5.28 228'326'000'000 2.35 93'273'600'000 0.96 77'169'764'155 0.79 19'979'919'526 17'168'770'048 0.18 11'486'623'700 0.12 61'400'000 10'000'000'000 0.1 7'901'000'000 0.08 7'200'000'000 0.07 6'146'997'209 0.06 160'382'574 4'731'672'489 0.05 2'934'904'585 0.03 (10'889'200'000) 2'200'000'000 0.02 1'811'661'000 0.02 -

Weighting

Change 5 5 5 1 5 3 5 3 5 3 5 5 5 3 5 5 5 5

M M U M M N M M M M M M N D M N M N

Target Price 0 0 #N/A N/A #N/A N/A 0 0 0 0 0 0 0 0 0 0 0 0 #N/A N/A 0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 04.07.2012 Unclassified 04.07.2012 Government 04.07.2012 Corporation 04.07.2012 n/a 04.07.2012 n/a 04.07.2012 Government 04.07.2012 Corporation 04.07.2012 Government 04.07.2012 Government 30.06.2012 Investment Advisor 14.09.2012 Investment Advisor 14.09.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.03.2012 Investment Advisor 29.06.2012 Investment Advisor 31.01.2011 Mutual Fund Manager

Date Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 17.09.2012 12.09.2012 10.09.2012 07.09.2012 03.09.2012 31.08.2012 31.08.2012 24.08.2012 10.08.2012 10.08.2012 01.08.2012 23.07.2012 06.07.2012 28.06.2012 27.03.2012 15.03.2012 02.02.2012 31.10.2011

09.10.2012

LSR Group LSR Group O.J.S.C. produces building materials and develops property. The Company extracts and processes aggregates, and develops and constructs mass market large-panel housing and high-end housing.

Price/Volume 800

.3 M

700

.3 M

600 .2 M

500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.04.2012) 52-Week Low (30.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LSRG RM EQUITY YTD Change LSRG RM EQUITY YTD % CHANGE

12/2011 01/yy 772.40 445.10 19'089.00 579.7 -24.95% 30.24% 42.13% 103.0 59'726.62 1'208.92 0.0 9.4 163.92 3'007.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

200 .1 M

100 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 1'402.6 4.89x 309.3 22.18x 347.7 18.37x

.2 M

300

31.12.2008 31.12.2009 2'004.1 1'608.4 0.78x 1.88x 530.2 481.1 2.94x 6.28x (329.0) 148.6 0.00x 12.13x Profitability

31.12.2010 1'644.7 2.71x 286.1 15.60x 58.3 57.35x

31.12.2011 1'766.4 1.45x 350.0 7.31x 82.7 18.19x 350.05 267.29 15.13% 7.19% 2.23% 4.87% 5.88% 0.48% 28.2% 19.8% 15.1% 4.7% 2.24 0.22 30.68% 72.55% 23.61 0.73

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.16 38.13 22.48% 27.07% 1.161 3 3.667 9'763 14'822 15'451 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'272.0 2'507.5 1.27x 1.06x 430.0 572.5 6.99x 5.25x 189.0 306.5 32.13x 10.53x S&P Issuer Ratings

2.72 1.43 2.99 3.45 72.6% 41.9% 0.48 1.58 15.46 502.62 38.63 479.45

Sales/Revenue/Turnover

100.00

2'500.0

90.00

2'000.0

80.00 70.00

1'500.0

60.00 50.00

1'000.0

40.00 30.00

500.0

20.00 10.00 0.00 04.01.2009

0.0 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 |

09.10.2012

LSR Group Holdings By:

All

Holder Name STREETLINK LTD ROMANOV MIKHAIL BORI EAST CAPITAL ASSET M DWS INVESTMENT SA SWEDBANK ROBUR FONDE KOSTRITSA VASILY M CLARIDEN SICAV CHERNYAEV VLADIMIR I URALSIB JSC HANDELSBANKEN FONDER TUMANOVA ELENA VIKTO SHEIKINA OLGA MIKHAI ROMANOV IVAN LEONIDO PICTET & CIE EUROPE SEB FONDFORVALTNING ARSAGERA LTD ALLIANZ ROSNO ASSET BANK OF MOSCOW ENERGOCAPITAL MANAGE BARCLAYS MULTI-MANAG

Firm Name IFC Metropol EVA Dimensions VTB Capital Deutsche Bank TKB Capital Finam Investment

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source Co File Co File MF-AGG MF-AGG MF-AGG Co File MF-AGG Co File MF-AGG MF-AGG Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

MARINOV ALEXANDER TEAM COVERAGE MARIA KOLBINA YAROSLAV DMITRIEVICH LISSOVOLIK ANATOLY VYSOTSKY ELDAR VAGABOV

buy sell buy not rated buy buy

Amt Held 59'304'181 4'863'025 2'141'933 600'000 508'430 216'363 195'054 164'848 148'709 141'700 133'939 133'939 82'424 75'000 50'000 48'235 29'179 28'692 20'900 15'400

% Out 57.56 4.72 2.08 0.58 0.49 0.21 0.19 0.16 0.14 0.14 0.13 0.13 0.08 0.07 0.05 0.05 0.03 0.03 0.02 0.01

Weighting

Change

5 1 5 #N/A N/A 5 5

N M N M M N

Latest Chg (181'471) 250'000 (43'000) 4'000 6'170 1'000 (2'100)

Target Price 1'330 #N/A N/A 418 #N/A N/A 1'445 1'692

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 31.03.2012 31.07.2012 31.03.2012 31.12.2011 30.12.2011 31.12.2011 31.05.2012 31.08.2012 31.12.2011 31.12.2011 31.12.2011 30.06.2012 31.03.2012 30.11.2011 30.12.2011 29.06.2012 29.02.2012 31.07.2012

Date 12 month Not Provided 12 month Not Provided 12 month Not Provided

Inst Type Unclassified n/a Investment Advisor Mutual Fund Manager Investment Advisor n/a Investment Advisor n/a Investment Advisor Investment Advisor n/a n/a n/a Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 13.07.2012 09.05.2012 28.10.2011 29.09.2011 30.08.2011 27.12.2010

09.10.2012

Lukoil OAO LUKOIL explores for, produces, refines, transports, and markets oil and gas, mainly from Western Siberia. The Company also manufactures petrochemicals, fuels, and other petroleum products. LUKOIL operates refineries, and gasoline filling stations in Russia and the United States. The Company transports oil through pipelines, and petroleum products with its fleet of ships.

Price/Volume

2000

1.0 M .8 M .6 M

1000

12/2010 06/yy 2'044.67 1'551.60 36'798.00 1959.04 -4.19% 26.26% 78.95% 850.6 1'666'287.50 9'092.00 0.0 (172.0) 2'910.00 58'492.43

.4 M

500

.2 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.2 M

1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LKOHS RU EQUITY YTD Change LKOHS RU EQUITY YTD % CHANGE

31.12.2007 66'858.0 1.15x 15'366.0 4.99x 9'511.0 7.38x

2500

31.12.2008 31.12.2009 86'340.0 68'025.0 0.41x 0.84x 17'092.0 14'096.0 2.07x 4.05x 9'144.0 7'011.0 3.00x 6.82x Profitability

LTM-4Q 31.12.2010 86'078.0 0.62x 16'050.0 3.32x 9'006.0 5.17x

31.12.2011 133'650.0 0.35x 17'628.0 2.67x 10'357.0 3.99x 17'628.00 13'155.00 9.84% 9.82% 11.82% 16.33% 14.04% 1.53% 13.2% 9.8% 7.7% 2.12 1.07 9.97% 13.44% 15.60 -

Price/ Cash Flow

LTM

FY+1

0.71 811.08 27.15% 20.41% 0.708 21 4.238 44'290 71'563 65'489 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 110'201.0 136'770.0 131'116.6 131'942.9 32'053.0 32'279.0 2.06x 1.39x 0.45x 0.45x 1.75x 1.84x 18'847.0 16'139.0 18'552.7 18'978.6 5'065.0 5'181.0 2.99x 2.90x 3.15x 3.08x 11'772.0 8'396.0 10'919.0 10'921.3 2'899.0 2'935.0 4.28x 5.11x 4.56x 4.62x S&P Issuer Ratings Long-Term Rating Date 12.11.2010 Long-Term Rating BBBLong-Term Outlook POS Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 25.40 (EBITDA-Capex)/Interest Exp. 13.51 Net Debt/EBITDA 0.35 Total Debt/EBITDA 0.52 Reference Total Debt/Equity 13.4% Total Debt/Capital 11.9% Asset Turnover 1.53 Net Fixed Asset Turnover 2.40 Accounts receivable turnover-days 23.40 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

160'000.0

6.00

140'000.0 120'000.0

5.00

100'000.0 4.00

80'000.0 3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

Lukoil OAO Holdings By:

All

Holder Name ALEKPEROV VAGIT Y FEDUN LEONID ARNOLID BLACKROCK INSTITUTIO KUKURA SERGEI PETROV MAGANOV RAVIL ULIFAT KHOBA LYUBOV NIKOLAE VANGUARD GROUP INC MATYTSYN ALEXANDER K FIDELITY INTERNATION SWEDBANK ROBUR FONDE HANDELSBANKEN FONDER KAPITAL ASSET MANAGE MIKHAILOV SERGEI ANA URALSIB JSC BLACKROCK GROUP LIMI DEKA INTERNATIONAL S PICTET & CIE STATE STREET CORP NEKRASOV VLADIMIR IV DEUTSCHE BANK AG

Firm Name Uralsib Nomos Bank JPMorgan VTB Capital Alfa-Bank Infina Investment Company Credit Suisse Otkritie Capital HSBC Morgan Stanley RMG Securities Deutsche Bank Raiffeisenbank AG UFS-Finance Investment Company EVA Dimensions IFC Metropol ING Wholesale Banking Aton LLC Troika Dialog Societe Generale

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst ALEXEI KOKIN DENIS BORISOV ANDREY GROMADIN DMITRY LOUKASHOV MARIYA YEGIKYAN ALEXANDER IVANISCHEV ZOLTAN PALFI ALEXANDER BURGANSKY ILDAR KHAZIEV PAVEL SOROKIN MIKHAIL LOSHININ PAVEL KUSHNIR ANDREY POLISCHUK ILYA BALAKIREV TEAM COVERAGE SERGEY VAKHRAMEEV IGOR KURINNYY ELENA SAVCHIK OLEG MAXIMOV EVGENY SOLOVYOV

Source Research Research MF-AGG Research Research Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG

Recommendation buy hold neutral buy overweight buy neutral buy overweight Overwt/Attractive buy buy hold buy buy buy hold sell buy buy

Amt Held 16'101'163 9'951'591 5'508'426 3'285'726 3'147'084 2'934'443 2'913'522 2'526'173 2'042'177 1'688'255 691'357 654'420 501'832 471'563 395'575 395'000 373'650 315'829 306'203 300'000

% Out 1.89 1.17 0.65 0.39 0.37 0.35 0.34 0.3 0.24 0.2 0.08 0.08 0.06 0.06 0.05 0.05 0.04 0.04 0.04 0.04

Weighting

Change 5 3 3 5 5 5 3 5 5 5 5 5 3 5 5 5 3 1 5 5

M D D M N M M M M M M M N M M M M M U M

Latest Chg (25'004) 311'348 1'904'777 219'000 (30'000) (120'344) 25'000 (4'500) 83'816 8'506 -

Target Price 2'144 2'159 2'192 3'766 2'225 2'232 1'700 2'326 2'416 2'457 2'579 2'700 1'870 2'580 #N/A N/A 2'105 2'061 1'540 2'229 2'400

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 19.01.2012 n/a 10.02.2012 n/a 14.09.2012 Investment Advisor 14.02.2012 n/a 03.02.2012 n/a 30.09.2011 n/a 30.06.2012 Investment Advisor 30.09.2011 n/a 30.12.2011 Investment Advisor 31.03.2012 Investment Advisor 31.08.2012 Investment Advisor 25.04.2012 Investment Advisor 31.12.2011 n/a 31.05.2012 Investment Advisor 14.09.2012 Investment Advisor 30.11.2011 Mutual Fund Manager 30.06.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.01.2012 n/a 29.06.2012 Investment Advisor

Date Not Provided Not Provided 15 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month

Date 17.09.2012 17.09.2012 13.09.2012 10.09.2012 03.09.2012 03.09.2012 31.08.2012 31.08.2012 29.08.2012 25.07.2012 12.07.2012 03.07.2012 02.07.2012 07.06.2012 09.05.2012 18.04.2012 22.03.2012 20.01.2012 05.07.2011 26.05.2011

09.10.2012

M Video OJSC M Video operates a chain of consumer electronics and home appliances retail stores. The Company sells audio and video products, kitchen appliances, computers and office equipment, telephones, movies, recorded music, and toys.

Price/Volume 350

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M

300 250 200

Valuation Analysis

150

Latest Fiscal Year: LTM as of: 52-Week High (30.08.2012) 52-Week Low (30.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MVID RM EQUITY YTD Change MVID RM EQUITY YTD % CHANGE

12/2011 03/yy 298.97 178.89 18'500.00 261.75 -12.45% 46.32% 66.75% 179.8 47'054.33 0.00 0.0 0.0 13'220.00 42'039.33

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

50 0 s-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Market Data

31.12.2008 31.12.2009 71'486.0 72'507.0 0.06x 0.20x 3'596.0 3'244.0 1.27x 4.44x 1'256.0 783.0 3.65x 26.65x Profitability

LTM-4Q 31.12.2010 86'565.0 0.47x 4'523.0 9.01x 2'221.0 21.49x

31.12.2011 111'937.0 0.17x 6'239.0 3.11x 3'374.0 9.52x 6'239.00 4'601.00 4.11% 4.14% 7.18% 29.48% 29.71% 2.38% 26.1% 5.6% 4.1% 3.0% 1.01 0.36 0.00% 0.00% 105.40 3.65

LTM

FY+1

0.93 49.91 39.86% 48.42% 0.932 16 4.500 36'036 216'745 128'129 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 0.0 12.8 138'087.8 159'308.7 #DIV/0! 24282.08x 0.26x 0.20x 0.0 0.0 7'777.4 9'243.0 0.00x 0.00x 5.41x 4.55x 0.0 16.8 4'164.1 4'998.4 0.00x 0.00x 11.32x 9.44x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

168.62 87.54 -2.12 0.00 0.0% 0.0% 2.38 13.70 3.46 99.87 121.91 -18.58

Sales/Revenue/Turnover

1.20

120'000.0

1.00

100'000.0

0.80

80'000.0

0.60

o-11

Fiscal Year Ended 31.12.2007 52'317.0 0.63x 2'536.0 13.09x 649.0 42.60x

100

60'000.0 40'000.0

0.40

20'000.0 0.20

0.0 0.00

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 |

09.10.2012

M Video OJSC Holdings By:

All

Holder Name SVECE LIMITED EAST CAPITAL ASSET M EAST CAPITAL GROUP SWEDBANK ROBUR FONDE HANDELSBANKEN FONDER WASATCH ADVISORS INC MASSACHUSETTS FINANC EVLI FUND MANAGEMENT PIONEER INVESTMENTS FIDELITY MANAGEMENT DEUTSCHE BANK AG WOORI ASSET MANAGEME JUPITER GLOBAL ACTIV PARKS CHRISTOPHER AL PYRAMIS GLOBAL ADVIS BANK OF MOSCOW JULIUS BAER MULTICOO ALLIANZ ROSNO ASSET RAIFFEISEN KAPITALAN KAPITAL FUNDS

Firm Name Uralsib VTB Capital EVA Dimensions Infina Investment Company Alfa-Bank ING Wholesale Banking Renaissance Capital Credit Suisse Goldman Sachs JPMorgan RMG Securities IFC Metropol Deutsche Bank Troika Dialog Broker Credit Service Raiffeisenbank AG Otkritie Capital Wood & Company

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TIGRAN HOVHANNISYAN MARIA KOLBINA TEAM COVERAGE MAXIM TSITOVICH ANDREI NIKITIN ANNA KOCHKINA NATALYA ZAGVOZDINA VICTORIA PETROVA ANTON FARLENKOV ELENA V JOURONOVA MIKHAIL LOSHININ TATYANA BOBROVSKAYA NATALIA SMIRNOVA MIKHAIL KRASNOPEROV EKATERINA ANDREYANOVA NATALYA KOLUPAEVA MIKHAIL TERENTIEV ERIK HEGEDUS

Source Co File MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy hold hold overweight buy buy outperform neutral/neutral overweight buy buy buy buy buy buy not rated buy

Amt Held 119'851'461 13'941'585 9'383'900 1'620'338 1'531'600 1'485'885 1'359'200 886'796 695'000 654'530 600'000 477'400 458'000 427'669 345'385 302'500 283'284 203'983 202'750 200'000

% Out 66.67 7.76 5.22 0.9 0.85 0.83 0.76 0.49 0.39 0.36 0.33 0.27 0.25 0.24 0.19 0.17 0.16 0.11 0.11 0.11

Weighting

Change

3 5 3 3 5 5 5 5 3 5 5 5 5 5 5 5 #N/A N/A 5

M M D M M M M M M M N M M M M M M N

Latest Chg 537'817 332'834 (45'000) 208'100 389'030 (15'000) 650'530 (70'735) (23'036) (69'980)

Target Price 288 500 #N/A N/A 326 406 395 380 350 307 330 338 376 338 325 316 352 #N/A N/A 292

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Unclassified 31.03.2012 Investment Advisor 16.12.2010 n/a 31.03.2012 Investment Advisor 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor 31.07.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 31.05.2011 Investment Advisor 31.07.2012 Investment Advisor 29.06.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 29.02.2012 Investment Advisor 31.12.2011 n/a 31.03.2012 Investment Advisor 29.06.2012 Investment Advisor 31.05.2012 Mutual Fund Manager 30.12.2011 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 3 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month

Date 17.09.2012 14.09.2012 10.09.2012 03.09.2012 30.08.2012 29.08.2012 03.08.2012 01.08.2012 20.07.2012 19.07.2012 08.06.2012 16.04.2012 10.04.2012 06.04.2012 06.04.2012 26.03.2012 17.01.2012 05.09.2011

09.10.2012

Magnit OJSC Magnit retails food. The Company operates a chain of discount supermarkets.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (14.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MGNT RM EQUITY YTD Change MGNT RM EQUITY YTD % CHANGE

12/2011 06/yy 4'700.00 2'585.00 32'548.00 4440 -5.53% 71.76% 88.72% 94.6 419'852.41 1'616.66 0.0 3.6 539.75 14'866.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 3'676.6 1.17x 216.9 19.83x 96.5 38.74x

5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 s-11

31.12.2008 31.12.2009 5'347.8 5'354.5 0.30x 1.20x 398.0 497.0 4.09x 12.95x 187.6 275.2 6.90x 22.04x Profitability

LTM-4Q 31.12.2010 7'777.4 1.63x 613.4 20.65x 333.7 35.37x

31.12.2011 11'423.3 0.82x 896.2 10.45x 418.7 18.68x 896.23 624.68 5.47% 4.91% 9.17% 20.11% 14.89% 2.50% 24.3% 7.8% 5.5% 3.7% 1.06 0.37 29.68% 66.24% 11.05

Price/ Cash Flow

LTM

06/yy 9'800.8 0.00x 0.0 0.00x 342.8 34.98x

06/yy 12'722.2 0.00x 0.0 0.00x 613.4 18.01x

FY+1

0.89 51.64 55.17% 59.49% 0.890 12 4.167 99'680 94'623 72'531 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 14'577.4 18'367.3 3'274.0 3'652.0 1.03x 0.84x 1'320.7 1'640.1 2'459.5 3'259.0 11.26x 9.06x 1.33x 1.11x 597.3 740.7 124.0 116.0 23.35x 18.20x S&P Issuer Ratings

17.04.2012 BBSTABLE 7.70 -6.54 1.20 1.80 66.2% 39.8% 2.50 3.53 33.04 36.94 -

Sales/Revenue/Turnover

35.00

12'000.0

30.00

10'000.0

25.00

8'000.0

20.00

6'000.0 15.00

4'000.0 10.00

2'000.0

5.00 0.00 04.01.2009

0.0 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 |

09.10.2012

Magnit OJSC Holdings By:

All

Holder Name GALITSKY SERGEY NIKO OPPENHEIMERFUNDS INC LAVRENO LTD GORDEICHUK V E BNP PARIBAS ASSET MG DWS INVESTMENT SA WILLIAM BLAIR & COMP FIDELITY MANAGEMENT ARUTYUNYAN ANDREY NI SWEDBANK ROBUR FONDE ING INVESTMENT MANAG PICTET CONSEIL EN IN EAST CAPITAL ASSET M T ROWE PRICE ASSOCIA TRANSAMERICA INVESTM SEB ASSET MANAGEMENT ABERDEEN ASSET MANAG BUTENKO VALERIY EVLI FUND MANAGEMENT PICTET ASSET MANAGEM

Firm Name VTB Capital Infina Investment Company Alfa-Bank JPMorgan IFC Metropol Broker Credit Service UFS-Finance Investment Company Deutsche Bank Renaissance Capital RMG Securities EVA Dimensions Troika Dialog Uralsib

Portfolio Name n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst MARIA KOLBINA MAXIM TSITOVICH ANDREI NIKITIN ELENA V JOURONOVA TATYANA BOBROVSKAYA EKATERINA ANDREYANOVA ILYA BALAKIREV NATALIA SMIRNOVA NATALYA ZAGVOZDINA MIKHAIL LOSHININ TEAM COVERAGE VICTORIA SOKOLOVA KONSTANTIN B CHERNYSHEV

Source Co File MF-AGG Co File Co File MF-AGG MF-AGG 13F MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG

Recommendation buy hold overweight overweight buy buy buy buy hold hold sell hold buy

Amt Held 36'563'000 4'766'057 3'370'130 2'720'862 421'752 344'929 265'748 255'589 181'331 163'714 143'640 139'423 129'081 108'321 93'259 89'521 78'758 71'002 65'000 57'892

% Out 38.67 5.04 3.56 2.88 0.45 0.36 0.28 0.27 0.19 0.17 0.15 0.15 0.14 0.11 0.1 0.09 0.08 0.08 0.07 0.06

Weighting

Change 5 3 5 5 5 5 5 5 3 3 1 3 5

M M M M M M M M D M M D N

Latest Chg (30'202) 54'929 73'293 (107) (13'368) 4'840 (4'772) 129'081 68'291 82 (800) (8'728) 9'837

Target Price 6'300 5'140 5'354 5'551 5'586 5'930 4'700 5'016 4'501 4'841 #N/A N/A 2'951 2'145

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 n/a 31.07.2012 Investment Advisor 30.06.2012 n/a 30.06.2012 n/a 31.07.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 18.01.2012 n/a 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 18.01.2012 n/a 29.06.2012 Mutual Fund Manager 30.06.2012 Investment Advisor

Date 12 month Not Provided Not Provided 15 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided

Date 14.09.2012 03.09.2012 24.08.2012 26.07.2012 26.07.2012 25.07.2012 25.07.2012 20.07.2012 10.07.2012 02.07.2012 09.05.2012 30.03.2010 26.08.2009

09.10.2012

Magnitogorsk Iron & Steel Works Magnitogorsk Iron & Steel Works, also known as Magnitogorsky Metallurgichesky Kombinat, operates in the steel manufacturing industry. The Company produces ferrous metallurgy products, hot and cold-rolled steel. MMK also manufactures construction equipment as well as various consumer goods.

