Since 1995, the Bank has been instrumental in building Russia's equity and debt markets, and is now one of the largest traders of both asset classes on the international and domestic exchanges. It is unique in having roughly equal business in both the domestic and the international markets. Renaissance Capital was Lead Manager for the first Russian IPO in 1997 of Vimpelcom Communications and has been involved in many of the largest IPOs since that time. Its asset management arm has around USD1 bn under management. The Bank also has a separately capitalised consumer lending business which offers consumer finance, personal loans and mortgages to households across Russia and Ukraine. Renaissance Capital is 100% privately owned by the group's partners and employees.

The EBRD is the largest single investor in the region and mobilises significant foreign direct investment beyond its own financing. It is owned by 61 countries and two intergovernmental institutions. But despite its public sector shareholders, it invests mainly in private enterprises, usually together with commercial partners.

It provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. It also works with publicly owned companies, to support privatisation, restructuring state-owned firms and improvement of municipal services. The Bank uses its close relationship with governments in the region to promote policies that will bolster the business environment.

The mandate of the EBRD stipulates that it must only work in countries that are committed to democratic principles. Respect for the environment is part of the strong corporate governance attached to all EBRD investments.

Every EBRD investment must
— Help move a country closer to a full market economy: the transition impact
— Take risk that supports private investors and does not crowd them out
— Apply sound banking principles

Through its investments, the EBRD promotes
— Structural and sectoral reforms
— Competition, privatisation and entrepreneurship
— Stronger financial institutions and legal systems
— Infrastructure development needed to support the private sector
— Adoption of strong corporate governance, including environmental sensitivity

Functioning as a catalyst of change, the EBRD
— Promotes co-financing and foreign direct investment
— Mobilises domestic capital
— Provides technical assistance

Daiwa Securities Group has 117 offices across Japan and is present in over 20 countries. Sumitomo Mitsui Banking Corporation has total assets of $773 billion, is present in 18 countries and has 406 domestic branches. Daiwa has been active in the Russian market since the early 1990's and in 2007 we established a Moscow representative office.

Daiwa SMBC provides a full range of Investment Banking, Capital Markets, Fixed Income and Equity Sales & Trading products through our presence in key financial centres globally.

Daiwa's European business was established in 1964 and is headquartered in London. Our Investment Banking team comprises experienced professionals across a range of sectors including Logistics/Transport, Consumer Goods, Industrials, Automotive and Financial Services. This sector expertise is backed up by experienced Debt and Equity Capital Markets teams.

Asia Pacific is a dynamic region and has seen unprecedented growth over the past ten years. This trend is set to continue and the importance of the region to companies globally will continue to increase.

Today the Asian region represents an important pool of strategic and institutional capital, as a result of the region's development. Developing economies in the region are seeking to attract capital from international companies.

Daiwa believes that this new dynamic within Asia presents an opportunity for Russian companies to diversify their sources of funding and also to expand their business into new markets.

Daiwa has a comprehensive presence in all key financial centres across the Asian region and is well positioned to advise Russian companies on their Asian strategy, including M&A, strategic alliance and capital raising.

We have Investment Banking teams in Tokyo, Seoul, Shanghai, Hong Kong, Taipei, Singapore and Mumbai, supplemented by additional offices in Beijing, Manila and Bangkok. Our presence across the region provides global companies with a "Door to Asia".

With both specialist industry sector teams and specialist practices, our consultants bring to our clients the strategic advice and implementation needed in times of change — such as transactions or crises — as well as in the day-to-day management of their valuation, reputation and ultimately, their business objectives.

Latham & Watkins has one of the most successful and experienced international corporate practices in Russia. Our Moscow office was established in 1992 and has been involved in some of the most high-profile cross-border transactions since that time. We staff our Russian transactions primarily with Moscow-based attorneys, including senior U.S. and English attorneys, which allows us to provide our clients with prompt and efficient service. The Moscow office currently hosts 19 attorneys and we are also able to call upon Latham attorneys from our other 24 offices, including London, Frankfurt, Paris, New York, Washington D.C. and Los Angeles.