Price/Volume 16

.4 M

.3 M

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2012) 52-Week Low (23.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAGNS RU EQUITY YTD Change MAGNS RU EQUITY YTD % CHANGE

12/2009 06/yy 15.20 9.50 139'700.00 10.5 -30.92% 10.53% 17.54% 11'174.3 117'330.47 4'402.00 0.0 159.0 471.00 7'365.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

6 4

.1 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 8'197.0 1.69x 2'310.0 6.01x 1'308.0 10.64x

.2 M

Valuation Analysis

31.12.2008 31.12.2009 10'550.0 5'081.0 0.27x 2.25x 2'119.0 1'023.0 1.34x 11.16x 1'075.0 232.0 2.02x 39.87x Profitability

LTM-4Q 31.12.2010 7'719.0 1.99x 1'436.0 10.67x 254.0 47.24x

31.12.2011 9'306.0 0.89x 1'252.0 6.64x (120.0) 0.00x 1'252.00 365.00 3.92% -1.52% -0.73% -1.23% 0.56% 16.7% 13.5% 3.9% -1.3% 1.28 0.37 27.01% 47.39% 18.11 5.15

Price/ Cash Flow

LTM

06/yy 8'632.0 6.84x 1'428.0 9.51x 261.0 37.40x

06/yy 9'614.0 3.38x 1'111.0 6.10x (306.0) 0.00x

FY+1

1'564.41 -11.76% -16.00% 10 3.000 0 4'657 2'117 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 9'718.1 10'641.0 2'444.7 0.78x 0.69x 1'388.0 1'724.6 356.7 5.31x 4.27x 152.2 394.7 (37.3) 2.07x 1.30x S&P Issuer Ratings

20.01.2010 NR 20.01.2010 NR 4.42 0.35 3.14 3.52 47.4% 31.8% 0.56 0.77 20.16 70.87 26.27 64.77

Sales/Revenue/Turnover

16.00

12'000.0

14.00

10'000.0

12.00

8'000.0

10.00 8.00

6'000.0

6.00

4'000.0

4.00

2'000.0 2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

Magnitogorsk Iron & Steel Works Holdings By:

All

Holder Name MINTHA HOLDING LTD FULNEK ENTR LTD BANK OF MOSCOW URALSIB JSC VANGUARD GROUP INC KAPITAL FUNDS SOLID MANAGEMENT ENERGOCAPITAL MANAGE MANAGEMENT-CONSULTIN ELBY TRUST LTD ALLIANZ ROSNO ASSET VTB ASSET MANAGEMENT VITUS LTD TKB BNP PARIBAS INTERFIN CAPITAL INTRAST JSC MONOMAH ASSET MANAGE LEGAL & GENERAL GROU AK BARS CAPITAL LTD MAXIM CAPITAL MANAGE

Firm Name EVA Dimensions Infina Investment Company Aton LLC Alfa-Bank UFS-Finance Investment Company HSBC Broker Credit Service RMG Securities Renaissance Capital JPMorgan TKB Capital

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TEAM COVERAGE ALEXANDER IVANISCHEV DINNUR GALIKHANOV BARRY EHRLICH ILYA BALAKIREV VLADIMIR ZHUKOV OLEG PETROPAVLOVSKIY ANDREY TRETELNIKOV BORIS KRASNOJENOV YURIY A VLASOV EVGENY RYABKOV

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight hold hold equalweight buy underweight buy buy sell neutral hold

Amt Held 5'028'448'535 4'581'475'332 4'962'200 3'300'000 1'785'554 1'650'000 1'593'800 1'508'300 1'200'000 1'000'000 816'500 599'300 184'000 141'400 95'000 80'000 71'000 40'661 38'400 -

% Out 45 41 0.04 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0 0 0 0 0 0 0 0

Weighting

Change 1 3 3 3 5 1 5 5 1 3 3

U M D M M M M M D D D

Latest Chg 1'800 (50'000) (281'400) (75'000) (83'000) 73'000 (496'800) (500) (44'646)

Target Price #N/A N/A 16 9 10 16 6 13 20 5 18 39

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2011 30.09.2011 29.06.2012 31.05.2012 30.06.2012 31.08.2012 31.07.2012 29.02.2012 31.08.2012 29.02.2012 30.12.2011 31.08.2012 31.01.2012 31.07.2012 31.01.2011 31.12.2011 31.05.2012 31.07.2012 30.11.2011 30.03.2012

Date Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 2 month Not Provided 12 month 6 month Not Provided

Inst Type Holding Company Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor

Date 11.09.2012 03.09.2012 03.09.2012 28.08.2012 28.08.2012 23.08.2012 20.07.2012 27.06.2012 03.05.2012 02.03.2012 27.01.2011

09.10.2012

Mechel Mechel is a Russian metals and mining company, uniting producers of steel, rolled products, hardware, coal, iron ore concentrate, and nickel. The Company's products are marketed domestically and internationally.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.10.2011) 52-Week Low (01.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MTLR RM EQUITY YTD Change MTLR RM EQUITY YTD % CHANGE

12/2011 03/yy 519.70 171.00 298'509.00 217.9 -58.07% 27.43% 12.85% 416.3 90'705.39 9'869.04 25.3 374.6 643.38 12'437.67

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Market Data

Fiscal Year Ended 31.12.2007 6'683.8 0.00x 1'687.9 0.00x 913.1 0.00x

500 450 400 350 300 250 200 150 100 50 0 s-11

31.12.2008 31.12.2009 9'950.7 5'754.1 0.74x 2.21x 3'023.9 673.3 2.45x 18.86x 1'140.5 73.7 1.41x 0.00x Profitability

LTM-4Q 31.12.2010 9'746.0 2.00x 2'059.5 9.48x 657.2 18.29x

31.12.2011 12'546.3 1.05x 2'458.2 5.34x 727.9 5.40x 2'458.24 1'842.67 14.69% 9.27% 4.15% 13.56% 8.61% 0.72% 34.5% 19.6% 14.7% 5.8% 1.28 0.31 51.12% 198.75% 18.54 3.68

Price/ Cash Flow

LTM

03/yy 10'780.1 6.80x 2'385.3 9.06x 883.7 14.74x

03/yy 12'561.8 4.85x 2'334.5 5.98x 636.8 7.53x

FY+1

1.45 143.62 -33.06% -15.87% 1.445 11 3.727 1'773'292 1'537'874 1'180'915 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 11'744.0 12'247.4 2'973.0 -0.48x -0.49x 1'947.0 2'093.2 465.5 6.39x 5.94x 264.7 398.7 119.0 23.50x 10.03x S&P Issuer Ratings

4.38 1.16 3.75 4.01 198.8% 64.8% 0.72 2.01 19.69 99.13 33.09 85.74

Sales/Revenue/Turnover

800.00

14'000.0

700.00

12'000.0

600.00

10'000.0

500.00

8'000.0

400.00

6'000.0

300.00

4'000.0

200.00

2'000.0

100.00 0.00 04.01.2009

0.0 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 |

09.10.2012

Mechel Holdings By:

All

Holder Name ZYUZIN IGOR VLADIMIR KAPITAL FUNDS ENERGOCAPITAL MANAGE BANK OF MOSCOW ELBY TRUST LTD MONOMAH ASSET MANAGE ENERGY INVEST LTD KORZHOV OLEG VIKTORO SJUNDE AP FONDEN TKB BNP PARIBAS AK BARS CAPITAL LTD THIRD MILLENNIUM OVCHINNIKOV GENNADY RADISHEVSKAYA LUDMIL VTB ASSET MANAGEMENT ALLIANZ ROSNO ASSET SOLID MANAGEMENT SANPAOLO IMI ASSET M NORTHERN TRUST CORPO SELIVANOVA ELENA V

Firm Name EVA Dimensions Infina Investment Company HSBC Broker Credit Service Sovlink Securities RMG Securities UFS-Finance Investment Company Alfa-Bank Renaissance Capital Grandis Capital Otkritie Capital

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst TEAM COVERAGE ALEXANDER IVANISCHEV VLADIMIR ZHUKOV OLEG PETROPAVLOVSKIY ALEKSANDR MORIN ANDREY TRETELNIKOV ILYA BALAKIREV BARRY EHRLICH BORIS KRASNOJENOV ANDREW KUCHEROV DENIS GABRIELIK

Source 13D MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File

Recommendation underweight buy overweight buy buy buy buy underweight buy hold buy

Amt Held 272'624'611 125'000 50'166 40'551 25'000 11'640 10'000 9'824 9'721 6'157 5'289 5'000 4'995 4'163 3'933 3'898 2'500 2'068 1'951 1'623

% Out 65.49 0.03 0.01 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighting

Change 1 5 5 5 5 5 5 1 5 3 5

U M M M M U N M N M M

Latest Chg 9'500 5'000 244 5'000 9'721 1'702 5'000 (4'406) 2'068 -

Target Price #N/A N/A 388 336 289 250 402 319 295 607 995 1'015

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 12.09.2012 31.08.2012 29.02.2012 29.06.2012 29.02.2012 31.05.2012 30.03.2012 29.06.2012 31.03.2012 31.07.2012 30.11.2011 29.02.2012 31.12.2011 31.12.2011 31.08.2012 30.12.2011 24.07.2012 30.06.2011 30.06.2012 31.12.2011

Date Not Provided Not Provided Not Provided 2 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Inst Type n/a Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager n/a Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor n/a

Date 11.09.2012 03.09.2012 23.08.2012 20.07.2012 29.06.2012 27.06.2012 21.06.2012 23.04.2012 20.12.2011 14.11.2011 21.12.2010

09.10.2012

Price/Volume 350

.8 M

300

.7 M

250

.6 M .5 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.11.2011) 52-Week Low (31.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MTLRP RM EQUITY YTD Change MTLRP RM EQUITY YTD % CHANGE

12/2011 03/yy 275.90 140.01 87'490.00 148.5 -46.18% 6.06% 7.12% 138.8 20'605.40 9'869.04 25.3 374.6 643.38 10'184.45

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

.3 M

100

.2 M

.1 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 6'683.8 0.00x 1'687.9 0.00x 913.1 0.00x

.4 M

150

31.12.2008 31.12.2009 9'950.7 5'754.1 0.74x 2.21x 3'023.9 673.3 2.45x 18.86x 1'140.5 73.7 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 9'746.0 2.00x 2'059.5 9.48x 657.2 0.00x

31.12.2011 12'546.3 1.05x 2'458.2 5.34x 727.9 0.00x 2'458.24 1'842.67 14.69% 9.27% 4.15% 13.56% 8.61% 0.72% 34.5% 19.6% 14.7% 5.8% 1.28 0.31 51.12% 198.75% 18.54 3.68

LTM

03/yy 10'780.1 6.80x 2'385.3 9.06x 883.7 0.00x

03/yy 12'561.8 4.85x 2'334.5 5.98x 636.8 0.00x

138.76 -28.62% -12.50% 3 5.000 258'894 201'480 159'392

FY+1

FY+2

12/12 Y

12/13 Y

FQ+1

FQ+2

03/12 Q1 06/12 Q2 2'967.0 2'963.0 463.0 398.0 110.0 68.0 S&P Issuer Ratings

4.38 1.16 3.75 4.01 198.8% 64.8% 0.72 2.01 19.69 99.13 33.09 85.74

Sales/Revenue/Turnover

14'000.0 12'000.0 10'000.0

0.80

8'000.0 0.60

6'000.0

0.40

4'000.0 2'000.0

0.20

0.0 0.00

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 |

09.10.2012

Mechel Holdings By:

All

Holder Name URALSIB JSC IVY MANAGEMENT INCOR CAPITAL INTERNATIONA SWEDBANK ROBUR FONDE PICTET & CIE JPMORGAN ASSET MANAG PICTET & CIE EUROPE PICTET ASSET MANAGEM BANCO FONDER AB JP MORGAN CHASE & CO EVLI FUND MANAGEMENT FRANKLIN RESOURCES I KAPITAL FUNDS UNION BANCAIRE PRIVE WADDELL & REED FINAN CITIGROUP INCORPORAT JP MORGAN ASSET MGMT MANAGEMENT-CONSULTIN HSBC INVESTMENT FUND MACKENZIE FINANCIAL

Firm Name Broker Credit Service RMG Securities UFS-Finance Investment Company Grandis Capital

Analyst OLEG PETROPAVLOVSKIY ANDREY TRETELNIKOV ILYA BALAKIREV ANDREW KUCHEROV

Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy

Amt Held 2'686'402 2'000'000 891'800 358'177 326'857 240'697 225'000 164'920 158'326 155'364 155'000 117'147 100'000 94'740 80'000 79'132 70'793 63'000 50'781 30'000

% Out 1.94 1.44 0.64 0.26 0.24 0.17 0.16 0.12 0.11 0.11 0.11 0.08 0.07 0.07 0.06 0.06 0.05 0.05 0.04 0.02

Weighting

Change 5 5 5 5

Latest Chg (458'050) (160'000) (81'100) 117'147 2'000 75'976 5'000 -

Target Price

M M N M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

227 330 293 305

File Dt 31.05.2012 31.03.2012 31.05.2012 31.03.2012 30.06.2012 30.04.2012 30.06.2012 30.06.2012 31.03.2012 31.07.2012 29.06.2012 31.03.2012 31.08.2012 30.12.2011 31.03.2012 31.07.2012 17.08.2011 31.08.2012 29.06.2012 30.06.2012

Date 2 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 20.07.2012 27.06.2012 21.06.2012 14.11.2011

09.10.2012

MMC Norilsk Nickel OJSC Mining and Metallurgical Company Norilsk Nickel OJSC or GMK Norilsk Nickel is a producer of base and precious metals. The Company's main products are nickel and palladium. MMC Norilsk Nickel also produces copper, cobalt, platinum, gold, silver and other precious metals. MMC Norilsk Nickel is headquartered in Moscow with its main production facilities in Taimyr and Kola peninsula.

Price/Volume 8000

.1 M

5000 4000

12/2009 01/yy 6'748.03 4'681.10 3'560.00 4947.8 -26.68% 5.70% 12.83% 190.6 943'187.94 5'155.00 0.0 120.0 1'627.00 33'964.86

.1 M

3000

.0 M

2000 .0 M

1000 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

6000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.10.2011) 52-Week Low (23.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GMKNS RU EQUITY YTD Change GMKNS RU EQUITY YTD % CHANGE

31.12.2007 17'119.0 3.03x 8'296.0 6.25x 5'327.0 9.05x

.1 M

7000

31.12.2008 31.12.2009 13'980.0 8'542.0 1.13x 3.48x 5'788.0 4'352.0 2.74x 6.83x (449.0) 2'600.0 0.00x 9.94x Profitability

31.12.2010 12'775.0 3.34x 7'370.0 5.80x 3'298.0 7.87x

31.12.2011 14'122.0 2.34x 7'240.0 4.56x 3'604.0 6.40x 7'240.00 6'478.00 45.87% 39.98% 16.83% 25.31% 19.92% 0.66% 59.0% 51.3% 45.9% 25.5% 1.72 0.68 27.26% 46.43% 14.37 2.38

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.71 99.31 -18.38% 3.69% 0.707 16 3.375 5'353 5'297 5'472 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 12'453.1 12'928.6 2.67x 2.53x 5'644.8 5'798.5 6.02x 5.86x 3'606.3 3'720.7 8.49x 7.69x S&P Issuer Ratings

26.09.2011 BBBNEG 68.95 47.99 0.49 0.71 46.4% 31.5% 0.66 1.51 25.39 153.39 21.30 157.49

Sales/Revenue/Turnover

25.00

18'000.0 16'000.0

20.00

14'000.0 12'000.0

15.00

10'000.0 8'000.0

10.00

6'000.0 4'000.0

5.00

2'000.0 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

MMC Norilsk Nickel OJSC Holdings By:

All

Holder Name RUSAL INVESTMENT MGM BONICO HOLDINGS CO L MONTEBELLA HOLDINGS CORBIERE HOLDINGS LT BLACKROCK INSTITUTIO VANGUARD GROUP INC HIRTLE CALLAGHAN & C SWEDBANK ROBUR FONDE FRANKLIN RESOURCES I TEMPLETON INVESTMENT BLACKROCK GROUP LIMI HANDELSBANKEN FONDER DEUTSCHE BANK AG PICTET & CIE DEKA INTERNATIONAL S ING INVESTMENT MANAG DEKA INVESTMENT GMBH SELYANDIN SERGEY VEN BANK OF MOSCOW DEUTSCHE ASSET MANAG

Firm Name Uralsib EVA Dimensions JPMorgan Infina Investment Company Alfa-Bank Morgan Stanley Broker Credit Service Otkritie Capital Renaissance Capital ING Wholesale Banking UFS-Finance Investment Company BCC Invest RMG Securities HSBC TKB Capital Troika Dialog

Analyst VALENTINA BOGOMOLOVA TEAM COVERAGE YURIY A VLASOV ALEXANDER IVANISCHEV BARRY EHRLICH DMITRIY KOLOMYTSYN OLEG PETROPAVLOVSKIY DENIS GABRIELIK ANDY JONES PAUL CLIFF ILYA BALAKIREV DANIYAR ZHUREKBAYEV ANDREY TRETELNIKOV VLADIMIR ZHUKOV MARIA KALVARSKAIA MIKHAIL STISKIN

Source Co File Co File Co File Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG

Recommendation hold hold underweight hold equalweight Equalwt/Attractive buy hold hold hold hold suspended coverage buy neutral buy buy

Amt Held 47'656'925 21'598'119 14'106'450 7'930'112 605'334 512'586 147'466 144'527 139'346 82'139 76'450 68'359 57'884 34'779 32'100 31'100 25'000 24'019 19'592 17'000

% Out 25 11.33 7.4 4.16 0.32 0.27 0.08 0.08 0.07 0.04 0.04 0.04 0.03 0.02 0.02 0.02 0.01 0.01 0.01 0.01

Weighting

Change

3 3 1 3 3 3 5 3 3 3 3 #N/A N/A 5 3 5 5

M U M M M M U M M M M M U D M U

Latest Chg (1'777) 60'332 80'000 (13'269) (14'133) (800) 9'101 (10'425) (1'358) -

Target Price 5'881 #N/A N/A 4'846 6'879 5'992 5'698 5'519 6'533 5'864 475 5'500 #N/A N/A 6'561 6'295 8'242 4'296

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.12.2011 27.12.2011 27.12.2011 30.09.2011 14.09.2012 30.06.2012 30.09.2011 31.03.2012 31.03.2012 31.03.2011 14.09.2012 31.08.2012 29.06.2012 30.06.2012 30.11.2011 30.06.2012 20.02.2012 31.03.2012 29.06.2012 20.10.2011

Date Not Provided Not Provided 15 month Not Provided Not Provided 12 month 2 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Holding Company Holding Company Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a Investment Advisor Mutual Fund Manager

Date 17.09.2012 06.09.2012 04.09.2012 03.09.2012 29.08.2012 23.08.2012 08.08.2012 07.08.2012 06.08.2012 04.07.2012 09.06.2012 18.05.2012 06.04.2012 02.04.2012 11.01.2011 20.10.2009

09.10.2012

Mobile Telesystems OJSC Mobile TeleSystems provides mobile telephone services in Russia and the former Soviet Union. The Company uses the GSM 900/1800 standard, operating throughout Russia and throughout Belarus, Ukraine, and Uzbekistan.

Price/Volume 300

.1 M .1 M

250

.1 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.08.2012) 52-Week Low (13.10.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MTSSS RU EQUITY YTD Change MTSSS RU EQUITY YTD % CHANGE

12/2009 06/yy 250.00 170.15 10.00 226 -9.60% 32.82% 69.94% 2'066.4 467'009.47 8'715.20 0.0 169.2 1'937.07 20'734.43

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M .0 M

100

.0 M .0 M

.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 9'723.9 3.44x 4'878.4 6.86x 2'087.4 14.55x

.1 M

150

31.12.2008 31.12.2009 11'900.9 9'823.5 1.12x 2.18x 5'849.7 4'462.2 2.27x 4.80x 2'000.1 1'004.5 3.64x 13.86x Profitability

LTM-4Q 31.12.2010 11'293.2 2.06x 4'862.9 4.79x 1'380.6 11.80x

31.12.2011 12'318.7 1.49x 5'163.1 3.55x 1'443.9 7.80x 5'163.10 2'827.90 22.96% 17.04% 9.69% 43.71% 17.32% 0.83% 41.9% 23.0% 11.7% 1.08 0.79 56.89% 250.29% 14.82 -

Price/ Cash Flow

LTM

06/yy 11'968.1 7.86x 4'914.7 4.75x 1'336.0 11.95x

06/yy 12'392.4 6.35x 5'359.3 3.80x 585.3 24.59x

FY+1

7.10 0.77 1'016.13 41.67% 35.58% 0.771 7 4.143 2 672 400 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 12'625.7 12'776.0 2'965.7 1.70x 1.66x 5'351.0 5'446.3 1'202.9 3.87x 3.81x 1'651.0 1'616.3 395.4 7.85x 8.45x S&P Issuer Ratings

03.02.2012 BB STABLE 7.86 4.45 1.31 1.69 250.3% 70.5% 0.83 1.52 24.62 -

Sales/Revenue/Turnover

6.00

14'000.0

5.00

12'000.0 10'000.0

4.00

8'000.0 3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

Mobile Telesystems OJSC Holdings By:

All

Holder Name JOINT FIN CORP SISTE SISTEMA TELEKOM AKTI PICTET & CIE BNP PARIBAS ASSET MG SWEDBANK ROBUR FONDE DWS INVESTMENT SA EAST CAPITAL ASSET M PICTET CONSEIL EN IN HANDELSBANKEN FONDER FIDELITY MANAGEMENT EATON VANCE MANAGEME MOBILE TELESYSTEMS L KAPITAL ASSET MANAGE PICTET ASSET MANAGEM BANCO FONDER AB SEB ASSET MANAGEMENT SEB FONDFORVALTNING DEUTSCHE BANK AG JPMORGAN ASSET MANAG VANGUARD GROUP INC

Firm Name EVA Dimensions UFS-Finance Investment Company Renaissance Capital VTB Capital RMG Securities Olma Veles Capital Finam Investment Alfa-Bank

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TEAM COVERAGE ILYA BALAKIREV ALEXANDER KAZBEGI VICTOR KLIMOVICH KSENIA ARUTYUNOVA ANTON STARTSEV ILYA FEDOTOV ELDAR VAGABOV IVAN SHUVALOV

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 20F Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight hold buy buy buy buy buy buy Under Review

Amt Held 636'248'740 220'486'328 11'334'242 10'167'126 8'450'264 5'500'000 4'213'139 3'528'262 3'321'778 2'951'518 2'757'547 2'515'747 1'969'680 1'895'855 1'652'220 1'511'702 1'428'000 1'200'000 1'156'457 1'094'857

% Out 30.79 10.67 0.55 0.49 0.41 0.27 0.2 0.17 0.16 0.14 0.13 0.12 0.1 0.09 0.08 0.07 0.07 0.06 0.06 0.05

Weighting

Change

1 3 5 5 5 5 5 5 #N/A N/A

U M M M M M M N M

Latest Chg 1'774'654 70'000 353'049 500'000 359'000 (120'778) (170'000) 1'170'741 87'714 (356'480) 17'407

Target Price #N/A N/A 259 302 379 386 #N/A N/A 419 416 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2011 30.09.2011 30.06.2012 31.07.2012 31.03.2012 31.07.2012 31.03.2012 30.06.2012 31.08.2012 31.07.2012 31.07.2012 30.04.2009 25.04.2012 30.06.2012 31.03.2012 31.07.2012 31.03.2012 29.06.2012 30.04.2012 30.06.2012

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor n/a Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 11.09.2012 29.08.2012 24.08.2012 06.03.2012 14.12.2011 29.11.2011 19.11.2010 02.04.2010 17.04.2009

09.10.2012

Moscow United Electric Grid Co JSC Moscow United Electric Grid Company Joint Stock Company Moscow provides electrical power to residential and industrial customers in the Moscow Region of Russian Federation.

Price/Volume 2

250.0 M

2 200.0 M

1 1

150.0 M

1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2012) 52-Week Low (07.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2011 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MSRS RM EQUITY YTD Change MSRS RM EQUITY YTD % CHANGE

12/2011 01/yy 1.77 1.12 419'000.00 1.24 -29.94% 10.37% 17.98% 48'707.1 60'396.79 46'475.65 0.0 484.5 4'119.88 103'237.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

50.0 M

0 0 s-11

.0 M o-11

31.12.2008 31.12.2009 65'331.9 85'830.8 1.64x 1.11x 18'482.4 30'722.2 5.79x 3.11x 7'190.1 10'755.7 7.83x 4.84x Profitability

31.12.2010 111'731.6 1.06x 37'166.4 3.20x 17'170.8 4.73x

31.12.2011 129'366.0 0.93x 41'648.6 2.90x 17'947.8 4.34x 41'648.60 25'109.74 19.41% 18.12% 7.43% 15.74% 12.31% 0.54% 32.2% 19.4% 13.9% 0.52 0.24 18.62% 37.96% 14.37 -

Price/ Cash Flow

d-11

LTM-4Q

LTM

01/yy

01/yy -

j-12

f-12 m-12

a-12 m-12

j-12

a-12

FY+1 -

0.56 3'891.70 -17.50% -20.94% 0.557 14 3.143 1'442'600 5'284'500 3'527'470 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 124'391.0 130'255.3 0.84x 0.88x 38'501.4 38'901.9 2.68x 2.65x 14'391.0 13'774.8 4.43x 4.81x S&P Issuer Ratings

23.28 6.89 1.02 1.12 38.0% 27.4% 0.54 0.65 25.40 -

Sales/Revenue/Turnover

3.50

140'000.0

3.00

120'000.0

2.50

100'000.0

2.00

80'000.0

1.50

60'000.0

1.00

40'000.0

0.50

20'000.0

0.00 04.01.2009

n-11

Fiscal Year Ended 31.12.2007 48'372.6 3.01x 16'056.0 9.07x 6'292.5 19.05x

100.0 M

0.0 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 |

09.10.2012

Moscow United Electric Grid Co JSC Holdings By:

All

Holder Name IDGC HOLDING JSC DU ZAO LEADER DU NPF AGANA ASSET MANAGEME GPB-DI HOLDINGS LTD OJSC OEK-FINANCE KAPITAL FUNDS SWEDBANK ROBUR FONDE FIRST TRUST ADVISORS MANAGEMENT-CONSULTIN NOMURA INTERNATIONAL FINASTA ASSET MANAGE ALLIANZ ROSNO ASSET BANK OF MOSCOW VTB ASSET MANAGEMENT

Firm Name Uralsib IFC Metropol Infina Investment Company Otkritie Capital RMG Securities ING Wholesale Banking Renaissance Capital VTB Capital Goldman Sachs Aton LLC EVA Dimensions Deutsche Bank Morgan Stanley Alfa-Bank JPMorgan

Analyst MATVEI TAITS KONSTANTIN REYLI ALEXANDER IVANISCHEV SERGEY BEIDEN DMITRY DORONIN IGOR GONCHAROV DEREK WEAVING MIKHAIL RASSTRIGIN TATYANA LUKINA ILYA KOUPREYEV TEAM COVERAGE DMITRY BULGAKOV IGOR KUZMIN ALEXANDER KORNILOV SERGEY V ARININ

Source Co File Co File Research Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy hold hold buy hold sell sell neutral/neutral buy buy hold Equalwt/In-Line underweight neutral

Amt Held 24'791'908'730 10'306'420'211 4'709'975'588 2'547'380'799 2'459'708'037 51'757'000 41'000'000 25'319'158 8'300'000 6'087'000 3'500'000 1'793'353 812 123

% Out 50.9 21.16 9.67 5.23 5.05 0.11 0.08 0.05 0.02 0.01 0.01 0 0 0

Weighting

Change 3 5 3 3 5 3 1 1 3 5 5 3 3 1 3

M M M M M M M M M M M D M D U

Latest Chg 7'602'000 1'450'000 (612'000) -

Target Price 1 2 2 2 2 1 0 1 2 2 #N/A N/A 2 1 1 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 02.08.2011 Government 02.08.2011 n/a 06.12.2010 Investment Advisor 02.08.2011 n/a 02.08.2011 n/a 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor 17.09.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.03.2012 Investment Advisor 31.08.2010 Investment Advisor 30.12.2011 Investment Advisor 29.06.2012 Investment Advisor 31.08.2012 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Date 17.09.2012 10.09.2012 03.09.2012 15.08.2012 13.08.2012 09.08.2012 14.06.2012 14.06.2012 08.06.2012 11.05.2012 09.05.2012 16.02.2012 11.11.2011 17.10.2011 15.02.2011

09.10.2012

Mosenergo OAO Mosenergo, also known as TGK-3, produces and distributes electricity and thermal energy within Moscow and the Moscow Region limits. The Company has a monopoly on energy in the Moscow market. Mosenergo also supplies electricity to the wholesale market. The Company operates branch offices, power stations, and electrical networks.

Price/Volume 3

100.0 M

12/2011 06/yy 2.38 1.19 5'795'000.00 1.4288 -40.08% 20.29% 19.68% 39'749.4 56'793.88 15'577.00 0.0 0.0 25'572.00 42'738.88

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

80.0 M

60.0 M 40.0 M

20.0 M

0 s-11

.0 M o-11

31.12.2008 31.12.2009 94'819.0 112'636.0 0.46x 1.20x 8'340.0 14'234.0 5.23x 9.47x 2'055.0 1'658.0 18.30x 78.44x Profitability

LTM-4Q 31.12.2010 145'298.0 0.80x 20'092.0 5.80x 8'668.0 14.72x

31.12.2011 161'119.0 0.36x 23'928.0 2.41x 9'892.0 6.82x 23'928.00 10'887.00 6.76% 7.43% 3.82% 5.02% 5.30% 0.62% 14.9% 6.8% 6.1% 2.49 1.87 5.94% 7.79% 8.65 -

Price/ Cash Flow

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

LTM

FY+1

0.97 5'961.78 -23.44% -14.49% 0.968 14 4.857 26'628'400 38'371'870 27'912'150 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 160'496.0 156'876.0 169'738.9 186'769.1 27'288.7 2.84x 1.22x 0.30x 0.28x 25'433.0 17'675.0 22'768.3 22'925.4 2'428.0 20'517.0 3.50x 0.00x 1.88x 1.86x 12'123.0 7'158.0 7'966.6 7'190.7 (673.0) 8.17x 7.70x 6.27x 7.29x S&P Issuer Ratings Long-Term Rating Date 27.05.2011 Long-Term Rating BB Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 7.10 (EBITDA-Capex)/Interest Exp. 2.00 Net Debt/EBITDA -0.42 Total Debt/EBITDA 0.65 Reference Total Debt/Equity 7.8% Total Debt/Capital 7.2% Asset Turnover 0.62 Net Fixed Asset Turnover 0.88 Accounts receivable turnover-days 42.18 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

20.00

180'000.0

18.00

160'000.0

16.00

140'000.0

14.00

120'000.0

12.00

100'000.0

10.00

80'000.0

8.00

60'000.0

6.00

40'000.0

4.00

20'000.0

2.00 0.00 04.01.2009

n-11

Fiscal Year Ended 31.12.2007 78'598.0 2.88x 7'037.0 32.14x 837.0 246.87x

120.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.12.2011) 52-Week Low (31.08.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MSNG RM EQUITY YTD Change MSNG RM EQUITY YTD % CHANGE

140.0 M

0.0 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 |

09.10.2012

Mosenergo OAO Holdings By:

All

Holder Name GAZPROM ENERGOHOLDIN CITY OF MOSCOW INTER RAO UES OJSC CARNEGIE FONDER AB/S URALSIB JSC VAN ECK ASSOCIATES C EVLI FUND MANAGEMENT BANK OF MOSCOW FIRST TRUST ADVISORS EATON VANCE MANAGEME VANGUARD GROUP INC KAPITAL FUNDS MANAGEMENT-CONSULTIN VTB ASSET MANAGEMENT JULIUS BAER MULTICOO ENERGOCAPITAL MANAGE ALLIANZ ROSNO ASSET TUNDRA FONDER AB / S PRUDENTIAL FINANCIAL INTERFIN CAPITAL

Firm Name Uralsib Deutsche Bank Goldman Sachs EVA Dimensions Infina Investment Company VTB Capital Troika Dialog ING Wholesale Banking Otkritie Capital JPMorgan RMG Securities IFC Metropol Alfa-Bank Finam Investment Olma Aton LLC

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MATVEI TAITS DMITRY BULGAKOV TATYANA LUKINA TEAM COVERAGE ALEXANDER IVANISCHEV MIKHAIL RASSTRIGIN ALEXANDER KOTIKOV IGOR GONCHAROV SERGEY BEIDEN SERGEY V ARININ DMITRY DORONIN KONSTANTIN REYLI ALEXANDER KORNILOV ALEXEY KOVALEV ROMAN GABBASOV ILYA KOUPREYEV

Source Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy Buy/Neutral buy buy buy buy buy hold overweight buy buy overweight buy buy buy

Amt Held 21'265'907'266 10'513'705'555 2'007'342'648 114'531'615 99'730'900 95'453'908 20'670'000 18'363'000 17'908'326 16'442'065 16'203'012 14'150'000 12'600'000 6'604'500 6'000'000 5'014'000 4'456'934 4'400'000 4'030'000 3'863'300

% Out 53.5 26.45 5.05 0.29 0.25 0.24 0.05 0.05 0.05 0.04 0.04 0.04 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0.01

Weighting

Change 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5

M M M U M M M M M M M M M M N N

Latest Chg (2'626'000) (981'000) (4'525'000) 1'200'000 (17'000) 4'400'000 -

Target Price 2 3 2 #N/A N/A 3 2 2 2 2 4 3 2 4 4 5 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 31.12.2011 31.07.2012 31.05.2012 14.09.2012 29.06.2012 29.06.2012 17.09.2012 31.07.2012 30.06.2012 31.08.2012 31.08.2012 31.08.2012 31.05.2012 29.02.2012 30.12.2011 31.03.2012 31.07.2012 31.01.2011

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 3 month Not Provided 12 month Not Provided 12 month Not Provided 12 month

Inst Type Government Government Government Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 17.09.2012 14.09.2012 06.09.2012 06.09.2012 03.09.2012 03.09.2012 31.08.2012 31.08.2012 31.08.2012 17.08.2012 16.07.2012 28.06.2012 12.04.2012 20.07.2011 14.06.2011 15.02.2011

09.10.2012

Mostotrest Mostotrest is a transport infrastructure construction company. The Company specialises in building and reconstruction of bridges, highways, airfields, and water infrastructure facilities including marine and shore structures and berth facilities.

Price/Volume 250

1.2 M

200

1.0 M .8 M

150

.6 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.04.2012) 52-Week Low (13.10.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MSTT RM EQUITY YTD Change MSTT RM EQUITY YTD % CHANGE

100

12/2010 03/yy 216.00 152.02 61'680.00 197.8 -8.43% 30.11% 62.44% 282.2 55'822.23 7'632.00 0.0 (7.0) 30'593.00 55'487.23

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 0.0 0.00x 0.0 0.00x 0.0 0.00x

.4 M

31.12.2008 31.12.2009 30'334.0 32'392.0 0.43x 0.83x 3'456.0 5'708.0 3.77x 4.70x 719.0 2'604.0 14.25x 9.88x Profitability

LTM-4Q 31.12.2010 60'279.0 0.91x 6'488.0 8.46x 1'730.0 35.16x

31.12.2011 98'996.0 0.31x 9'609.0 3.17x 3'705.0 14.47x 9'609.00 5'533.00 5.59% 5.13% 4.37% 21.16% 17.75% 1.17% 13.1% 9.7% 5.6% 3.7% 1.01 0.43 7.74% 40.85% 21.36 16.38

Price/ Cash Flow

LTM

FY+1

1.52 1.01 102.70 34.67% 10.43% 1.008 16 4.625 69'344 74'258 47'511 FY+2

FQ+1

FQ+2

03/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

03/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3 5'886.3 119'839.9 137'005.9 0.00x 0.35x 0.29x 0.0 10'823.4 12'350.0 0.00x 5.13x 4.49x 683.5 4'546.8 5'662.1 0.00x 11.66x 10.01x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

10.44 7.34 -2.39 0.79 40.8% 29.0% 1.17 7.07 17.09 22.28 35.61 3.75

Sales/Revenue/Turnover

4.50

120'000.0

4.00

100'000.0

3.50

80'000.0

3.00 2.50

60'000.0

2.00

40'000.0

1.50 1.00

20'000.0

0.50 0.00 04.01.2009

0.0 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 |

09.10.2012

Mostotrest Holdings By:

All

Holder Name MARC O'POLO INVESTM TRANSFINGRUP UK EAST CAPITAL ASSET M BLACKROCK GROUP LIMI RENAISSANCE ASSET MA BNP PARIBAS ASSET MG FIM FUND MANAGEMENT JUPITER ASSET MANAGE SWEDBANK ROBUR FONDE JPMORGAN ASSET MANAG CLARIDEN SICAV T ROWE PRICE ASSOCIA EVLI FUND MANAGEMENT WOORI ASSET MANAGEME GRIFFIN CAPITAL MGMT SEB LUX CAPITAL SELE HANDELSBANKEN FONDER JP MORGAN CHASE & CO JUPITER GLOBAL ACTIV ING INTERNATIONAL AD

Firm Name RMG Securities Goldman Sachs Alfa-Bank Olma Broker Credit Service ING Wholesale Banking VTB Capital Sovlink Securities Otkritie Capital EVA Dimensions JPMorgan IFC Metropol Aton LLC Renaissance Capital Deutsche Bank Troika Dialog TKB Capital

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KSENIA ARUTYUNOVA ARTYOM GOLODNOV VLADIMIR DOROGOV ANTON STARTSEV IGOR KRAEVSKY TATYANA PROKINA ELENA SAKHNOVA KONSTANTIN ROMANOV ALEKSANDER CHURIKOV TEAM COVERAGE ELENA V JOURONOVA ANDREY ROZHKOV MIKHAIL PAK MIKHAIL SAFIN GEORGY IVANIN MIKHAIL GANELIN ANATOLY VYSOTSKY

Source Co File Co File MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy Buy/Neutral overweight buy buy buy buy buy not rated underweight overweight buy buy Under Review buy buy buy

Amt Held 109'019'853 70'497'436 6'006'958 3'657'555 3'049'750 2'733'951 2'260'952 2'194'500 1'501'000 1'324'347 1'088'256 1'031'598 879'528 704'000 648'216 571'068 531'680 442'943 400'500 362'500

% Out 38.63 24.98 2.13 1.3 1.08 0.97 0.8 0.78 0.53 0.47 0.39 0.37 0.31 0.25 0.23 0.2 0.19 0.16 0.14 0.13

Weighting

Change

5 5 5 5 5 5 5 5 #N/A N/A 1 5 5 5 #N/A N/A 5 5 5

M M M M N M M M M M N M M M M M M

Latest Chg 136'800 (20'000) (5'900) 194 -

Target Price 246 324 259 229 272 280 357 308 #N/A N/A #N/A N/A 280 273 267 #N/A N/A 249 270 268

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Other 31.12.2011 n/a 31.03.2012 Investment Advisor 31.05.2012 Investment Advisor 30.03.2011 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor 29.02.2012 Investment Advisor 31.03.2012 Investment Advisor 30.04.2012 Investment Advisor 30.12.2011 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 31.03.2012 Mutual Fund Manager 31.05.2012 Unclassified 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor 29.02.2012 Investment Advisor 29.06.2012 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 3 month 12 month 12 month Not Provided 12 month 12 month 12 month

Date 22.08.2012 20.07.2012 20.07.2012 17.07.2012 11.07.2012 05.07.2012 02.07.2012 28.05.2012 24.05.2012 09.05.2012 19.04.2012 01.03.2012 03.02.2012 17.01.2012 28.11.2011 18.10.2011 26.09.2011

09.10.2012

NovaTek OAO NovaTek OAO is a Russian independent producer of natural gas. The Company explores for,produces, processes, transports and markets natural gas and liquid hydrocarbons. The Company's primary production and processing assets are located in the Yamal-Nenets Autonomous Region in Western Siberia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.11.2011) 52-Week Low (01.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NVTKS RU EQUITY YTD Change NVTKS RU EQUITY YTD % CHANGE

12/2009 06/yy 435.00 277.07 7'849.00 363.33 -16.48% 31.13% 53.69% 3'036.3 1'103'181.00 95'478.00 0.0 669.0 23'831.00 1'182'153.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 62'321.0 9.03x 29'157.0 19.31x 18'736.0 29.89x

500 450 400 350 300 250 200 150 100 50 0 s-11

31.12.2008 31.12.2009 79'272.0 89'954.0 2.06x 6.26x 36'798.0 39'271.0 4.43x 14.33x 22'899.0 26'043.0 6.43x 19.80x Profitability

LTM-4Q 31.12.2010 117'024.0 9.42x 56'200.0 19.61x 40'533.0 25.12x

31.12.2011 176'064.0 7.20x 88'917.0 14.27x 119'655.0 9.99x 88'917.00 79'442.00 45.12% 76.69% 35.79% 61.66% 41.99% 0.53% 50.5% 45.1% 68.0% 1.16 0.77 24.90% 39.62% 16.06 -

Price/ Cash Flow

LTM

FY+1

1'222.09 -6.06% 9 3.444 5'739 14'983 18'914 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 149'013.0 190'145.0 221'393.6 271'876.6 28.45x 25.01x 5.26x 4.18x 73'878.0 91'324.0 100'109.3 126'472.7 15.51x 11.73x 11.81x 9.35x 55'486.0 117'289.0 71'032.9 90'651.7 18.90x 8.45x 16.28x 12.02x S&P Issuer Ratings Long-Term Rating Date 19.11.2010 Long-Term Rating BBBLong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 41.36 (EBITDA-Capex)/Interest Exp. 29.58 Net Debt/EBITDA 0.81 Total Debt/EBITDA 1.07 Reference Total Debt/Equity 39.6% Total Debt/Capital 28.3% Asset Turnover 0.53 Net Fixed Asset Turnover 1.00 Accounts receivable turnover-days 22.73 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

30.00

200'000.0 180'000.0

25.00

160'000.0 140'000.0

20.00

120'000.0

15.00

100'000.0 80'000.0

10.00

60'000.0 40'000.0

5.00 0.00 02.01.2009

20'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

NovaTek OAO Holdings By:

All

Holder Name SANTATA OOO TOTAL E&P ARCTIC ROS WHITE SEAL HOLDINGS GAZFIN CYPRUS LTD ZAO LEVIT BELONA SWGI GROWTH FUND CYP MIKHELSON LEONID V KUZNETSOVA TATYANA S POPOV MIKHAIL VIKTOR YANOVSKIY KIRILL NIK FRIDMAN ALEXANDER KAPITAL ASSET MANAGE BNP PARIBAS ASSET MG VANGUARD GROUP INC URALSIB JSC BASKOV VLADIMIR ALEK AMERIPRISE FINANCIAL DEXIA ASSET MANAGEME HANDELSBANKEN FONDER

Firm Name Nomos Bank EVA Dimensions Infina Investment Company Otkritie Capital Alfa-Bank RMG Securities VTB Capital Aton LLC IFC Metropol Gazprombank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DENIS BORISOV TEAM COVERAGE ALEXANDER IVANISCHEV ALEXANDER BURGANSKY MARIYA YEGIKYAN MIKHAIL LOSHININ DMITRY LOUKASHOV ELENA SAVCHIK SERGEY VAKHRAMEEV ALEXANDER NAZAROV

Source Co File Co File Research Co File Co File Co File Co File Co File Co File Co File Co File Co File Research MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG

Recommendation hold underweight hold hold equalweight buy hold buy buy buy

Amt Held 398'666'966 367'089'384 303'545'574 303'326'960 222'257'592 188'554'597 187'036'444 14'228'129 5'902'579 4'372'281 3'191'158 2'186'140 1'915'220 1'564'646 1'234'181 930'670 874'456 782'110 552'500 443'156

% Out 13.13 12.09 10 9.99 7.32 6.21 6.16 0.47 0.19 0.14 0.11 0.07 0.06 0.05 0.04 0.03 0.03 0.03 0.02 0.01

Weighting

Change 3 1 3 3 3 5 3 5 5 5

D D M M N M M M M N

Latest Chg 30'437 (72'760) 782'110 (1'500) (48'000)

Target Price 438 #N/A N/A 441 400 428 442 412 564 523 475

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.09.2011 08.09.2011 30.09.2010 08.09.2011 08.09.2011 08.09.2011 08.09.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 25.04.2012 31.07.2012 30.06.2012 31.05.2012 31.12.2011 31.07.2012 31.07.2012 31.08.2012

Date Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month

Inst Type Other Corporation Other Unclassified Holding Company Investment Advisor n/a n/a n/a n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 17.09.2012 10.09.2012 03.09.2012 27.08.2012 15.08.2012 12.07.2012 20.03.2012 20.01.2012 28.09.2011 20.05.2011

09.10.2012

Novolipetsk Steel OJSC Novolipetsk Steel (NLMK) manages a full production cycle of ferrous metal products, including hot rolled and cold rolled carbon steel, hot dip galvanized flats, color-coated steel, alloyed steel, electrical steel, and cast iron. NLMK is based in Lipetsk of Central Russia. The Company exports most of its products to Europe, South East Asia, the Middle East, and the US.

Price/Volume

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (24.10.2011) 52-Week Low (15.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NLMKS RU EQUITY YTD Change NLMKS RU EQUITY YTD % CHANGE

12/2009 06/yy 82.30 50.80 100.00 61.82 -24.88% 21.69% 34.98% 5'993.2 370'501.31 4'379.80 0.0 (41.9) 1'024.45 15'430.39

2.0 M

1.5 M

1.0 M

.5 M

10 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

80 70

Valuation Analysis

31.12.2007 7'719.1 3.23x 3'406.1 7.31x 2'247.3 10.91x

31.12.2008 31.12.2009 11'698.7 6'139.9 0.60x 3.10x 4'688.7 1'413.7 1.50x 13.46x 2'278.7 215.1 2.69x 85.26x Profitability

LTM-4Q 31.12.2010 8'350.7 3.56x 2'322.2 12.79x 1'255.0 22.60x

31.12.2011 11'728.6 1.28x 2'254.4 6.67x 1'357.6 8.64x 2'254.39 1'665.68 14.20% 14.81% 8.71% 13.70% 9.87% 0.75% 33.7% 19.2% 14.2% 11.6% 1.87 0.63 25.38% 43.16% 17.98 3.53

Price/ Cash Flow

LTM

06/yy 9'838.8 10.62x 2'596.3 9.50x 1'644.4 14.65x

06/yy 12'738.9 4.68x 1'871.3 7.06x 828.8 11.70x

FY+1

866.46 11 3.727 0 3 2 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 12'505.3 13'185.2 3'230.7 1.24x 1.15x 2'207.2 2'484.6 573.7 6.99x 6.21x 1'046.8 1'299.0 269.0 11.90x 10.63x S&P Issuer Ratings

23.07.2008 BBBNEG 1.49 1.94 43.2% 30.2% 0.75 1.24 20.30 103.41 25.99 97.72

Sales/Revenue/Turnover

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00

0.00 02.01.2009

2'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

Novolipetsk Steel OJSC Holdings By:

All

Holder Name FLETCHER GROUP HOLDI ABERDEEN ASSET MANAG ING INVESTMENT MANAG URALSIB JSC BANK OF MOSCOW VANGUARD GROUP INC SOLID MANAGEMENT VTB ASSET MANAGEMENT TKB BNP PARIBAS ENERGOCAPITAL MANAGE ANISIMOV IGOR NIKOLA ELBY TRUST LTD LARIN YURY IVANOVICH AK BARS CAPITAL LTD ALLIANZ ROSNO ASSET LEGAL & GENERAL GROU HIRTLE CALLAGHAN & C INTRAST JSC AGLYAMOVA GALINA ALE INTERFIN CAPITAL

Firm Name RMG Securities Infina Investment Company Aton LLC Alfa-Bank Broker Credit Service Nomos Bank EVA Dimensions Raiffeisenbank AG Grandis Capital Renaissance Capital Otkritie Capital TKB Capital

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst ANDREY TRETELNIKOV ALEXANDER IVANISCHEV DINNUR GALIKHANOV BARRY EHRLICH OLEG PETROPAVLOVSKIY YURI VOLOV TEAM COVERAGE IRYNA TRYGUB-KAINZ ANDREW KUCHEROV ROBERT EDWARDS ROBERT MANTSE EVGENY RYABKOV

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG

Recommendation hold hold hold equalweight hold buy sell buy buy buy Under Review hold

Amt Held 5'126'606'419 3'620'200 1'451'500 1'416'490 1'314'140 970'102 383'170 279'430 117'329 102'150 101'885 50'000 49'744 43'220 28'700 28'533 17'159 15'392 10'188 6'000

% Out 85.54 0.06 0.02 0.02 0.02 0.02 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighting

Change

3 3 3 3 3 5 1 5 5 5 #N/A N/A 3

D M U M M M M N N M M D

Latest Chg 100'000 25'000 82'730 34'010 (185'900) 30'660 50'000 (280) (5'450) (8'000) -

Target Price 74 90 61 55 58 91 #N/A N/A 88 109 108 #N/A N/A 95

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.07.2012 30.06.2012 31.05.2012 29.06.2012 30.06.2012 31.07.2012 31.08.2012 31.07.2012 29.02.2012 31.12.2011 29.02.2012 31.12.2011 30.11.2011 30.12.2011 31.07.2012 30.09.2011 29.02.2012 31.12.2011 31.01.2011

Date Not Provided Not Provided 12 month Not Provided 2 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager

Date 17.09.2012 03.09.2012 03.09.2012 24.07.2012 20.07.2012 27.06.2012 09.05.2012 25.01.2012 24.01.2012 17.11.2011 04.10.2010 15.01.2010

09.10.2012

Novorossiysk Commercial Sea Port PJSC Novorossiysk Commercial Sea Trade Port owns and operates the Novorossiysk Port on the BlackSea. The Company processes, loads, and unloads cargo. The Port's main cargo iscrude oil. Novorossiysk also services dry cargo such as metals, cement, sugar, grain and containers. The Port's location on the Black Sea allows for year round service to a majority of foreign trade sea routes.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.11.2011) 52-Week Low (17.09.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NMTP RM EQUITY YTD Change NMTP RM EQUITY YTD % CHANGE

12/2011 06/yy 3.35 2.57 639'000.00 2.9401 -12.24% 14.62% 44.25% 19'259.8 56'625.78 2'506.26 0.0 25.6 149.36 3'968.99

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

140.0 M

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2006 277.3 0.00x 109.6 0.00x 44.8 0.00x

31.12.2007 31.12.2008 483.4 653.8 11.35x 3.90x 204.3 367.1 26.85x 6.94x 93.7 90.5 52.94x 23.70x Profitability

LTM-4Q 31.12.2009 675.1 4.80x 434.4 7.45x 249.8 12.38x

31.12.2010 635.3 4.13x 415.2 6.32x 252.5 10.25x 553.56 475.93 45.35% 15.68% 4.87% 13.35% 10.24% 0.40% 52.8% 52.7% 45.3% 12.1% 0.61 0.40 65.39% 267.02% 32.78 48.93

Price/ Cash Flow

06/yy 781.2 19.43x 410.4 11.88x 323.3 7.15x

LTM 06/yy 1'096.5 15.12x 483.4 0.00x 43.6 35.04x

FY+1

0.68 5'758.69 -1.05% -6.85% 0.678 4 4.500 2'097'400 1'097'800 1'249'636 FY+2

FQ+1

FQ+2

12/11 Y 12/12 Y 09/11 Q3 12/11 Q4 985.0 1'204.0 285.5 4.23x 3.11x 555.5 613.0 156.5 7.14x 6.47x 186.6 387.0 73.6 7.27x 9.45x S&P Issuer Ratings

15.04.2011 BBNEG 3.83 3.17 4.26 4.53 267.0% 72.2% 0.40 0.83 11.13 7.46 7.11 11.48

Sales/Revenue/Turnover

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0 6.00

400.0 4.00

200.0

2.00 0.00 04.01.2009

0.0 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 |

09.10.2012

Novorossiysk Commercial Sea Port PJSC Holdings By:

All

Holder Name NOVOPORT HOLDING LTD RUSSIAN FEDERAL PROP JP MORGAN CHASE BANK DWS INVESTMENT S A KAPITAL FUNDS BANK OF MOSCOW DEUTSCHE INVESTMENT TKB BNP PARIBAS VTB ASSET MANAGEMENT

Firm Name EVA Dimensions Infina Investment Company IFC Metropol RMG Securities Aton LLC Renaissance Capital Veles Capital

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TEAM COVERAGE MAXIM TSITOVICH ANDREY ROZHKOV ELENA SADOVSKAYA NIKITA MELNIKOV ALEXANDER KAZBEGI MARINA IRKLY

Source Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy buy Under Review buy buy sell

Amt Held 9'649'167'041 3'851'962'891 3'014'160'962 19'344'068 9'300'000 1'800'000 1'649'222 300'000 -

% Out 50.1 20 15.65 0.1 0.05 0.01 0.01 0 0

Weighting

Change

3 5 5 #N/A N/A 5 5 1

U M M M M M D

Latest Chg 600'000 (1'500'000)

Target Price #N/A N/A 5 4 #N/A N/A 376 4 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 15.12.2011 Holding Company 15.12.2011 Government 15.12.2011 Investment Advisor 31.07.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 29.06.2012 Investment Advisor 25.07.2011 Investment Advisor 31.07.2012 Mutual Fund Manager 31.07.2012 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided

Date 13.09.2012 03.09.2012 20.08.2012 19.03.2012 20.01.2012 03.11.2010 28.07.2009

09.10.2012

OGK-2 OAO OGK-2 OAO is an integrated energy company.

Price/Volume 1

800.0 M 700.0 M

600.0 M 1

Latest Fiscal Year: LTM as of: 52-Week High (31.10.2011) 52-Week Low (04.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OGKB RM EQUITY YTD Change OGKB RM EQUITY YTD % CHANGE

12/2011 03/yy 1.03 0.38 31'664'000.00 0.3933 -61.92% 4.32% 1.91% 59'327.9 23'333.67 32'769.95 0.0 0.0 359.12 55'144.14

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

400.0 M 300.0 M

200.0 M 0

100.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 33'785.7 3.20x 1'583.2 68.20x (266.3) 0.00x

500.0 M

Valuation Analysis

31.12.2008 31.12.2009 40'556.3 40'770.0 0.32x 0.93x 603.4 3'232.4 21.50x 11.77x (385.1) 1'094.1 0.00x 27.43x Profitability

LTM-4Q 31.12.2010 96'462.8 0.71x 10'543.8 6.50x 4'670.2 22.79x

31.12.2011 104'895.6 0.72x 5'900.5 12.77x 10.2 4329.38x 5'900.45 2'217.91 2.11% 0.40% 0.01% 0.01% 0.05% 0.84% 5.6% 2.1% 0.0% 1.53 0.56 24.83% 39.73% 14.51 -

Price/ Cash Flow

LTM

FY+1

1.06 20'580.27 -56.25% -47.68% 1.058 16 2.625 64'582'000 87'088'860 75'012'140 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 97'251.1 116'543.4 110'071.7 125'167.9 21'231.0 31'846.0 2.48x 1.99x 0.62x 0.66x 11'319.0 5'467.0 8'301.6 11'206.6 4.72x 13.55x 6.64x 4.92x 5'285.5 (1'501.2) 1'490.4 2'986.7 50.0 (110.0) 15.79x 0.00x 21.85x 11.92x 32.78x 20.70x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

3.51 -6.68 5.49 5.55 39.7% 28.4% 0.84 1.06 25.15 -

Sales/Revenue/Turnover

140.00

120'000.0

120.00

100'000.0

100.00

80'000.0

80.00

60'000.0 60.00

40'000.0 40.00

20'000.0

20.00 0.00 04.01.2009

0.0 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 |

09.10.2012

OGK-2 OAO Holdings By:

All

Holder Name CENTERENERGYHOLDING INVEST-GENERATSIYA L INTER RAO UES OJSC HANDELSBANKEN FONDER EAST CAPITAL ASSET M VANGUARD GROUP INC INTERFIN CAPITAL BANCO FONDER AB BANK OF MOSCOW PARVEST INVESTMENT M SHINHAN BNP PARIBAS VAN ECK ASSOCIATES C KAPITAL FUNDS BNP ASSET MANAGEMENT ALLIANZ ROSNO ASSET BARCLAYS MULTI-MANAG STATE STREET GLOBAL NOMURA INTERNATIONAL ENERGOCAPITAL MANAGE BLACKROCK INSTITUTIO

Firm Name Uralsib RMG Securities Deutsche Bank ING Wholesale Banking EVA Dimensions Goldman Sachs Infina Investment Company Troika Dialog VTB Capital Otkritie Capital Gazprombank IFC Metropol Renaissance Capital HSBC Alfa-Bank Finam Investment Aton LLC

Analyst MATVEI TAITS DMITRY DORONIN DMITRY BULGAKOV IGOR GONCHAROV TEAM COVERAGE TATYANA LUKINA ALEXANDER IVANISCHEV ALEXANDER KOTIKOV MIKHAIL RASSTRIGIN SERGEY BEIDEN DMITRY KOTLYAROV KONSTANTIN REYLI DEREK WEAVING DMYTRO KONOVALOV ALEXANDER KORNILOV ALEXEY KOVALEV ILYA KOUPREYEV

Source Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold Under Review buy hold sell Sell/Neutral buy hold sell sell Under Review sell sell underweight overweight buy sell

Amt Held 31'206'488'961 4'158'887'597 3'381'691'770 342'498'255 239'936'122 132'438'526 76'396'200 32'461'582 26'804'505 26'031'099 23'936'975 19'994'900 7'251'273 5'024'586 3'849'864 3'423'000 1'516'697 925'469 621'902 618'461

% Out 52.6 7.01 5.7 0.58 0.4 0.22 0.13 0.05 0.05 0.04 0.04 0.03 0.01 0.01 0.01 0.01 0 0 0 0

Weighting

Change

3 #N/A N/A 5 3 1 1 5 3 1 1 #N/A N/A 1 1 1 5 5 1

M M M M D M M D M D M D M M M M D

Latest Chg 74'245'578 21'958'951 17'303'866 (3'250'000) -

Target Price 0 #N/A N/A 1 0 #N/A N/A 0 1 1 0 0 #N/A N/A 0 2 1 1 2 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2012 Government 31.03.2012 n/a 31.03.2012 Government 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 31.01.2011 Mutual Fund Manager 31.03.2012 Investment Advisor 29.06.2012 Investment Advisor 30.04.2012 Investment Advisor 31.03.2012 Investment Advisor 14.09.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2011 Investment Advisor 30.12.2011 Investment Advisor 31.07.2012 Investment Advisor 14.09.2012 Investment Advisor 31.03.2012 Investment Advisor 29.02.2012 Mutual Fund Manager 14.09.2012 Investment Advisor

Date 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month

Date 17.09.2012 17.09.2012 14.09.2012 14.09.2012 10.09.2012 06.09.2012 03.09.2012 31.08.2012 30.08.2012 30.08.2012 26.07.2012 28.06.2012 14.06.2012 04.05.2012 13.02.2012 22.11.2011 26.04.2011

09.10.2012

Pharmstandard OJSC Pharmstandard manufactures pharmaceuticals. The Company produces generic products such as antifungal medicines and treatments for cough and cold. Pharmstandard also manufactures sterilizing, and other medical equipment.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.10.2011) 52-Week Low (24.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PHST RM EQUITY YTD Change PHST RM EQUITY YTD % CHANGE

12/2011 01/yy 2'175.00 1'255.50 1'896.00 1480 -31.95% 17.88% 19.31% 37.8 55'933.05 733.55 0.0 515.0 8'829.11 48'780.74

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

2500

.1 M

2000

.0 M

1500

.0 M

1000

.0 M

500

.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 11'371.3 6.19x 5'182.6 13.59x 3'227.9 20.72x

3000

31.12.2008 31.12.2009 14'335.9 24'095.4 1.62x 2.83x 6'239.5 9'305.1 3.72x 7.34x 3'504.0 6'836.4 5.94x 10.38x Profitability

31.12.2010 29'686.6 3.62x 9'969.7 10.79x 7'149.5 16.03x

31.12.2011 42'653.9 1.31x 11'976.1 4.65x 8'780.5 6.92x 11'976.06 11'087.20 25.99% 26.35% 21.15% 31.23% 30.38% 1.03% 37.3% 28.1% 26.0% 20.6% 2.46 1.79 1.68% 2.46% 3.25 3.66

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.75 17.27 -27.14% -11.65% 0.751 10 4.600 2'569 9'024 6'935 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 41'964.4 44'972.3 1.06x 0.83x 11'636.9 12'223.1 4.19x 3.99x 8'571.6 9'066.5 6.50x 6.27x S&P Issuer Ratings

397.36 339.25 -0.68 0.06 2.5% 2.4% 1.03 8.78 112.29 99.77 24.56 187.50

Sales/Revenue/Turnover

30.00

45'000.0 40'000.0

25.00

35'000.0 30'000.0

20.00

25'000.0 15.00

20'000.0 15'000.0

10.00

10'000.0 5.00 0.00 04.01.2009

5'000.0 0.0 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 |

09.10.2012

Pharmstandard OJSC Holdings By:

All

Holder Name AUGMENT INVESTMENTS ARTIO GLOBAL MANAGEM CARNEGIE FONDER AB/S URALSIB JSC ARTISAN PARTNERS HOL SWEDBANK ROBUR FONDE OFI ASSET MANAGEMENT KAPITAL FUNDS PICTET & CIE EUROPE RAIFFEISEN KAPITALAN FIDELITY MANAGEMENT JUPITER ASSET MANAGE VTB CAPITAL INVESTME US GLOBAL INVESTORS NATIXIS INTERNATIONA BANK OF MOSCOW VTB ASSET MANAGEMENT ERSTE SPARINVEST KAG TKB BNP PARIBAS UNIVERSAL INVESTMENT

Firm Name VTB Capital IFC Metropol Infina Investment Company Broker Credit Service JPMorgan Deutsche Bank RMG Securities Alfa-Bank EVA Dimensions Renaissance Capital Troika Dialog

Analyst IVAN KUSHCH TATYANA BOBROVSKAYA MAXIM TSITOVICH EKATERINA ANDREYANOVA ELENA V JOURONOVA NATALIA SMIRNOVA KSENIA ARUTYUNOVA IRINA PROKOPYEVA TEAM COVERAGE NATALYA ZAGVOZDINA VICTORIA SOKOLOVA

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy hold overweight buy buy equalweight buy buy buy

Amt Held 20'525'160 1'305'481 211'479 76'816 56'781 30'447 25'413 23'250 20'036 18'775 15'933 13'463 11'000 10'192 9'900 8'360 8'275 3'683 2'757 2'620

% Out 54.31 3.45 0.56 0.2 0.15 0.08 0.07 0.06 0.05 0.05 0.04 0.04 0.03 0.03 0.03 0.02 0.02 0.01 0.01 0.01

Weighting

Change 5 5 5 3 5 5 5 3 5 5 5

M M M M U M M D M M M

Latest Chg (115'123) (2'270) 1'250 (12'600) (9'000) 11'000 4'942 -

Target Price 2'600 3'029 2'084 1'811 2'202 2'200 2'543 2'220 #N/A N/A 2'247 2'671

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2010 30.04.2012 31.07.2012 31.05.2012 31.03.2012 31.03.2012 31.05.2012 31.08.2012 30.06.2012 31.07.2012 30.04.2012 29.02.2012 31.08.2012 30.03.2012 31.05.2012 29.06.2012 31.08.2012 31.05.2012 31.07.2012 29.06.2012

Date 12 month 12 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 14.09.2012 06.09.2012 03.09.2012 29.08.2012 27.07.2012 29.06.2012 24.05.2012 21.05.2012 09.05.2012 28.02.2012 17.09.2009

09.10.2012

Phosagro OAO Phosagro OAO is a global vertically integrated phosphate-based fertiliser producer. The Company focuses on the production of Phosphate-Based Fertilisers, feed phosphate and high-grade phosphate rock, as well as ammonia and Nitrogen-Based Fertilisers.

Price/Volume 1400

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M

1200 1000 800

Valuation Analysis

600

Latest Fiscal Year: LTM as of: 52-Week High (10.09.2012) 52-Week Low (29.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PHOR RM EQUITY YTD Change PHOR RM EQUITY YTD % CHANGE

12/2011 06/yy 1'499.00 770.00 517.00 1301.9 -13.15% 69.08% 72.54% 124.5 162'056.72 32'153.00 0.0 16'923.0 19'069.00 194'076.71

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

200 0 s-11

o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Market Data

Fiscal Year Ended 31.12.2007 0.0 0.00x 0.0 0.00x 0.0 0.00x

400

31.12.2008 31.12.2009 92'191.0 60'785.0 0.00x 0.00x 45'404.0 15'177.0 0.00x 0.00x 27'576.0 6'381.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 76'951.0 0.00x 20'464.0 0.00x 10'578.0 0.00x

31.12.2011 100'518.0 1.30x 35'370.0 3.70x 19'935.0 50.39x 35'370.00 29'319.00 29.17% 28.15% 19.43% 39.07% 26.47% 0.98% 44.1% 35.2% 29.2% 19.8% 1.42 0.80 29.42% 73.43% 38.53 6.31

Price/ Cash Flow

LTM

FY+1

66.74 28.98% 71.36% 3 5.000 2'109 2'104 3'583 FY+2

FQ+1

FQ+2

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 50'359.0 108'799.2 111'865.0 6.34x 1.68x 1.60x 17'137.0 36'748.4 35'812.2 0.00x 5.28x 5.42x 8'456.0 20'683.4 19'796.6 0.00x 7.33x 7.60x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

40.06 25.44 0.37 0.91 73.4% 34.6% 0.98 1.94 9.47 57.85 16.05 51.26

Sales/Revenue/Turnover

50.00

120'000.0

45.00

100'000.0

40.00 35.00

80'000.0

30.00

60'000.0

25.00 20.00

40'000.0

15.00 10.00

20'000.0

5.00 0.00 04.01.2009

0.0 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 |

09.10.2012

Phosagro OAO Holdings By:

All

Holder Name CARRANITA HOLDINGS L DUBBERSON HOLDINGS L DUBHE HOLDINGS LTD FORNIDO HOLDINGS LTD OWL NEBULA ENTEPRISE FEIVEL LTD VOLKOV MAXIM TKB BNP PARIBAS GERFIN LTD

Firm Name RMG Securities Raiffeisenbank AG

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst ELENA SADOVSKAYA KONSTANTIN YUMINOV

Source Co File Co File Co File Co File Co File Co File Research MF-AGG MF-AGG

Recommendation buy buy

Amt Held 10'574'775 10'500'305 10'500'305 10'003'837 8'650'961 6'218'266 1'293'050 24'197 155

% Out 8.5 8.44 8.44 8.04 6.95 5 1.04 0.02 0

Weighting

Change 5 5

Latest Chg 887 -

Target Price

N M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

1'306 1'658

File Dt Inst Type 30.06.2011 Holding Company 30.06.2011 Holding Company 30.06.2011 Holding Company 30.06.2011 Other 30.06.2011 Other 30.06.2011 Other 12.10.2011 n/a 31.07.2012 Mutual Fund Manager 03.07.2012 Mutual Fund Manager

Date Not Provided 12 month

Date 25.04.2012 15.11.2011

09.10.2012

PIK Group PIK Group develops residential real estate, sells completed units, and maintains residential real estate developed by itself and other companies. The Company operates primarily in the Moscow region.

Price/Volume 120

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M

100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.10.2011) 52-Week Low (14.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PIKK RM EQUITY YTD Change PIKK RM EQUITY YTD % CHANGE

12/2011 01/yy 94.99 65.55 71'470.00 71.59 -24.63% 9.21% 18.51% 493.3 35'312.51 47'071.00 0.0 505.0 3'165.00 80'588.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20 0 s-11

o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Market Data

Fiscal Year Ended 31.12.2007 69'050.0 5.49x 14'573.0 26.00x 17'854.0 19.72x

31.12.2008 31.12.2009 35'635.0 41'175.0 1.33x 2.34x 3'152.0 2'740.0 15.06x 35.15x (27'961.0) (11'115.0) 0.00x 0.00x Profitability

31.12.2010 38'090.0 2.62x 164.0 608.31x (6'088.0) 0.00x

31.12.2011 45'991.0 1.80x 6'931.0 11.92x 4'645.0 8.23x 6'931.00 6'195.00 13.47% 13.94% 3.74% 22.43% 0.37% 20.4% 15.1% 13.5% 10.1% 0.93 0.10 36.55% 6.39 0.52

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.43 275.16 -22.61% -7.58% 0.427 4 3.000 125'598 211'172 278'009 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 53'216.5 60'394.5 1.49x 7'336.5 9'424.0 10.98x 8.55x 1'024.0 2'883.5 40.79x 12.19x S&P Issuer Ratings

1.06 0.97 6.33 6.79 99.5% 0.37 4.98 57.09 703.71 90.82 669.98

Sales/Revenue/Turnover

70.00

80'000.0

60.00

70'000.0 60'000.0

50.00

50'000.0 40.00

40'000.0 30.00

30'000.0

20.00

20'000.0

10.00

10'000.0

0.00 04.01.2009

0.0 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 |

09.10.2012

PIK Group Holdings By:

All

Holder Name BRIGANTIA LTD HOLBORNER SERVICES L CLEARSTREAM BANKING VTB BANK ARTERTESIA CONSULTIN RENAISSANCE SECUR CY HANDELSBANKEN FONDER VANGUARD GROUP INC KAPITAL FUNDS MANAGEMENT-CONSULTIN ARSAGERA LTD LACERO TRADING LTD JONES HEWARD INVESTM NOMURA INTERNATIONAL STATE STREET GLOBAL TKB BNP PARIBAS BLACKROCK INSTITUTIO ALLIANZ ROSNO ASSET FORIENST INVESTMENTS VTB ASSET MANAGEMENT

Firm Name EVA Dimensions IFC Metropol VTB Capital TKB Capital Finam Investment Renaissance Capital

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst TEAM COVERAGE MARINOV ALEXANDER MARIA KOLBINA ANATOLY VYSOTSKY ELDAR VAGABOV DAVID FERGUSON

Source Co File Co File Co File Co File Co File Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG

Recommendation underweight buy buy buy buy hold

Amt Held 83'065'052 52'581'559 49'326'041 43'604'220 32'999'121 14'353'878 1'527'289 861'604 438'000 309'000 305'550 133'180 26'360 9'480 5'720 4'000 3'700 3'000 10 9

% Out 16.84 10.66 10 8.84 6.69 2.91 0.31 0.17 0.09 0.06 0.06 0.03 0.01 0 0 0 0 0 0 0

Weighting

Change 1 5 5 5 5 3

U N M M N M

Latest Chg (27'000) 182'214 48'000 23'000 54'410 -

Target Price #N/A N/A 100 119 213 236 103

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 18.10.2011 n/a 18.10.2011 n/a 18.10.2011 Bank 18.10.2011 Bank 18.10.2011 n/a 18.07.2011 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 30.11.2011 Mutual Fund Manager 09.09.2011 n/a 12.09.2012 Investment Advisor 31.03.2012 Investment Advisor 14.09.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 14.09.2012 Investment Advisor 30.12.2011 Investment Advisor 26.05.2011 n/a 31.07.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month Not Provided Not Provided

Date 27.08.2012 13.07.2012 15.05.2012 16.02.2011 21.10.2010 12.10.2009

09.10.2012

Raspadskaya OAO Raspadskaya is a compact integrated coal mining and enrichment complex located in the Kemerovo region of the Russian Federation.

Price/Volume 140

30.0 M

120

25.0 M

100

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.02.2012) 52-Week Low (24.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RASP RM EQUITY YTD Change RASP RM EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

5.0 M

20 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 784.1 6.80x 475.5 11.21x 239.1 21.15x

15.0 M

12/2011 01/yy 122.00 58.24 1'742'910.00 74.6 -38.85% 28.09% 27.82% 780.8 58'247.66 305.27 0.0 4.5 260.28 2'282.55

31.12.2008 31.12.2009 1'200.4 497.0 0.80x 7.97x 874.3 254.5 1.10x 15.57x 530.8 116.6 1.50x 32.62x Profitability

31.12.2010 705.6 7.76x 342.2 16.00x 244.8 22.40x

31.12.2011 726.1 3.38x 331.3 7.41x 135.4 17.76x 331.30 206.34 28.42% 24.42% 6.68% 10.60% 9.88% 0.36% 50.6% 45.6% 28.4% 18.7% 0.62 0.42 15.43% 28.87% 15.65 4.45

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.23 154.99 -9.02% -24.64% 1.228 22 3.455 3'425'984 1'831'377 1'432'239 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/11 Q2 09/11 Q3 670.1 920.6 3.54x 2.53x 237.8 388.8 9.60x 5.87x 50.8 155.9 34.26x 9.75x S&P Issuer Ratings

11.78 6.64 0.14 0.92 28.9% 22.3% 0.36 0.49 23.32 82.01 27.39 77.94

Sales/Revenue/Turnover

30.00

1'400.0

25.00

1'200.0 1'000.0

20.00

800.0 15.00

600.0

10.00

400.0

5.00

200.0

0.00 04.01.2009

0.0 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 |

09.10.2012

Raspadskaya OAO Holdings By:

All

Holder Name CORBER ENTERPRISES L FRANKLIN RESOURCES I FIDELITY MANAGEMENT VAN ECK ASSOCIATES C ROBECO INVESTOR SERV VAGIN ALEXANDER IG INVESTMENT MANAGE ROBECO FUND MANAGEME BANK OF MOSCOW URALSIB JSC DEKA INTERNATIONAL S SWEDBANK ROBUR FONDE FRANK RUSSELL TRUST DEUTSCHE ASSET MANAG HALBIS CAPITAL MGMT VANGUARD GROUP INC BZ WBK TOWARZYSTWO F KAPITAL FUNDS DWS FINANZ SERVICE G SANTANDER ASSET MGMT

Firm Name Uralsib VTB Capital Infina Investment Company Renaissance Capital Morgan Stanley HSBC Troika Dialog Nomos Bank Goldman Sachs Credit Suisse Otkritie Capital Aton LLC Broker Credit Service Gazprombank Deutsche Bank Alfa-Bank Sovlink Securities JPMorgan EVA Dimensions Grandis Capital RMG Securities TKB Capital

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DMITRY SMOLIN IGOR LEBEDINETS ALEXANDER IVANISCHEV BORIS KRASNOJENOV DMITRIY KOLOMYTSYN VLADIMIR ZHUKOV MIKHAIL STISKIN YURI VOLOV YULIA CHEKUNAEVA SEMYON MIRONOV DENIS GABRIELIK DINNUR GALIKHANOV OLEG PETROPAVLOVSKIY NATALIA SHEVELEVA GEORGE BUZHENITSA BARRY EHRLICH ALEKSANDR MORIN YURIY A VLASOV TEAM COVERAGE ANDREW KUCHEROV ANDREY TRETELNIKOV EVGENY RYABKOV

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy hold Overwt/Attractive overweight hold buy buy/attractive neutral hold hold hold overweight buy equalweight buy overweight sell buy buy buy

Amt Held 624'639'844 9'326'312 4'177'291 1'724'671 1'522'364 1'171'200 945'799 823'254 777'084 568'780 523'000 492'298 362'307 350'000 346'529 313'583 305'117 280'010 200'000 133'000

% Out 80 1.19 0.54 0.22 0.19 0.15 0.12 0.11 0.1 0.07 0.07 0.06 0.05 0.04 0.04 0.04 0.04 0.04 0.03 0.02

Weighting

Change 5 5 5 3 5 5 3 5 5 3 3 3 3 5 5 3 5 5 1 5 5 5

M M M D M M D M M D M D M M U M M M M N N M

Latest Chg 241'366 4'170'439 (62'006) 138'780 515'000 (30'400) (13'074) 303'954 5'000 -

Target Price 113 105 160 87 96 111 86 128 110 80 110 90 116 167 135 95 118 146 #N/A N/A 152 251 279

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2011 Unclassified 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 14.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2011 n/a 31.05.2012 Investment Advisor 31.07.2012 Investment Advisor 29.06.2012 Investment Advisor 31.05.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 31.03.2012 Investment Advisor 31.05.2012 Investment Advisor 20.10.2011 Mutual Fund Manager 15.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2011 Investment Advisor 31.08.2012 Investment Advisor 18.11.2011 Investment Advisor 31.12.2011 Mutual Fund Manager

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 2 month 12 month 12 month Not Provided Not Provided 3 month Not Provided 12 month Not Provided Not Provided

Date 17.09.2012 06.09.2012 03.09.2012 29.08.2012 27.08.2012 23.08.2012 23.08.2012 21.08.2012 20.08.2012 10.08.2012 07.08.2012 31.07.2012 20.07.2012 12.07.2012 09.07.2012 06.07.2012 29.06.2012 21.05.2012 09.05.2012 12.04.2012 07.09.2011 20.09.2010

09.10.2012

Rosneft OAO Rosneft Oil Company produces and markets petroleum products. The Company explores, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia.

Price/Volume 250

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M

200 150

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (31.10.2011) 52-Week Low (23.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROSNS RU EQUITY YTD Change ROSNS RU EQUITY YTD % CHANGE

12/2009 06/yy 248.04 185.00 155'948.00 212.35 -14.39% 14.78% 42.45% 10'598.2 2'250'523.50 23'470.82 0.0 1'058.4 5'042.80 94'773.72

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 s-11

o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Market Data

Fiscal Year Ended 31.12.2007 49'216.0 2.36x 14'007.0 8.30x 12'862.0 7.21x

31.12.2008 31.12.2009 68'991.0 46'549.1 0.84x 2.10x 16'988.0 13'439.8 3.40x 7.29x 11'120.0 4'901.6 3.24x 15.60x Profitability

LTM-4Q 31.12.2010 63'088.0 1.42x 19'173.5 4.68x 9'652.6 7.16x

31.12.2011 92'124.1 0.99x 22'025.2 4.15x 10'773.9 6.49x 22'025.22 14'763.03 16.03% 14.99% 9.89% 16.66% 12.52% 0.85% 23.9% 16.0% 11.7% 1.97 0.85 22.33% 37.05% 17.05 -

Price/ Cash Flow

LTM

06/yy 76'252.0 4.61x 21'878.0 4.27x 12'175.0 6.68x

06/yy 96'567.4 3.30x 18'307.9 4.73x 9'229.8 7.04x

FY+1

0.79 1'612.26 14.77% 3.08% 0.790 18 3.778 285'645 308'289 287'653 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 97'153.2 100'297.9 24'148.6 24'003.0 0.93x 0.91x 3.82x 3.97x 20'112.1 20'673.9 5'631.0 5'692.0 4.71x 4.58x 10'299.6 10'267.2 3'017.4 2'940.7 6.50x 6.46x S&P Issuer Ratings

25.07.2012 BBB- *34.00 13.42 0.92 1.17 37.1% 26.7% 0.85 1.26 21.41 -

Sales/Revenue/Turnover

12.00

100'000.0 90'000.0

10.00

80'000.0 70'000.0

8.00

60'000.0

6.00

50'000.0 40'000.0

4.00

30'000.0 20'000.0

2.00 0.00 02.01.2009

10'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

Rosneft OAO Holdings By:

All

Holder Name ROSNEFTEGAZ RN-RAZVITIYE BLACKROCK INSTITUTIO KHUDAINATOV EDUARD Y SWEDBANK ROBUR FONDE VANGUARD GROUP INC FIDELITY MANAGEMENT URALSIB JSC KALANDA LARISA PICTET & CIE HANDELSBANKEN FONDER FEDOROV PAVEL RN-STROY LLC DEKA INTERNATIONAL S AMERIPRISE FINANCIAL BANK OF MOSCOW RUDLOFF HANS-JOERG SANPAOLO IMI ASSET M KAPITAL ASSET MANAGE BLACKROCK GROUP LIMI

Firm Name Uralsib Nomos Bank VTB Capital EVA Dimensions Infina Investment Company HSBC Otkritie Capital Deutsche Bank Alfa-Bank UFS-Finance Investment Company Credit Suisse RMG Securities Raiffeisenbank AG IFC Metropol Troika Dialog Aton LLC Societe Generale JPMorgan

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst ALEXEI KOKIN DENIS BORISOV DMITRY LOUKASHOV TEAM COVERAGE ALEXANDER IVANISCHEV ILDAR KHAZIEV ALEXANDER BURGANSKY PAVEL KUSHNIR MARIYA YEGIKYAN ILYA BALAKIREV ZOLTAN PALFI MIKHAIL LOSHININ ANDREY POLISCHUK SERGEY VAKHRAMEEV OLEG MAXIMOV ELENA SAVCHIK EVGENY SOLOVYOV NADIA KAZAKOVA

Source Co File Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG Co File Research MF-AGG MF-AGG MF-AGG Research MF-AGG Research MF-AGG

Recommendation buy hold buy hold buy underweight buy hold equalweight hold underperform buy buy buy hold buy hold neutral

Amt Held 7'965'590'385 1'010'006'338 14'450'875 6'411'898 5'207'031 4'801'529 2'717'706 2'182'880 1'250'585 947'600 756'153 731'274 667'685 642'000 630'316 513'856 508'713 421'076 405'530 360'490

% Out 75.16 9.53 0.14 0.06 0.05 0.05 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0 0 0 0 0

Weighting

Change 5 3 5 3 5 1 5 3 3 3 1 5 5 5 3 5 3 3

M M M D M D M M N M M N N M D M M M

Latest Chg 189'130 647'921 (3'722'804) 2'059'230 (233'900) 43'000 162'162 (1'227) -

Target Price 236 228 291 #N/A N/A 346 171 288 200 261 230 175 295 258 251 253 277 260 287

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Government 31.12.2011 Unclassified 14.09.2012 Investment Advisor 06.06.2012 n/a 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.05.2012 Investment Advisor 06.06.2012 n/a 30.06.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.12.2011 n/a 31.03.2011 Unclassified 30.11.2011 Mutual Fund Manager 31.07.2012 Investment Advisor 29.06.2012 Investment Advisor 02.08.2012 n/a 30.06.2011 Mutual Fund Manager 25.04.2012 Investment Advisor 14.09.2012 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month

Date 17.09.2012 17.09.2012 10.09.2012 05.09.2012 03.09.2012 29.08.2012 27.08.2012 03.08.2012 02.08.2012 02.08.2012 16.07.2012 12.07.2012 02.07.2012 18.04.2012 07.02.2012 20.01.2012 30.08.2011 31.03.2011

09.10.2012

Rostelecom OJSC Rostelecom provides long distance and international telecommunications services. The Company offers direct dial telephone service in Russia and international telecommunications services. The Company also offers video telephone, data transmission, video conferencing, and Internet connection services.

Price/Volume 180

1.6 M

160

1.4 M

140

1.2 M

120

1.0 M

100

Latest Fiscal Year: LTM as of: 52-Week High (29.11.2011) 52-Week Low (31.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out #N/A N/A Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RTKMS RU EQUITY YTD Change RTKMS RU EQUITY YTD % CHANGE

12/2011 06/yy 180.99 105.79 64.00 134.37 -25.76% 27.02% 37.27% 163'466.00 25.0 7'787.0 11'103.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

.6 M

60 40

.4 M

.2 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 0.0 0.00x 0.0 0.00x 0.0 0.00x

.8 M

Valuation Analysis

31.12.2008 31.12.2009 258'921.0 264'645.0 1.17x 0.72x 89'406.0 101'570.0 3.39x 1.87x 26'783.0 26'125.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 275'731.0 0.85x 101'419.0 2.31x 31'418.0 0.00x

31.12.2011 296'015.0 2.06x 117'708.0 5.17x 46'240.0 0.00x 117'708.00 63'668.00 21.51% 19.26% 9.86% 19.54% 14.35% 0.63% 39.8% 21.5% 15.6% 0.42 0.30 31.98% 62.84% 12.43 -

LTM

FY+1

-5.53% -8.80% 20 3.700 5'221 3'339 4'425 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 143'598.0 312'332.0 316'779.8 325'452.7 6.87x 3.82x 56'349.0 61'359.0 126'780.3 129'850.9 0.00x 0.00x 19'088.0 65'147.0 41'938.5 42'195.2 0.00x 0.00x 9.71x 9.41x S&P Issuer Ratings Long-Term Rating Date 13.05.2011 Long-Term Rating BB+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 9.44 (EBITDA-Capex)/Interest Exp. 2.80 Net Debt/EBITDA 1.29 Total Debt/EBITDA 1.39 Reference Total Debt/Equity 62.8% Total Debt/Capital 37.9% Asset Turnover 0.63 Net Fixed Asset Turnover 0.94 Accounts receivable turnover-days 29.37 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

350'000.0 300'000.0 250'000.0

0.80

200'000.0 0.60

150'000.0

0.40

100'000.0 50'000.0

0.20

0.0 0.00

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 |

09.10.2012

Rostelecom OJSC Holdings By:

All

Holder Name BLACKROCK INSTITUTIO

Firm Name Gazprombank Renaissance Capital EVA Dimensions Goldman Sachs VTB Capital Uralsib Infina Investment Company Otkritie Capital JPMorgan Alfa-Bank Raiffeisenbank AG ING Wholesale Banking Deutsche Bank HSBC RMG Securities Credit Suisse Morgan Stanley Aton LLC Veles Capital Finam Investment

Portfolio Name Multiple Portfolios

Analyst ANNA KURBATOVA ALEXANDER KAZBEGI TEAM COVERAGE ALEXANDER BALAKHNIN VICTOR KLIMOVICH KONSTANTIN B CHERNYSHEV MARIA SHIPOVSKIKH ALEXANDER VENGRANOVICH ALEXEI GOGOLEV IOULI E MATEVOSSOV SERGEY LIBIN TIBOR BOKOR IGOR SEMENOV JEAN KAPLAN KSENIA ARUTYUNOVA OLGA BYSTROVA POLINA URGRYUMOVA STANISLAV YUDIN ILYA FEDOTOV ELDAR VAGABOV

Source MF-AGG

Recommendation overweight buy hold neutral/neutral buy buy buy hold neutral overweight buy hold buy overweight buy underperform Underwt/In-Line buy not rated hold

Amt Held 13'405'430

% Out 0

Latest Chg -

Weighting

Change

Target Price

5 5 3 3 5 5 5 3 3 5 5 3 5 5 5 1 1 5 #N/A N/A 3

M M U M M M M M M M U U U U U M M M M M

153 157 #N/A N/A 125 196 174 174 120 150 191 143 115 141 155 158 120 140 213 #N/A N/A 151

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 14.09.2012

Date 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 15 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor

Date 17.09.2012 11.09.2012 06.09.2012 04.09.2012 04.09.2012 03.09.2012 03.09.2012 03.09.2012 30.08.2012 30.08.2012 25.07.2012 10.07.2012 11.06.2012 08.06.2012 05.05.2012 03.05.2012 10.02.2012 20.01.2012 24.11.2010 12.11.2010

09.10.2012

Price/Volume 120

8.0 M 7.0 M

100

6.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RTKMP RM EQUITY YTD Change RTKMP RM EQUITY YTD % CHANGE

12/2011 06/yy 107.96 69.50 594'200.00 97.75 -9.46% 40.65% 72.88% 242.8 23'736.78 163'466.00 25.0 7'787.0 11'103.00 183'911.78

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

4.0 M 3.0 M

2.0 M 20

1.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 0.0 0.00x 0.0 0.00x 0.0 0.00x

5.0 M

Valuation Analysis

31.12.2008 31.12.2009 258'921.0 264'645.0 1.17x 0.72x 89'406.0 101'570.0 3.39x 1.87x 26'783.0 26'125.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 275'731.0 0.85x 101'419.0 2.31x 31'418.0 0.00x

31.12.2011 296'015.0 2.06x 117'708.0 5.17x 46'240.0 0.00x 117'708.00 63'668.00 21.51% 19.26% 9.86% 19.54% 14.35% 0.63% 39.8% 21.5% 15.6% 0.42 0.30 31.98% 62.84% 12.43 -

LTM

FY+1

0.74 242.83 32.00% 7.92% 0.743 8 4.000 1'198'880 1'394'797 862'362 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 143'598.0 312'332.0 316'779.8 325'452.7 6.87x 3.82x 0.58x 0.51x 56'349.0 61'359.0 126'780.3 129'850.9 0.00x 0.00x 1.45x 1.42x 19'088.0 65'147.0 41'938.5 42'195.2 0.00x 0.00x 7.06x 6.85x S&P Issuer Ratings Long-Term Rating Date 13.05.2011 Long-Term Rating BB+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 9.44 (EBITDA-Capex)/Interest Exp. 2.80 Net Debt/EBITDA 1.29 Total Debt/EBITDA 1.39 Reference Total Debt/Equity 62.8% Total Debt/Capital 37.9% Asset Turnover 0.63 Net Fixed Asset Turnover 0.94 Accounts receivable turnover-days 29.37 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

350'000.0 300'000.0 250'000.0

0.80

200'000.0 0.60

150'000.0

0.40

100'000.0 50'000.0

0.20

0.0 0.00

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 |

09.10.2012

Rostelecom OJSC Holdings By:

All

Holder Name FIDELITY MANAGEMENT SWEDBANK ROBUR FONDE CARNEGIE FONDER AB/S DWS INVESTMENT SA DEKA INTERNATIONAL S DEUTSCHE BANK AG ING INVESTMENT MANAG CAPITAL INTERNATIONA BANK OF MOSCOW HANDELSBANKEN FONDER DEUTSCHE ASSET MANAG DWS FINANZ SERVICE G SOLID MANAGEMENT JP MORGAN CHASE & CO TKB BNP PARIBAS VTB ASSET MANAGEMENT INTERFIN CAPITAL DEUTSCHE INVESTMENT ALLIANZ ROSNO ASSET URALSIB JSC

Firm Name JPMorgan Otkritie Capital Gazprombank Renaissance Capital RMG Securities Aton LLC VTB Capital Finam Investment

Analyst ALEXEI GOGOLEV ALEXANDER VENGRANOVICH ANNA KURBATOVA ALEXANDER KAZBEGI KSENIA ARUTYUNOVA STANISLAV YUDIN VICTOR KLIMOVICH ELDAR VAGABOV

Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight hold overweight buy hold sell buy hold

Amt Held 3'362'955 3'350'000 3'028'685 2'241'756 2'000'000 1'600'000 1'487'300 623'000 537'100 536'800 520'000 515'000 227'500 220'290 212'800 93'500 91'852 90'000 83'000 55'000

% Out 1.38 1.38 1.25 0.92 0.82 0.66 0.61 0.26 0.22 0.22 0.21 0.21 0.09 0.09 0.09 0.04 0.04 0.04 0.03 0.02

Weighting

Change 5 3 5 5 3 1 5 3

Latest Chg 134 (596'000) (1'000'000) 1'487'300 10'071 (700) (29'000) -

Target Price

M M M M U M M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

105 100 107 126 84 63 122 90

File Dt 31.07.2012 31.03.2012 31.07.2012 31.07.2012 30.11.2011 29.06.2012 30.06.2012 31.05.2012 29.06.2012 31.08.2012 20.10.2011 18.11.2011 24.07.2012 31.07.2012 31.07.2012 31.08.2012 31.01.2011 31.03.2012 30.12.2011 31.05.2012

Date 15 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor

Date 30.08.2012 29.08.2012 13.08.2012 14.06.2012 04.06.2012 20.01.2012 17.10.2011 12.11.2010

09.10.2012

Sberbank of Russia Sberbank of Russia attracts deposits and offers commercial banking services. The Bank offers time deposits,corporate banking, securities brokerage,credit, foreign exchange services and sponsors credit cards.

Price/Volume 120

140.0 M

100

120.0 M 100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (10.10.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBERS RU EQUITY YTD Change SBERS RU EQUITY YTD % CHANGE

12/2010 06/yy 103.76 66.89 3'565'887.00 92.99 -10.43% 39.02% 69.98% 21'587.0 2'007'370.25 1'348'630.00 4'405.0 3'496.0 761'867.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

40.0 M

20.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12 a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 531'495.0 0.00x 0.0 0.00x 106'489.0 20.23x

80.0 M

Valuation Analysis

31.12.2008 31.12.2009 704'252.0 987'562.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 97'746.0 24'396.0 5.07x 75.51x Profitability

LTM-4Q 31.12.2010 981'117.0 0.00x 0.0 0.00x 182'131.0 12.40x

LTM

FY+1

0.89 8'567.15 39.16% 19.78% 0.889 27 4.704 6'427'728 7'479'822 7'822'612 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 1'058'036.0 ######### ######### 905'011.5 ######### 239'083.0 255'848.0 0.00x 0.00x 0.00x 0.0 0.0 0.0 0.00x 0.00x 0.00x 316'195.0 294'394.0 315'343.0 340'059.2 351'536.1 5.43x 7.37x 5.90x 5.94x 5.77x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 53.36% Long-Term Outlook 51.49% Short-Term Rating Date 3.25% Short-Term Rating 28.15% Credit Ratios 14.09% EBITDA/Interest Exp. 0.11% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 41.1% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 12.45% Inventory Days 107.03% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

107.0% 51.5% 0.11 3.29 -

Sales/Revenue/Turnover

16.00

1'200'000.0

14.00

1'000'000.0

12.00

800'000.0

10.00 8.00

600'000.0

6.00

400'000.0

4.00

200'000.0 2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

Sberbank of Russia Holdings By:

All

Holder Name CENTRAL BANK OF RUSS VANGUARD GROUP INC LAZARD ASSET MANAGEM BLACKROCK INSTITUTIO FRANKLIN RESOURCES I BNP PARIBAS ASSET MG SWEDBANK ROBUR FONDE FIDELITY MANAGEMENT BLACKROCK GROUP LIMI ARTIO GLOBAL MANAGEM FIDELITY INTERNATION ROBECO INVESTOR SERV CAPITAL INTERNATIONA JUPITER ASSET MANAGE UBS STRATEGY FUND MG SCHRODER KOREA LTD JPMORGAN ASSET MANAG DEKA INTERNATIONAL S BLACKROCK INVESTMENT CARNEGIE FONDER AB/S

Firm Name Gazprombank Uralsib Barclays VTB Capital UFS-Finance Investment Company Renaissance Capital EVA Dimensions Societe Generale Keefe, Bruyette & Woods Otkritie Capital Credit Suisse Olma Alfa-Bank Infina Investment Company Aton LLC Sovlink Securities Goldman Sachs Nomos Bank Visor Capital Morgan Stanley Wood & Company HSBC IFC Metropol TKB Capital ING Wholesale Banking

Analyst ANDREY KLAPKO NATALIA BEREZINA CRISTINA MARZEA MIKHAIL SHLEMOV ILYA BALAKIREV DAVID NANGLE TEAM COVERAGE ALAN WEBBORN RONNY REHN VLADIMIR SAVOV HUGO SWANN RUSLAN YUNUSOV JASON HURWITZ VERONIKA CHEKINA IVAN KACHKOVSKI OLGA BELENKAYA DMITRY TREMBOVOLSKY ANDREY MIKHAJLOV NURLAN ASHINOV MAGDALENA STOKLOSA MARK MACRAE GYORGY OLAH MARK RUBINSTEIN MARIA KALVARSKAIA ANDRZEJ NOWACZEK

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight buy overweight buy buy buy hold buy outperform buy restricted buy equalweight buy sell buy Buy/Neutral buy buy Overwt/In-Line buy overweight buy buy buy

Amt Held 13'016'929'201 319'787'587 143'340'727 98'842'686 95'778'870 79'506'139 55'479'049 52'846'091 36'165'782 33'935'915 31'875'361 28'796'484 28'262'871 27'090'784 26'052'689 25'934'609 25'807'305 25'045'001 23'962'002 23'635'700

% Out 60.3 1.48 0.66 0.46 0.44 0.37 0.26 0.24 0.17 0.16 0.15 0.13 0.13 0.13 0.12 0.12 0.12 0.12 0.11 0.11

Weighting

Change

5 5 5 5 5 5 3 5 5 5 #N/A N/A 5 3 5 1 5 5 5 5 5 5 5 5 5 5

M M M M M M U M M M M M D N M M M M M M M M M M M

Latest Chg 5'546'180 24'980'920 (422'560) (1'700'323) 1'028'821 85'726 (458'978) (1'816'504) (20'765'164) (14'342'950) (70'000) (6'134'394) 1'599'333 (3'055'235) 2'192'742 (418'750) (8'864'999) (18'164'798) -

Target Price 139 119 126 138 120 131 #N/A N/A 142 121 142 #N/A N/A 126 126 134 77 130 142 112 149 140 122 117 148 133 110

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Government 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 14.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.03.2012 Investment Advisor 31.07.2012 Investment Advisor 14.09.2012 Investment Advisor 30.04.2012 Investment Advisor 29.02.2012 Investment Advisor 31.07.2012 Investment Advisor 31.05.2012 Investment Advisor 29.02.2012 Investment Advisor 31.05.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 30.04.2012 Investment Advisor 30.11.2011 Mutual Fund Manager 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor

Date 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month

Date 18.09.2012 17.09.2012 17.09.2012 17.09.2012 17.09.2012 13.09.2012 10.09.2012 07.09.2012 07.09.2012 07.09.2012 06.09.2012 05.09.2012 04.09.2012 03.09.2012 31.08.2012 30.08.2012 29.08.2012 29.08.2012 29.08.2012 16.08.2012 25.06.2012 14.06.2012 21.05.2012 19.04.2012 20.05.2010

09.10.2012

Price/Volume 90

6.0 M

5.0 M

70 60

4.0 M

12/2011 06/yy 83.82 50.45 43'607.00 67.87 -19.03% 34.53% 51.54% 1'000.0 67'870.00 1'348'630.00 4'405.0 3'496.0 761'867.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

1.0 M

10 0 s-11

.0 M o-11

31.12.2008 31.12.2009 704'252.0 987'562.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 97'746.0 24'396.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 981'117.0 0.00x 0.0 0.00x 182'131.0 0.00x

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

LTM

FY+1

0.91 1'000.00 37.37% 18.59% 0.911 0 107'567 256'430 219'328 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 1'058'036.0 ######### ######### 0.00x 0.00x 0.00x 0.0 0.0 0.0 0.00x 0.00x 0.00x 316'195.0 294'394.0 315'343.0 342'143.0 345'377.0 0.00x 0.00x 0.00x 4.48x 4.44x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 53.36% Long-Term Outlook 51.49% Short-Term Rating Date 3.25% Short-Term Rating 28.15% Credit Ratios 14.09% EBITDA/Interest Exp. 0.11% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 41.1% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 12.45% Inventory Days 107.03% Accounts Payable Turnover Day - Cash Conversion Cycle -

107.0% 51.5% 0.11 3.29 -

Sales/Revenue/Turnover

1.20

1'200'000.0

1.00

1'000'000.0

0.80

800'000.0

0.60

n-11

Fiscal Year Ended 31.12.2007 531'495.0 0.00x 0.0 0.00x 106'489.0 0.00x

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (10.10.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBERPS RU EQUITY YTD Change SBERPS RU EQUITY YTD % CHANGE

600'000.0 400'000.0

0.40

200'000.0 0.20

0.0 0.00

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 |

09.10.2012

Sberbank of Russia Holdings By:

All

Holder Name VANGUARD GROUP INC EAST CAPITAL ASSET M FIDELITY INTERNATION SWEDBANK ROBUR FONDE BLACKROCK INSTITUTIO VAN ECK ASSOCIATES C DWS INVESTMENT SA FIDELITY MANAGEMENT PICTET ASSET MANAGEM KAPITAL ASSET MANAGE DEKA INTERNATIONAL S HANDELSBANKEN FONDER ENERGY INVEST LTD PICTET & CIE CARNEGIE ASSET MANAG PICTET CONSEIL EN IN EATON VANCE MANAGEME FIDELITY INVT ASSET NORDEA FONDER AB/SWE MIRAE ASSET GLOBAL I

Firm Name

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 38'701'164 31'251'397 25'599'051 15'740'466 12'720'163 11'044'148 6'842'043 5'960'612 4'828'256 4'297'129 2'920'001 2'809'332 1'500'000 1'323'778 1'296'000 1'176'223 862'200 854'363 710'000 622'980

% Out 3.87 3.13 2.56 1.57 1.27 1.1 0.68 0.6 0.48 0.43 0.29 0.28 0.15 0.13 0.13 0.12 0.09 0.09 0.07 0.06

Weighting

Change

Latest Chg 573'567 2'710'000 12'874'179 (2'614'053) (5'100) (3'857'957) 184'933 (13'490) 1'130'001 (150'000) 205'802 286'000 (38'784) (43'116) 622'980

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 31.03.2012 31.03.2012 31.03.2012 14.09.2012 14.09.2012 31.07.2012 31.07.2012 30.06.2012 25.04.2012 30.11.2011 31.08.2012 30.03.2012 30.06.2012 31.07.2012 30.06.2012 31.07.2012 31.03.2012 31.07.2012 31.03.2012

Date

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date

09.10.2012

Severstal OAO Severstal is a steel and mining company. The Company has three main business divisions including resources, Russian steel, and international business operations.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.11.2011) 52-Week Low (29.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CHMFS RU EQUITY YTD Change CHMFS RU EQUITY YTD % CHANGE

12/2009 06/yy 474.14 320.51 10.00 397.77 -16.11% 24.11% 47.57% 837.7 333'219.34 5'976.10 0.0 387.8 1'874.04 14'561.55

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2008 31.12.2009 16'065.8 9'076.3 0.50x 1.45x 4'966.3 1'351.3 1.63x 9.77x 2'029.0 (1'018.4) 1.07x 112.72x Profitability

.1 M .1 M .1 M .1 M .0 M .0 M .0 M o-11

LTM-4Q 31.12.2010 12'819.1 1.68x 2'990.0 7.19x (574.9) 14.36x

31.12.2011 15'812.4 1.01x 3'582.4 4.45x 2'034.8 6.26x 3'582.45 2'935.63 18.57% 15.36% 10.91% 29.67% 19.04% 0.85% 31.0% 22.7% 18.6% 12.9% 1.66 0.58 33.37% 89.47% 14.46 4.46

Price/ Cash Flow

n-11

d-11

j-12

LTM

06/yy 14'546.2 6.08x 3'442.3 6.75x 1'150.3 10.24x

06/yy 15'099.5 4.12x 2'751.7 4.96x 1'495.4 10.32x

f-12

m-12

a-12

m-12

j-12

a-12

FY+1

0.87 343.58 8.41% 10.80% 0.866 12 3.833 3'026 3'583 2'899 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 14'985.3 15'741.0 3'663.7 1.01x 0.96x 2'747.2 2'854.5 666.1 5.30x 5.10x 1'207.5 1'294.8 255.0 11.31x 9.58x S&P Issuer Ratings

21.06.2012 BB+ STABLE 8.21 4.52 1.15 1.67 89.5% 45.8% 0.85 2.14 25.25 81.82 33.23 73.84

Sales/Revenue/Turnover

16.00

18'000.0

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.01.2009

.1 M

Fiscal Year Ended 31.12.2007 15'503.4 1.61x 3'657.3 6.82x 1'849.5 12.45x

500 450 400 350 300 250 200 150 100 50 0 s-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

Severstal OAO Holdings By:

All

Holder Name LORANEL LTD ASTROSHINE LTD RAYGLOW LTD VANGUARD GROUP INC BLACKROCK INSTITUTIO SWEDBANK ROBUR FONDE FRANKLIN RESOURCES I STATE STREET CORP HANDELSBANKEN FONDER STATE STREET GLOBAL BANK OF MOSCOW URALSIB JSC DEKA INTERNATIONAL S PICTET & CIE MANAGEMENT-CONSULTIN HIRTLE CALLAGHAN & C ENERGY INVEST LTD SMITH BARNEY FUND MA ALLIANZ ROSNO ASSET CLARK CHRISTOPHER R

Firm Name ING Wholesale Banking Renaissance Capital Infina Investment Company Aton LLC Nomos Bank EVA Dimensions UFS-Finance Investment Company Alfa-Bank Broker Credit Service RMG Securities BCC Invest Sovlink Securities Grandis Capital TKB Capital Otkritie Capital

Analyst PAUL CLIFF BORIS KRASNOJENOV ALEXANDER IVANISCHEV DINNUR GALIKHANOV YURI VOLOV TEAM COVERAGE ILYA BALAKIREV BARRY EHRLICH OLEG PETROPAVLOVSKIY ANDREY TRETELNIKOV DANIYAR ZHUREKBAYEV ALEKSANDR MORIN ANDREW KUCHEROV EVGENY RYABKOV ANDREY LITVIN

Source Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File

Recommendation buy buy hold hold buy hold buy overweight buy buy suspended coverage hold buy hold hold

Amt Held 201'439'513 201'439'513 91'096'208 3'280'539 2'775'167 1'250'000 858'370 710'843 546'793 241'413 185'662 159'000 153'500 130'000 122'000 111'744 100'000 99'361 80'655 79'911

% Out 24.05 24.05 10.87 0.39 0.33 0.15 0.1 0.08 0.07 0.03 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

Change

5 5 3 3 5 3 5 5 5 5 #N/A N/A 3 5 3 3

M M M M M U M M M M M M N M M

Latest Chg 184'051 4'080 542'785 (234'225) 130'558 (7'500) 44'800 (18'000) 3'500 42'030 (14'750) -

Target Price 655 517 552 381 519 #N/A N/A 580 462 478 570 #N/A N/A 440 561 592 171

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 31.12.2011 30.06.2012 14.09.2012 31.03.2012 31.03.2012 30.06.2012 31.08.2012 31.07.2012 29.06.2012 31.05.2012 30.11.2011 30.06.2012 31.08.2012 30.09.2011 30.03.2012 30.12.2011 30.12.2011 31.12.2011

Date Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 2 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month

Inst Type n/a Other n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor n/a

Date 10.09.2012 04.09.2012 03.09.2012 03.09.2012 29.08.2012 13.08.2012 27.07.2012 24.07.2012 20.07.2012 27.06.2012 18.05.2012 02.04.2012 06.09.2011 27.01.2011 21.08.2009

09.10.2012

Sistema JSFC JSFC Sistema is a publicly-listed investment company incorporated in Russia. The Company owns a diverse set of public and private companies which it holds in two distinct portfolios: Core assets and Developing assets.

Price/Volume 35

16.0 M

14.0 M

12.0 M 10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (18.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AFKS RM EQUITY YTD Change AFKS RM EQUITY YTD % CHANGE

12/2011 06/yy 29.99 19.07 985'900.00 24.628 -17.88% 29.15% 53.45% 9'650.0 237'660.20 16'409.88 0.0 6'391.0 3'687.59 27'917.79

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

4.0 M

2.0 M

0 s-11

31.12.2008 31.12.2009 16'071.1 18'749.8 0.91x 1.40x 5'690.1 5'135.0 2.58x 5.11x 62.0 1'643.4 38.03x 4.41x Profitability

LTM-4Q 31.12.2010 26'811.3 0.99x 6'909.1 3.82x 918.7 13.85x

31.12.2011 32'981.2 0.78x 8'070.9 3.21x 218.0 0.00x 8'070.91 4'789.28 14.52% 6.21% 0.50% 2.65% 6.63% 0.75% 59.6% 24.5% 14.5% 0.7% 1.11 0.39 37.38% 204.13% 18.65 8.56

Price/ Cash Flow

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

LTM

06/yy 29'895.7 3.84x 7'307.6 4.26x 1'059.2 7.13x

06/yy 32'367.0 2.51x 6'156.8 0.00x 7.8 0.00x

FY+1

0.95 1'168.08 11.27% 6.46% 0.947 4 5.000 1'186'860 1'634'810 1'557'246 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 34'736.5 37'064.0 8'244.5 9'531.0 3.39x 2.93x 994.7 1'375.3 11.31x 4.95x S&P Issuer Ratings

03.02.2012 BB STABLE 4.63 2.52 1.58 2.03 204.1% 53.2% 0.75 1.81 19.57 42.65 53.00 9.22

Sales/Revenue/Turnover

4.50

35'000.0

4.00

30'000.0

3.50

25'000.0

3.00 2.50

20'000.0

2.00

15'000.0

1.50

10'000.0

1.00

5'000.0

0.50 0.00 04.01.2009

.0 M o-11

Fiscal Year Ended 31.12.2007 13'701.0 2.01x 4'747.8 5.80x 1'571.9 14.69x

8.0 M

0.0 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 |

09.10.2012

Sistema JSFC Holdings By:

All

Holder Name EVTUSHENKOV VLADIMIR DEUTSCHE BANK TRUST NOVITSKY EVGENY GRIG GONCHARUK ALEXANDER ZUBOV DMITRY LIVOVIC FIDELITY INTERNATION DWS INVESTMENT SA EAST CAPITAL ASSET M DROZDOV SERGEI ALEKS FIDELITY MANAGEMENT GOLDIN ANNA SWEDBANK ROBUR FONDE MELAMED LEONID ADOLF BUYANOV ALEXEY NIKOL URALSIB JSC EVTUSHENKOV FELIX VL KOPIEV VYACHESLAV ABUGOV ANTON VLADIMI TKB BNP PARIBAS DANSKE INVEST A/S

Firm Name EVA Dimensions Renaissance Capital RMG Securities

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst TEAM COVERAGE ALEXANDER KAZBEGI KSENIA ARUTYUNOVA

Source Research Co File Co File Research Research MF-AGG MF-AGG MF-AGG Research MF-AGG Research MF-AGG Research Research MF-AGG Research Research Research MF-AGG MF-AGG

Recommendation buy buy buy

Amt Held 6'193'659'500 1'833'500'000 192'035'000 96'683'350 94'097'150 57'384'914 35'000'000 33'934'856 23'160'000 19'781'133 11'029'950 9'397'292 7'980'550 6'523'400 6'233'400 5'741'750 5'365'400 5'027'650 3'610'799 3'280'200

% Out 64.18 19 1.99 1 0.98 0.59 0.36 0.35 0.24 0.2 0.11 0.1 0.08 0.07 0.06 0.06 0.06 0.05 0.04 0.03

Weighting

Change 5 5 5

U M N

Latest Chg 27'393'606 2'277'000 491'137 (1'004'700) 276'100 -

Target Price #N/A N/A 35 51

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 22.07.2011 n/a 18.05.2011 Investment Advisor 30.09.2011 n/a 23.01.2012 n/a 16.01.2012 n/a 31.03.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.03.2012 Investment Advisor 16.01.2012 n/a 31.07.2012 Investment Advisor 16.01.2012 n/a 31.03.2012 Investment Advisor 16.01.2012 n/a 16.01.2012 n/a 31.05.2012 Investment Advisor 16.01.2012 n/a 06.01.2012 n/a 16.01.2012 n/a 31.07.2012 Mutual Fund Manager 31.07.2012 Investment Advisor

Date Not Provided 12 month Not Provided

Date 18.09.2012 14.06.2012 21.02.2012

09.10.2012

Surgutneftegas OAO Surgutneftegas explores for, extracts, transports, refines, and markets oil and natural gas from fields mainly in Western Siberia. The Company operates oil and gas fields, dehydrates gas, extracts liquid hydrocarbons, and produces propane. Surgutneftegas produces fuel oil, engine fuel, and main grades of petroleum bitumen.

Price/Volume

12/2008 01/yy 33.70 24.01 1'030'100.00 29.129 -13.56% 21.31% 51.99% 35'726.0 1'040'662.50 164.00 7'702.0 15.0 378'660.00 669'883.49

Price/ Cash Flow

1.20

10.0 M 8.0 M 6.0 M

15 10

4.0 M

2.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended

12.0 M

30 20

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SNGSS RU EQUITY YTD Change SNGSS RU EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

35 25

Valuation Analysis

31.12.2007 617'278.2 1.48x 0.0 0.00x 83'180.4 13.74x

31.12.2008 31.12.2009 576'571.6 526'609.6 0.34x 1.06x 0.0 0.0 0.00x 0.00x 146'479.6 116'262.1 4.30x 8.86x Profitability

31.12.2010 621'513.0 1.40x 0.0 0.00x 130'464.0 9.49x

31.12.2011 787'854.0 0.68x 0.0 0.00x 237'768.0 4.09x 223'403.00 28.36% 37.73% 15.18% 15.15% 16.19% 0.50% 36.1% 28.4% 30.2% 6.86 4.42 0.01% 0.01% 7.32

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.06 0.84 35'570.70 17.40% 18.01% 0.836 16 4.250 774'740 1'022'543 994'838 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 ######### ######### 200'998.0 196'069.0 0.29x 0.26x 0.62x 0.64x 316'430.1 300'813.9 74'030.0 67'942.0 2.12x 2.23x 185'984.7 172'671.6 32'714.0 35'036.0 6.43x 6.79x S&P Issuer Ratings

0.0% 0.0% 0.50 1.36 49.87 -

Sales/Revenue/Turnover

900'000.0 800'000.0

1.00 0.80

700'000.0 600'000.0 500'000.0

0.60

400'000.0 300'000.0

0.40 0.20

200'000.0 100'000.0 0.0

0.00

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 |

09.10.2012

Surgutneftegas OAO Holdings By:

All

Holder Name BOGDANOV VLADIMIR LE BLACKROCK INSTITUTIO VANGUARD GROUP INC REZYAPOV ALEXANDER DEKA INTERNATIONAL S URALSIB JSC PICTET & CIE EROKHIN VLADIMIR PET SHASHKOV VLADIMIR BANK OF MOSCOW DEKA INVESTMENT GMBH LOGINOVSKAYA LYUDMIL SANPAOLO IMI ASSET M HANDELSBANKEN FONDER ANANIEV SERGEY KLINOVSKAYA TAISIYA PICTET ASSET MANAGEM BLACKROCK GROUP LIMI PIONEER INVESTMENTS TKB BNP PARIBAS

Firm Name Uralsib Nomos Bank VTB Capital EVA Dimensions Infina Investment Company HSBC Otkritie Capital Credit Suisse Goldman Sachs Deutsche Bank IFC Metropol Arbat Capital Renaissance Capital Aton LLC Troika Dialog ING Wholesale Banking

Portfolio Name n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ALEXEI KOKIN DENIS BORISOV DMITRY LOUKASHOV TEAM COVERAGE ALEXANDER IVANISCHEV ILDAR KHAZIEV ALEXANDER BURGANSKY ZOLTAN PALFI GEYDAR MAMEDOV PAVEL KUSHNIR SERGEY VAKHRAMEEV SERGEY FUNDOBNY ILDAR DAVLETSHIN SLAVA BUNKOV OLEG MAXIMOV IGOR KURINNYY

Source Co File MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG Research MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy sell buy neutral buy neutral Buy/Neutral buy buy buy buy buy hold hold

Amt Held 131'221'584 85'162'892 28'809'955 8'574'239 8'465'000 7'000'000 5'242'200 4'501'476 4'108'490 3'820'100 3'250'000 2'500'820 2'073'710 1'961'134 1'929'204 1'893'478 1'851'400 1'833'920 1'783'284 1'308'100

% Out 0.37 0.24 0.08 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0 0

Weighting

Change 5 5 5 1 5 3 5 3 5 5 5 5 5 5 3 3

M M M D M M M M M M M M M M M M

Latest Chg (650'800) 3'962'678 765'000 233'000 (215'700) (16'805) (220'000) (99'200) 20'000

Target Price 34 45 36 #N/A N/A 42 32 35 26 48 43 38 28 44 33 24 21

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 14.09.2012 30.06.2012 30.06.2012 30.11.2011 31.05.2012 30.06.2012 30.06.2012 30.06.2012 29.06.2012 20.02.2012 30.06.2011 30.06.2011 31.08.2012 30.06.2012 30.06.2012 30.06.2012 14.09.2012 31.05.2011 31.07.2012

Date Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month

Inst Type n/a Investment Advisor Investment Advisor n/a Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a n/a Investment Advisor Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 17.09.2012 17.09.2012 13.09.2012 05.09.2012 03.09.2012 29.08.2012 27.08.2012 31.07.2012 26.07.2012 03.07.2012 18.04.2012 05.04.2012 29.03.2012 20.01.2012 29.01.2010 13.11.2009

09.10.2012

Price/Volume 25

Price/ Cash Flow

1.20

5.0 M 4.0 M

12/2011 01/yy 22.41 13.44 74'100.00 20.89 -6.80% 55.49% 83.16% 7'702.0 160'894.73 164.00 7'702.0 15.0 378'660.00 -

3.0 M 2.0 M

1.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Fiscal Year Ended

6.0 M

15 10

Latest Fiscal Year: LTM as of: 52-Week High (07.09.2012) 52-Week Low (10.10.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SNGSPS RU EQUITY YTD Change SNGSPS RU EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

Valuation Analysis

31.12.2007 617'278.2 1.48x 0.0 0.00x 83'180.4 0.00x

8.0 M

31.12.2008 31.12.2009 576'571.6 526'609.6 0.34x 1.06x 0.0 0.0 0.00x 0.00x 146'479.6 116'262.1 0.00x 0.00x Profitability

31.12.2010 621'513.0 1.40x 0.0 0.00x 130'464.0 0.00x

31.12.2011 787'854.0 0.68x 0.0 0.00x 237'768.0 0.00x 223'403.00 28.36% 37.73% 15.18% 15.15% 16.19% 0.50% 36.1% 28.4% 30.2% 6.86 4.42 0.01% 0.01% 7.32

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.78 7'702.00 77.58% 44.33% 0.780 0 113'440 276'093 265'599 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 930'081.5 937'266.4 -0.60x -0.69x 350'004.0 315'358.7 205'983.9 186'605.5 4.20x 4.21x S&P Issuer Ratings

0.0% 0.0% 0.50 1.36 49.87 -

Sales/Revenue/Turnover

900'000.0 800'000.0

1.00 0.80

700'000.0 600'000.0 500'000.0

0.60

400'000.0 300'000.0

0.40 0.20

200'000.0 100'000.0 0.0

0.00

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 |

09.10.2012

Surgutneftegas OAO Holdings By:

All

Holder Name EAST CAPITAL ASSET M VANGUARD GROUP INC BNP PARIBAS ASSET MG SWEDBANK ROBUR FONDE PICTET & CIE CARNEGIE FONDER AB/S BLACKROCK INSTITUTIO FIDELITY INTERNATION VAN ECK ASSOCIATES C FIDELITY MANAGEMENT PICTET CONSEIL EN IN DEKA INTERNATIONAL S BLACKROCK GROUP LIMI DWS INVESTMENT SA HANDELSBANKEN FONDER SHINHAN BNP PARIBAS PARVEST INVESTMENT M AMERIPRISE FINANCIAL ALLIANZ GLOBAL INVES PICTET ASSET MANAGEM

Firm Name

Analyst

Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 335'964'721 278'474'841 202'113'725 123'113'974 111'502'474 102'287'300 86'994'002 67'960'463 62'095'200 46'422'856 31'925'262 28'050'000 25'498'109 24'780'770 24'400'141 21'819'045 21'054'412 18'627'414 16'972'046 15'903'695

% Out 4.36 3.62 2.62 1.6 1.45 1.33 1.13 0.88 0.81 0.6 0.41 0.36 0.33 0.32 0.32 0.28 0.27 0.24 0.22 0.21

Weighting

Change

Latest Chg 25'479'000 8'787'133 10'921'025 7'489'430 4'771'167 (671'500) (1'987'853) 143'856 (1'092'856) (2'750'000) (2'480'000) (3'211'599) 1'500'000 (16'170'553) 1'897'283

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2012 30.06.2012 31.07.2012 31.03.2012 30.06.2012 31.07.2012 14.09.2012 31.03.2012 14.09.2012 31.07.2012 30.06.2012 30.11.2011 14.09.2012 31.07.2012 31.08.2012 31.03.2012 30.04.2012 31.07.2012 30.04.2012 30.06.2012

Date

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date

09.10.2012

Tatneft OAO Tatneft explores for, produces, refines, and markets crude oil. The Company operates a chain of retail gasoline filling stations, and exports some of its petrochemical products to former Soviet Union countries and Europe.

Price/Volume 250

.7 M .6 M

200

.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.08.2012) 52-Week Low (11.10.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TATNS RU EQUITY YTD Change TATNS RU EQUITY YTD % CHANGE

12/2008 03/yy 222.90 132.32 5'019.00 203.99 -8.48% 54.16% 78.71% 2'178.7 444'431.13 102'498.00 148.0 14'252.0 28'274.00 493'447.13

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

100

.3 M .2 M

.1 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 356'276.0 0.84x 72'356.0 4.11x 43'279.0 7.25x

150

31.12.2008 31.12.2009 444'332.0 380'648.0 0.33x 0.95x 46'026.0 81'910.0 3.20x 4.42x 8'413.0 54'372.0 14.78x 5.48x Profitability

LTM-4Q 31.12.2010 468'032.0 0.89x 76'235.0 5.48x 46'673.0 6.74x

31.12.2011 615'867.0 0.71x 103'005.0 4.23x 61'428.0 5.49x 103'005.00 91'176.00 14.80% 13.95% 10.28% 16.89% 13.41% 1.03% 16.7% 14.8% 10.0% 1.60 0.91 16.33% 26.35% 10.90 -

Price/ Cash Flow

LTM

FY+1

0.94 1'462.11 59.87% 34.06% 0.939 17 3.000 2'613 16'698 21'485 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 494'606.0 635'171.0 648'739.9 663'222.5 147'526.0 148'738.0 3.41x 2.77x 0.78x 0.74x 3.63x 3.52x 87'457.0 109'604.0 126'267.2 127'381.5 30'845.0 30'575.0 5.54x 4.37x 3.91x 3.87x 58'519.0 65'013.0 80'172.5 80'911.9 21'472.0 20'990.0 6.72x 6.43x 5.69x 5.73x S&P Issuer Ratings Long-Term Rating Date 25.08.2006 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 98.10 (EBITDA-Capex)/Interest Exp. 47.93 Net Debt/EBITDA 0.72 Total Debt/EBITDA 1.00 Reference Total Debt/Equity 26.3% Total Debt/Capital 20.3% Asset Turnover 1.03 Net Fixed Asset Turnover 1.49 Accounts receivable turnover-days 33.50 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

8.00

700'000.0

7.00

600'000.0

6.00

500'000.0

5.00

400'000.0

4.00

300'000.0

3.00

200'000.0

2.00

100'000.0

1.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

Tatneft OAO Holdings By:

All

Holder Name SVYAZINVESTNEFTEKHIM BLACKROCK INSTITUTIO VANGUARD GROUP INC TAKHAUTDINOV SHAFAGA HANDELSBANKEN FONDER MUSLIMOV RENAT KHALI DEKA INTERNATIONAL S LAVUSHCHENK VLADIMIR PICTET & CIE BLACKROCK GROUP LIMI DEKA INVESTMENT GMBH SHCHELKOV FEDOR LAZA DANSKE INVEST A/S RAKHMANOV RIFKAT MAZ IBRAGIMOV NAIL GABDU KHISAMOV RAIS SALIKH SANPAOLO IMI ASSET M FELDMAN SEMEN AFROIM PICTET ASSET MANAGEM BANK OF MOSCOW

Firm Name Uralsib Nomos Bank VTB Capital RMG Securities HSBC Otkritie Capital Gazprombank Goldman Sachs Deutsche Bank Raiffeisenbank AG UFS-Finance Investment Company EVA Dimensions IFC Metropol Troika Dialog Aton LLC

Portfolio Name n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst ALEXEI KOKIN DENIS BORISOV DMITRY LOUKASHOV MIKHAIL LOSHININ ILDAR KHAZIEV ALEXANDER BURGANSKY ALEXANDER NAZAROV GEYDAR MAMEDOV TATIANA KAPUSTINA ANDREY POLISCHUK ILYA BALAKIREV TEAM COVERAGE SERGEY VAKHRAMEEV OLEG MAXIMOV ELENA SAVCHIK

Source Research MF-AGG MF-AGG Co File MF-AGG Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG Co File MF-AGG Co File Co File Co File MF-AGG Co File MF-AGG MF-AGG

Recommendation hold hold hold hold underweight buy neutral Sell/Neutral buy hold hold buy hold hold buy

Amt Held 708'074'469 17'542'018 11'624'219 2'699'616 2'439'042 1'516'804 1'327'001 1'049'911 1'045'990 1'038'006 920'000 686'723 625'600 472'340 450'335 430'291 402'232 380'835 371'574 315'170

% Out 32.5 0.81 0.53 0.12 0.11 0.07 0.06 0.05 0.05 0.05 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.01

Weighting

Change 3 3 3 3 1 5 3 1 5 3 3 5 3 3 5

M D D D M M M M M N N M D D M

Latest Chg (189'540) 637'254 (220'000) 365'001 (5'000) (11'445) (14'800) (78'680)

Target Price 153 216 219 225 188 230 198 187 225 183 210 #N/A N/A 192 199 181

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2011 14.09.2012 30.06.2012 31.12.2011 31.08.2012 31.12.2011 30.11.2011 31.12.2011 30.06.2012 14.09.2012 20.02.2012 31.12.2011 31.07.2012 31.12.2011 31.12.2011 31.12.2011 30.06.2011 31.12.2011 30.06.2012 29.06.2012

Date Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month

Inst Type Government Investment Advisor Investment Advisor n/a Investment Advisor n/a Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a Investment Advisor n/a n/a n/a Mutual Fund Manager n/a Investment Advisor Investment Advisor

Date 17.09.2012 17.09.2012 13.09.2012 10.09.2012 29.08.2012 27.08.2012 15.08.2012 26.07.2012 03.07.2012 02.07.2012 19.06.2012 24.05.2012 18.04.2012 12.04.2012 20.01.2012

09.10.2012

Price/Volume 120

3.5 M

100

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TATNP RM EQUITY YTD Change TATNP RM EQUITY YTD % CHANGE

12/2011 03/yy 109.00 73.97 50'240.00 100.48 -7.82% 35.84% 74.31% 147.5 14'821.65 102'498.00 148.0 14'252.0 28'274.00 63'837.65

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

1.5 M

1.0 M

.5 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 356'276.0 0.84x 72'356.0 4.11x 43'279.0 0.00x

2.0 M

Valuation Analysis

31.12.2008 31.12.2009 444'332.0 380'648.0 0.33x 0.95x 46'026.0 81'910.0 3.20x 4.42x 8'413.0 54'372.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 468'032.0 0.89x 76'235.0 5.48x 46'673.0 0.00x

31.12.2011 615'867.0 0.71x 103'005.0 4.23x 61'428.0 0.00x 103'005.00 91'176.00 14.80% 13.95% 10.28% 16.89% 13.41% 1.03% 16.7% 14.8% 10.0% 1.60 0.91 16.33% 26.35% 10.90 -

LTM

FY+1

0.92 147.51 45.16% 24.21% 0.924 10 3.200 320'002 225'518 203'458 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 494'606.0 635'171.0 648'739.9 663'222.5 147'526.0 148'738.0 3.41x 2.77x 0.12x 0.10x 0.72x 0.63x 87'457.0 109'604.0 126'267.2 127'381.5 30'845.0 30'575.0 5.54x 4.37x 0.51x 0.50x 58'519.0 65'013.0 80'172.5 80'911.9 21'472.0 20'990.0 0.00x 0.00x 2.80x 2.82x S&P Issuer Ratings Long-Term Rating Date 25.08.2006 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 98.10 (EBITDA-Capex)/Interest Exp. 47.93 Net Debt/EBITDA 0.72 Total Debt/EBITDA 1.00 Reference Total Debt/Equity 26.3% Total Debt/Capital 20.3% Asset Turnover 1.03 Net Fixed Asset Turnover 1.49 Accounts receivable turnover-days 33.50 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

700'000.0 600'000.0 500'000.0

0.80

400'000.0 0.60

300'000.0

0.40

200'000.0 100'000.0

0.20

0.0 0.00

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 |

09.10.2012

Tatneft OAO Holdings By:

All

Holder Name BNP PARIBAS ASSET MG EAST CAPITAL ASSET M SWEDBANK ROBUR FONDE BANCO FONDER AB TKB BNP PARIBAS PARVEST INVESTMENT M HANDELSBANKEN FONDER SHINHAN BNP PARIBAS DEXIA ASSET MANAGEME NATIONAL ASSET MANAG NORD EST ASSET MANAG ARSAGERA LTD ALLIANZ ROSNO ASSET DEXIA ASSET MANAGEME KAPITAL FUNDS RAIFFEISEN KAPITALAN OFI ASSET MANAGEMENT INTERFIN CAPITAL BANK OF MOSCOW NH-CA ASSET MANAGEME

Firm Name RMG Securities VTB Capital HSBC Gazprombank Otkritie Capital Goldman Sachs UFS-Finance Investment Company IFC Metropol

Analyst MIKHAIL LOSHININ DMITRY LOUKASHOV ILDAR KHAZIEV ALEXANDER NAZAROV ALEXANDER BURGANSKY GEYDAR MAMEDOV ILYA BALAKIREV SERGEY VAKHRAMEEV

Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy overweight neutral buy Sell/Neutral hold hold

Amt Held 12'532'394 10'129'120 6'952'432 1'599'710 1'365'020 1'100'000 558'226 300'000 290'000 220'000 150'000 142'810 100'816 97'500 80'000 75'500 60'930 20'000 19'000 11'529

% Out 8.5 6.87 4.71 1.08 0.93 0.75 0.38 0.2 0.2 0.15 0.1 0.1 0.07 0.07 0.05 0.05 0.04 0.01 0.01 0.01

Weighting

Change 3 5 5 3 5 1 3 3

Latest Chg 3'000'000 (5'752'608) 900'000 1'599'710 155'790 100'000 300'000 220'000 (113'060) (104'570) (70'000) 75'500 -

Target Price

D M U M M M N M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

119 156 113 104 121 90 116 103

File Dt 31.07.2012 31.03.2012 31.03.2012 31.03.2012 31.07.2012 30.04.2012 31.08.2012 31.03.2012 31.07.2012 30.09.2011 30.03.2012 30.11.2011 30.12.2011 31.07.2012 31.08.2012 31.07.2012 30.04.2012 31.01.2011 29.06.2012 31.03.2012

Date Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 17.09.2012 13.09.2012 29.08.2012 15.08.2012 13.08.2012 26.07.2012 19.06.2012 18.04.2012

09.10.2012

TNK-BP Holding TNK-BP Holding produces and refines oil. The Company operates in Russia and Ukraine.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2012) 52-Week Low (29.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TNBPP RM EQUITY YTD Change TNBPP RM EQUITY YTD % CHANGE

12/2011 06/yy 94.18 53.55 439'100.00 71.45 -24.13% 33.43% 46.79% 450.0 32'152.50 1'603.00 16.0 1'229.0 717.00 969.48

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 25'739.0 0.00x 8'684.0 0.00x 5'732.0 0.00x

100 90 80 70 60 50 40 30 20 10 0 s-11

31.12.2008 31.12.2009 31'605.0 23'491.0 0.00x 0.00x 9'797.0 8'461.0 0.00x 0.00x 6'367.0 5'175.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 29'675.0 1.44x 10'063.0 4.25x 6'540.0 0.00x

31.12.2011 38'774.0 1.05x 13'598.0 3.01x 9'208.0 0.00x 13'598.00 11'617.00 29.96% 30.63% 27.93% 40.39% 36.76% 1.18% 35.1% 30.0% 23.7% 2.40 1.51 4.57% 6.31% 6.13 -

LTM

03/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

0.67 450.00 24.88% 12.84% 0.669 9 4.778 613'580 505'993 543'635 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 59'221.5 61'287.0 0.06x 0.05x 14'650.3 15'109.0 0.07x 0.06x 9'834.7 10'159.0 3.65x 3.67x S&P Issuer Ratings

412.06 276.21 0.07 0.12 6.3% 5.7% 1.18 1.97 59.51 -

Sales/Revenue/Turnover

45'000.0 40'000.0

1.00 0.80

35'000.0 30'000.0 25'000.0

0.60

20'000.0 15'000.0

0.40 0.20

10'000.0 5'000.0 0.0

0.00

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 |

09.10.2012

TNK-BP Holding Holdings By:

All

Holder Name ARTIO GLOBAL MANAGEM URALSIB JSC BANCO FONDER AB UNION BANCAIRE PRIVE FIDELITY INTERNATION BANK OF MOSCOW KAPITAL FUNDS HANDELSBANKEN FONDER GUSTAVIADAVEGARDH FO PICTET & CIE EUROPE MANAGEMENT-CONSULTIN ALLIANZ ROSNO ASSET PARVEST INVESTMENT M VTB ASSET MANAGEMENT TKB BNP PARIBAS BNP PARIBAS ASSET MG FIDELITY INVT ASSET DAIWA SECURITIES GRO SOLID MANAGEMENT INTRAST JSC

Firm Name VTB Capital Gazprombank Goldman Sachs RMG Securities Otkritie Capital IFC Metropol EVA Dimensions

Analyst DMITRY LOUKASHOV ALEXANDER NAZAROV GEYDAR MAMEDOV MIKHAIL LOSHININ ALEXANDER BURGANSKY SERGEY VAKHRAMEEV TEAM COVERAGE

Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy overweight not rated buy buy buy buy

Amt Held 6'323'579 4'294'300 1'200'000 1'057'047 1'027'155 928'300 900'000 783'681 770'000 500'000 375'000 262'204 200'000 200'000 56'700 50'000 39'794 20'000 12'800 10'000

% Out 1.41 0.95 0.27 0.23 0.23 0.21 0.2 0.17 0.17 0.11 0.08 0.06 0.04 0.04 0.01 0.01 0.01 0 0 0

Weighting

Change

5 5 #N/A N/A 5 5 5 5

M M M M U M N

Latest Chg 190'000 (2'130'300) (333'032) 22'401 93'000 40'000 85'000 (56'100) (759'781) 39'794 5'000

Target Price 117 111 #N/A N/A 101 87 112 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.04.2012 31.05.2012 31.03.2012 30.12.2011 31.03.2012 29.06.2012 31.08.2012 31.08.2012 31.03.2012 30.06.2012 31.08.2012 30.12.2011 30.04.2012 31.08.2012 31.07.2012 31.07.2012 31.03.2012 26.10.2011 24.07.2012 29.02.2012

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Holding Company Investment Advisor Investment Advisor

Date 10.09.2012 21.08.2012 26.07.2012 12.07.2012 04.06.2012 18.04.2012 06.01.2012

09.10.2012

United Co RUSAL PLC United Company RUSAL is a primary aluminium producer. The Company's main products are primary aluminium (including alloys and value-added products, such as aluminium sheet ingots and aluminium billet), aluminium foil and packaging products.

Price/Volume 12

.1 M

.1 M .1 M

Latest Fiscal Year: LTM as of: 52-Week High (13.10.2011) 52-Week Low (23.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out #N/A N/A Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RUALR RU EQUITY YTD Change RUALR RU EQUITY YTD % CHANGE

12/2011 06/yy 9.70 5.27 17'020.00 5.91 -39.07% 12.14% 14.45% 12'096.00 0.0 0.0 613.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

.1 M

.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

Fiscal Year Ended 31.12.2007 13'588.0 0.00x 4'620.0 0.00x 2'809.0 0.00x

.1 M

Valuation Analysis

31.12.2008 31.12.2009 15'685.0 8'165.0 0.00x 0.00x 3'526.0 (265.0) 0.00x 0.00x (5'952.0) 821.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 10'979.0 3.17x 1'235.0 28.15x 2'867.0 0.00x

31.12.2011 12'291.0 1.72x 2'762.0 7.64x 237.0 0.00x 2'762.00 2'244.00 18.26% 4.96% 0.91% 2.16% 3.28% 0.47% 28.5% 22.5% 18.3% 1.9% 1.91 0.33 47.73% 114.77% 65.20 3.24

LTM

06/yy 11'981.0 8.06x 1'985.0 0.00x 2'378.0 0.00x

06/yy 11'680.0 3.66x 564.0 0.00x (505.0) 0.00x

FY+1

-32.46% 4 3.500 3'404 2'161 1'619 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 10'994.9 11'761.7 2'010.7 1'847.5 1'088.3 1'079.4 40.48x 7.82x S&P Issuer Ratings

2.07 1.61 4.16 4.38 114.8% 53.4% 0.47 2.12 5.60 112.81 20.67 97.74

Sales/Revenue/Turnover

18'000.0 16'000.0

1.00 0.80

14'000.0 12'000.0 10'000.0

0.60

8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

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 |

09.10.2012

United Co RUSAL PLC Holdings By:

All

Holder Name BANK OF MOSCOW MANAGEMENT-CONSULTIN ERSTE SPARINVEST KAG TKB BNP PARIBAS KAPITAL FUNDS VTB ASSET MANAGEMENT

Firm Name Broker Credit Service JPMorgan UFS-Finance Investment Company Nomos Bank BCC Invest Infina Investment Company

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst OLEG PETROPAVLOVSKIY YURIY A VLASOV ILYA BALAKIREV YURI VOLOV DANIYAR ZHUREKBAYEV ALEXANDER IVANISCHEV

Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy underweight hold buy suspended coverage buy

Amt Held 323'305 104'000 55'000 16'830 10'000 8'400

% Out 0 0 0 0 0 0

Weighting

Change

5 1 3 5 #N/A N/A 5

M M M N M M

Latest Chg 520 13'510 (2'500) -

Target Price 7 5 9 8 #N/A N/A 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.06.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.05.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor

Date 12 month 15 month Not Provided Not Provided Not Provided Not Provided

Date 12.09.2012 04.09.2012 28.08.2012 27.08.2012 18.05.2012 30.12.2011

09.10.2012

Uralkali OJSC Uralkali OJSC produces potash. The Company operates mines and ore-treatment mills in the Perm Territory, Russia. Uralkali extracts and processes potassium ore and sells standard and granular muriate of potash for the agriculture and chemical industries. The Company's main markets include Brazil, India, China, Southeast Asia, Russia, the United States, and Europe.

Price/Volume

12/2010 06/yy 289.90 200.00 2'227.00 259.45 -10.50% 29.73% 60.38% 2'936.0 761'749.38 3'534.74 0.0 0.0 645.65 26'720.69

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

.8 M .7 M .6 M

200

.5 M

150

.4 M .3 M

100

.2 M

.1 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 0.0 0.00x 0.0 0.00x 0.0 0.00x

.9 M

300 250

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.11.2011) 52-Week Low (15.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance URKAS RU EQUITY YTD Change URKAS RU EQUITY YTD % CHANGE

350

31.12.2008 31.12.2009 2'316.9 880.5 2.00x 9.97x 1'684.2 496.1 2.75x 17.70x 1'189.4 36.5 3.83x 231.20x Profitability

LTM-4Q 31.12.2010 1'422.4 10.93x 743.1 20.93x 476.7 32.19x

31.12.2011 3'403.5 8.17x 2'201.7 12.63x 1'451.5 16.97x 2'201.70 2'003.01 58.85% 49.80% 26.91% 57.32% 32.57% 0.63% 79.9% 64.7% 58.9% 42.6% 1.60 0.54 45.93% 113.46% 4.75

06/yy 1'827.5 40.31x 0.0 0.00x 811.7 28.25x

LTM 06/yy 4'179.5 24.46x 0.0 0.00x 1'859.7 13.60x

FY+1

0.74 367.98 12.64% 12.40% 0.738 8 3.750 6'464 27'812 36'094 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/11 Q4 03/12 Q1 4'446.8 5'245.5 5.47x 4.57x 2'682.7 3'281.5 9.96x 8.14x 1'691.9 2'271.6 15.62x 12.32x S&P Issuer Ratings

18.06.2012 BBBSTABLE 18.90 17.51 1.44 1.76 113.5% 53.2% 0.63 1.81 76.85 40.96 -

Sales/Revenue/Turnover

4'000.0 3'500.0 3'000.0

0.80 0.60

2'500.0 2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 0.0

0.00

1998 1999 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 |

09.10.2012

Uralkali OJSC Holdings By:

All

Holder Name KALIHA FINANCE LTD NESIS ALEXANDER GALTCHEV FILARET MUTSOEV ZELIMKHAN SKUROV ANATOLY MADURA HOLDING LTD BECOUNIOCO HOLDINGS AERELLIA INVESTMENTS COSMOPRO TRAIDING LT PERFECTHOLD LTD SERPENTIA INVESTMENT VANGUARD GROUP INC BLACKROCK INSTITUTIO HANDELSBANKEN FONDER BLACKROCK GROUP LIMI PICTET & CIE BNP PARIBAS ASSET MG NORTHERN TRUST CORPO PICTET ASSET MANAGEM EATON VANCE MANAGEME

Firm Name EVA Dimensions IFC Metropol Morgan Stanley Infina Investment Company Aton LLC Otkritie Capital Renaissance Capital Alfa-Bank RMG Securities Troika Dialog Uralsib

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TEAM COVERAGE SERGEY FILCHENKOV AMY WALKER MAXIM TSITOVICH MIKHAIL PAK DENIS GABRIELIK MIKHAIL SAFIN ALEXANDRA MELNIKOVA DARIA KOZLOVA MIKHAIL STISKIN ANNA KUPRIYANOVA

Source Research Research Research Research Research Co File RNS-MAJ RNS-MAJ RNS-MAJ RNS-MAJ RNS-MAJ MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy Equalwt/In-Line hold hold not rated buy equalweight Under Review buy buy

Amt Held 531'039'870 376'307'973 318'747'708 245'404'789 234'883'020 212'651'428 169'951'191 160'391'437 148'707'292 95'597'545 74'353'646 56'651'071 13'763'975 2'794'033 1'366'756 1'025'500 750'234 515'219 363'090 329'500

% Out 18.09 12.82 10.86 8.36 8 7.24 5.79 5.46 5.06 3.26 2.53 1.93 0.47 0.1 0.05 0.03 0.03 0.02 0.01 0.01

Weighting

Change

3 5 3 3 3 #N/A N/A 5 3 #N/A N/A 5 5

U M M M M M M N M M M

Latest Chg 1'304'641 (76'790) (180'000) 200 2'900 (14'800) -

Target Price #N/A N/A 298 272 338 309 #N/A N/A 175 277 #N/A N/A 148 163

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 23.03.2012 n/a 23.03.2012 n/a 23.03.2012 n/a 23.03.2012 n/a 23.03.2012 n/a 31.12.2010 n/a 19.04.2011 n/a 19.04.2011 n/a 19.04.2011 n/a 19.04.2011 n/a 19.04.2011 n/a 30.06.2012 Investment Advisor 14.09.2012 Investment Advisor 31.08.2012 Investment Advisor 14.09.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 18.09.2012 12.09.2012 11.09.2012 03.09.2012 20.01.2012 13.01.2012 12.12.2011 28.09.2011 09.03.2011 24.12.2009 23.12.2009

09.10.2012

Vozrozhdenie Bank Vozrozhdenie Bank (founded in 1991) is a retail and commercial bank. The Bank is community bank built on relationships and provides a wide range of services such as savings accounts, payment handling and payroll management to mortgages, bankcards and business and consumer loans.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.11.2011) 52-Week Low (18.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VZRZ RM EQUITY YTD Change VZRZ RM EQUITY YTD % CHANGE

12/2011 06/yy 880.00 447.00 2'911.00 602 -31.59% 34.68% 36.24% 23.7 14'296.71 19'141.00 13.0 0.0 40'661.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 13'513.0 0.00x 0.0 0.00x 1'904.0 21.04x

1000 900 800 700 600 500 400 300 200 100 0 s-11

31.12.2008 31.12.2009 19'595.0 21'922.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 3'137.0 1'217.0 2.04x 23.08x Profitability

LTM-4Q 31.12.2010 18'247.0 0.00x 0.0 0.00x 581.0 56.29x

31.12.2011 19'586.0 0.00x 0.0 0.00x 1'594.0 8.13x 15.41% 15.41% 0.91% 9.02% 4.41% 0.11% 12.2% 10.41% 103.75% -

Price/ Cash Flow

06/yy 18'365.0 0.00x 0.0 0.00x 1'075.0 19.61x

LTM 06/yy 21'084.0 0.00x 0.0 0.00x 2'086.0 6.12x

FY+1

0.91 10.89 -14.03% 10.59% 0.915 24 4.417 5'352 4'691 5'858 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 14'266.8 16'498.4 3'761.0 3'837.0 2'336.4 3'212.2 644.5 6.32x 4.68x S&P Issuer Ratings

02.09.2011 BBSTABLE 20.08.2008 B 103.8% 50.9% 0.11 6.39 -

Sales/Revenue/Turnover

18.00

25'000.0

16.00

20'000.0

14.00 12.00

15'000.0

10.00 8.00

10'000.0

6.00

5'000.0

4.00 2.00 0.00 04.01.2009

0.0 04.07.2009

04.01.2010

04.07.2010

04.01.2011

04.07.2011

04.01.2012

04.07.2012

1999 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 |

09.10.2012

Vozrozhdenie Bank Holdings By:

All

Holder Name ORLOV DMITRY LIVOVIC MARGANIA OTAR LEONTI JPM INTL CONSUMER HO FIM FUND MANAGEMENT GONCHAROVA LYUDMILA BNP PARIBAS ASSET MG FIDELITY INTERNATION ABERDEEN ASSET MANAG NAKHMANOVIC MARK MEE FIRST STATE INVESTME DOLGOPOLOV ALEKSANDR NESTOR INVESTMENT MA TKB BNP PARIBAS GAVRILKINA TATIANA F FIDELITY MANAGEMENT ZATSEPIN NIKOLAY STE MARINITCHEV YURI MIK STRASHOK DMITRY AKSE HANDELSBANKEN FONDER PIONEER INVESTMENTS

Firm Name Uralsib Troika Dialog EVA Dimensions Infina Investment Company Sovlink Securities Goldman Sachs Olma Barclays VTB Capital Alfa-Bank Otkritie Capital ING Wholesale Banking JPMorgan Deutsche Bank Credit Suisse Renaissance Capital IFC Metropol Aton LLC TKB Capital Broker Credit Service

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst NATALIA BEREZINA ANDREW KEELEY TEAM COVERAGE VERONIKA CHEKINA OLGA BELENKAYA DMITRY TREMBOVOLSKY RUSLAN YUNUSOV CRISTINA MARZEA MIKHAIL SHLEMOV JASON HURWITZ VLADIMIR SAVOV ANDRZEJ NOWACZEK ALEXANDER KANTAROVICH BOB KOMMERS HUGO SWANN DAVID NANGLE MARK RUBINSTEIN RINAT KIRDAN MARIA KALVARSKAIA MAX SHEIN

Source Co File Co File Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG Research MF-AGG Co File MF-AGG MF-AGG Co File MF-AGG Co File Co File Research MF-AGG MF-AGG

Recommendation buy buy overweight hold buy neutral/neutral buy overweight buy overweight buy buy overweight buy neutral hold buy sell buy hold

Amt Held 7'606'708 4'671'369 2'346'371 301'632 299'234 255'459 181'163 114'578 102'119 101'863 87'870 45'000 32'183 30'873 25'400 16'624 16'624 16'624 16'066 15'700

% Out 32.03 19.67 9.88 1.27 1.26 1.08 0.76 0.48 0.43 0.43 0.37 0.19 0.14 0.13 0.11 0.07 0.07 0.07 0.07 0.07

Weighting

Change 5 5 5 3 5 3 5 5 5 5 5 5 5 5 3 3 5 1 5 3

M M D M M M M M U M M M U M M M M M U M

Latest Chg 15'000 52'000 (150'331) 8'111 400 -

Target Price 796 927 #N/A N/A 873 850 730 918 713 916 760 1'154 717 907 880 633 622 904 429 759 1'039

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2010 n/a 31.12.2010 n/a 31.12.2010 n/a 31.08.2012 Investment Advisor 31.12.2010 n/a 31.07.2012 Investment Advisor 29.02.2012 Investment Advisor 31.07.2012 Investment Advisor 01.04.2011 n/a 31.05.2012 Investment Advisor 31.12.2010 n/a 31.07.2012 Mutual Fund Manager 31.07.2012 Mutual Fund Manager 31.12.2010 n/a 30.04.2012 Investment Advisor 31.12.2010 n/a 31.12.2010 n/a 01.04.2011 n/a 31.08.2012 Investment Advisor 31.05.2011 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 3 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month

Date 17.09.2012 17.09.2012 05.09.2012 03.09.2012 31.08.2012 28.08.2012 23.08.2012 23.08.2012 23.08.2012 22.08.2012 20.08.2012 02.08.2012 01.08.2012 16.07.2012 09.07.2012 19.06.2012 28.05.2012 14.05.2012 11.04.2012 01.08.2011

09.10.2012

VSMPO-AVISMA Corp VSMPO-AVISMA Corporation, also known as VSMPO, produces semi-finished products made of titanium, aluminum alloys, stainless steel, and high percentage ferrotitanium. The Company's semi-finished products include ingots, pipes, sheets, and slabs.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.01.2012) 52-Week Low (03.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VSMO RM EQUITY YTD Change VSMO RM EQUITY YTD % CHANGE

12/2011 12/yy 6'097.90 4'070.10 231.00 5218.5 -14.42% 28.22% 53.98% 11.5 60'166.89 22'100.20 0.0 0.0 6'875.52 75'391.58

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

6000

.1 M

5000

.1 M

4000

.0 M

3000

.0 M

2000

.0 M

1000

.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2005 20'605.3 0.00x 4'591.0 0.00x 2'111.3 0.00x

7000

31.12.2006 31.12.2007 27'263.6 33'513.3 3.56x 3.03x 8'971.1 10'901.8 10.81x 9.32x 5'544.2 6'059.3 16.56x 14.75x Profitability

LTM-4Q 31.12.2008 30'340.5 0.86x 7'853.6 3.33x 2'494.0 4.37x

31.12.2009 31'046.0 0.00x 7'844.0 0.00x 829.7 0.00x 7'843.99 5'231.80 16.85% 3.69% 1.28% 2.51% 3.77% 0.48% 36.0% 25.3% 16.9% 2.7% 1.74 0.66 37.46% 71.49% 6.04 1.21

Price/ Cash Flow

LTM

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

12/yy 13'825.1 6.98x 0.0 0.00x 2'660.5 0.00x

FY+1

0.81 3.41 22.40% -0.67% 0.807 4 3.000 365 863 1'420 FY+2

FQ+1

FQ+2

12/10 Y 12/11 Y 09/12 Q3 12/12 Q4 29'924.0 35'455.0 2.74x 2.44x 5'893.0 8'308.0 12.79x 9.07x 1'140.0 2'789.0 52.78x 21.57x S&P Issuer Ratings

4.28 2.46 2.05 2.98 71.5% 41.7% 0.48 1.20 60.38 302.35 42.70 320.04

Sales/Revenue/Turnover

80.00

40'000.0

70.00

35'000.0

60.00

30'000.0

50.00

25'000.0

40.00

20'000.0

30.00

15'000.0

20.00

10'000.0

10.00

5'000.0

0.00 31.12.2006 30.06.2007 31.12.2007 30.06.2008 31.12.2008 30.06.200931.12.2009 30.06.201031.12.2010 30.06.2011 31.12.2011 30.06.2012

0.0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.10.2012

VSMPO-AVISMA Corp Holdings By:

All

Holder Name ROSTEKHNOLOGII JIVANTA VENTURES LTD CADOR ENTERPRISES LT STATE STREET CORP SWEDBANK ROBUR FONDE CLARIDEN SICAV FRANKLIN RESOURCES I INVESCO ASSET MANAGE JULIUS BAER MULTICOO INVESCO LTD HEARTLAND ADVISORS I VANGUARD GROUP INC ALLIANZ ROSNO ASSET ANDREEVA LARISA A NOMURA INTERNATIONAL ENERGOCAPITAL MANAGE TANKEEV VLADIMIR PET TKB BNP PARIBAS VTB ASSET MANAGEMENT KAPITAL FUNDS

Firm Name Infina Investment Company Grandis Capital Renaissance Capital RMG Securities

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ALEXANDER IVANISCHEV ANDREW KUCHEROV BORIS KRASNOJENOV ANDREY TRETELNIKOV

Source Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG

Recommendation hold buy Under Review hold

Amt Held 2'882'375 2'799'363 2'437'336 17'500 13'331 8'096 5'154 4'200 4'001 3'400 2'800 1'539 595 496 359 200 127 115 105 100

% Out 25 24.28 21.14 0.15 0.12 0.07 0.04 0.04 0.03 0.03 0.02 0.01 0.01 0 0 0 0 0 0 0

Weighting

Change

3 5 #N/A N/A 3

M M M N

Latest Chg (6'126) (4'564) (1'800) (22'756) (1'925) 105 (404)

Target Price 6'523 7'932 #N/A N/A 6'180

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2012 31.03.2012 31.03.2012 14.09.2012 31.03.2012 30.07.2012 31.03.2012 22.06.2011 31.05.2012 29.02.2012 31.05.2012 30.06.2012 30.12.2011 31.03.2012 31.03.2012 29.02.2012 31.03.2012 31.07.2012 31.08.2012 31.08.2012

Date Not Provided 12 month Not Provided Not Provided

Inst Type n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Investment Advisor

Date 03.09.2012 09.02.2012 20.01.2012 05.12.2011

09.10.2012

VTB Bank OJSC VTB Bank OJSC attracts deposits and offers corporate, retail, and investment banking services. The Bank offers debt origination, trade financing and custody services, and trades in derivatives, commodities, money markets, Russian and international currency, equities, bonds, and repos.

Price/Volume 0

4000.0 M

3500.0 M

3000.0 M

2500.0 M

Latest Fiscal Year: LTM as of: 52-Week High (31.10.2011) 52-Week Low (25.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VTBRS RU EQUITY YTD Change VTBRS RU EQUITY YTD % CHANGE

12/2009 03/yy 0.08 0.05 92'186'000.00 0.05475 -28.43% 8.63% 15.98% 10'460'540.0 572'714.63 2'339'900.00 0.0 21'600.0 903'500.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1500.0 M

0 0

1000.0 M

500.0 M

0 s-11

.0 M o-11

31.12.2008 31.12.2009 280'762.3 391'200.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 5'424.2 (63'400.0) 35.47x 0.00x Profitability

LTM-4Q 31.12.2010 379'300.0 0.00x 0.0 0.00x 58'200.0 18.12x

31.12.2011 465'000.0 0.00x 0.0 0.00x 89'400.0 6.88x 33.89% 41.95% 1.61% 15.44% 3.68% 0.08% 32.5% 34.46% 387.72% -

Price/ Cash Flow

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

LTM

FY+1

0.89 ######### -16.15% -5.76% 0.886 9 3.667 ######### ######### ######### FY+2

FQ+1

FQ+2

03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 390'400.0 518'200.0 335'216.6 384'297.8 68'438.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 68'900.0 86'100.0 92'369.1 114'980.0 10'320.0 15.01x 8.12x 6.84x 4.98x S&P Issuer Ratings Long-Term Rating Date 09.11.2011 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date 08.12.2008 Short-Term Rating A-3 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 387.7% Total Debt/Capital 78.9% Asset Turnover 0.08 Net Fixed Asset Turnover 4.04 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

40.00

500'000.0

35.00

450'000.0 400'000.0

30.00

350'000.0

25.00

300'000.0

20.00

250'000.0 200'000.0

15.00

150'000.0

10.00

100'000.0

5.00

50'000.0

0.00 02.01.2009

n-11

Fiscal Year Ended 31.12.2007 180'430.8 0.00x 0.0 0.00x 37'845.5 21.05x

2000.0 M

Valuation Analysis

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

09.10.2012

VTB Bank OJSC Holdings By:

All

Holder Name RUSSIAN FEDERAL PROP BLACKROCK INSTITUTIO VANGUARD GROUP INC PICTET & CIE BANK OF MOSCOW NORTHERN TRUST CORPO HIRTLE CALLAGHAN & C DEUTSCHE BANK AG PICTET ASSET MANAGEM SJUNDE AP FONDEN SANPAOLO IMI ASSET M VTB ASSET MANAGEMENT ENERGY INVEST LTD MOOS HERBERT SOLOVIEV YURI ALEKSE EURIZON CAPITAL SA TKB BNP PARIBAS DUBININ SERGEY K UBS INSTITUTIONAL FU KOSTIN ANDREY LEONID

Firm Name Infina Investment Company Alfa-Bank Gazprombank Nomos Bank EVA Dimensions IFC Metropol Barclays Olma TKB Capital Broker Credit Service Visor Capital Keefe, Bruyette & Woods

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst VERONIKA CHEKINA JASON HURWITZ ANDREY KLAPKO ANDREY MIKHAJLOV TEAM COVERAGE MARK RUBINSTEIN CRISTINA MARZEA RUSLAN YUNUSOV MARIA KALVARSKAIA MAX SHEIN RENAT SYZDYKOV RONNY REHN

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG Research MF-AGG Co File

Recommendation hold underweight overweight buy overweight buy equalweight hold hold hold buy underperform

Amt Held % Out ############# 75.5 29'464'624'000 0.28 3'452'465'343 0.03 1'879'000'000 0.02 1'318'214'000 0.01 846'000'422 0.01 837'269'551 0.01 685'755'200 0.01 677'205'910 0.01 657'067'066 0.01 619'097'642 0.01 610'132'000 0.01 400'000'000 0 356'704'448 0 356'704'448 0 353'378'349 0 325'000'000 0 212'348'982 0 205'697'825 0 191'427'900 0

Weighting

Change 3 1 5 5 5 5 3 3 3 3 5 1

M D M M D M M M M M M M

Latest Chg (81'190'000) (72'000'000) 958'467'000 (31'000'000) 50'463'157 196'095'930 (41'060'000) 107'525'838 -

Target Price 0 0 0 0 #N/A N/A 0 0 0 0 0 0 0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2011 14.09.2012 30.06.2012 30.06.2012 29.06.2012 30.06.2012 30.09.2011 31.07.2012 30.06.2012 31.03.2012 30.06.2011 31.08.2012 30.03.2012 30.09.2011 30.09.2011 30.06.2011 31.07.2012 15.02.2012 31.05.2012 30.09.2011

Date Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month

Inst Type Government Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a n/a Investment Advisor Mutual Fund Manager n/a Mutual Fund Manager n/a

Date 03.09.2012 28.08.2012 27.07.2012 05.07.2012 01.06.2012 02.05.2012 17.11.2011 02.09.2011 01.09.2011 01.08.2011 28.07.2011 03.05.2011