We have vast experience in the area of international capital markets transactions involving Russian companies. IPOs carried out by our clients — issuers and underwriters — have resulted in combined proceeds of over $13.8 billion.

In 2007, we represented VTB Bank in its $8 billion IPO and Sitronics in its $402 million IPO on the London Stock Exchange. We also represented underwriters in Synergy, Co's $190 million Russian domestic IPO and in Eastern Property Holdings' $151 million Swiss Stock Exchange public offering. In 2006, we represented COMSTAR UTS in its $1.06 billion IPO and Sistema Hals in its $432 million IPO on the London Stock Exchange. Previously we completed the $1.56 billion IPO of AFK Sistema and the $966 million IPO of NOVATEK on the London Stock Exchange. We additionally represented Mechel Steel Group, Wimm-Bill-Dann Foods and Mobile TeleSystems in the last three out of four IPOs listed on the New York Stock Exchange. We also completed initial public offerings of Seventh Continent and Kalina on RTS and MICEX.

In addition, we assisted issuers in numerous Eurobond offerings, resulting in over $7.4 billion in proceeds to our clients.

Latham's Moscow M&A group of carried out nearly 40 transactions totaling over $5.7 billion in aggregate deal value. In particular, we represented Comstar UTS and MGTS Finance S.A. in their $1.3 billion acquisition of 25% + 1 share in OAO Svyazinvest. We also represented AFK Sistema in its sale of 47.17% shares in ROSNO. The group also advised on numerous significant transactions primarily within the telecommunications industry.

The bank’s network comprises 49 regional branches and 8 Moscow offices to enable successful cooperation with clients which also have extensive business networks. The bank is always working to expand its presence in the regions of Russia.

At present, under a development strategy approved by shareholders, the bank is developing as a universal interregional credit institution providing services that meet international standards.

Sviaz-Bank is working hard on improving its corporate governance principles, it has also changed the means by which it offers corporate customer services — now each corporate client has their own personal manager. Sviaz-Bank has been upgrading its banking technologies and implementing an electronic document workflow management system. The bank is authorized to provide guarantees to customs bodies. Since 2004, the bank has been arranging the issuance, placement, circulation and redemption of bond issues.

Sviaz-Bank`s set of banking products for individual clients is being regularly updated. Thanks to its partnership with the Russian Post federal state unitary enterprise clients can access banking services not just at the bank’s offices but also at post offices across Russia.

The branch network covers all 11 time zones of Russia practically in all economically significant regions of Russia from St Petersburg and Kaliningrad in the West to Vladivostok and Yuzhno-Sakhalinsk in the East. Today the Bank of Moscow operates 53 full-service regional branches. The total number of the bank's different points of sale throughout the country is more than 360.

Trust in the brand of the Bank of Moscow provides for the continued expansion of its customer base. Currently the Bank serves about 102 thousand corporate customers and over 8.3 m individuals. The Bank ranks second biggest in the country by number of the issued plastic cards (8.8 m) and the third one by the amount of private customers deposits.

The scale of operations and excellent business reputation make the Bank of Moscow a reliable and efficient partner in the implementation of large investment and public-oriented projects. The Bank lends to major industrial projects and renders financial services to leading Russian companies.

Services
Business banking
— Overdraft credit
— Foreign currency accounts
— Savings treasury deposits
— Bills and deposit certificates

Card services
Corporate cards for your employees
— Metro Cash & Carry

Trade finance
— International trade service
— Sales finance

Letters of credit & letters of guarantee

— Alternative Investments (EUR 26.5 billion). Lyxor AM offers a broad range of hedge funds, funds of hedge funds and absolute return funds, adhering to high risk-management standards and rigorous hedge fund manager selection guidelines. Lyxor AM gained its prominence with its hedge fund platform. This platform includes more than 170 hedge funds covering all principal strategies and represents a diversified investment universe benefiting from a high level of transparency, security and liquidity.

— Structured Management (EUR 20.5 billion). Lyxor AM offers investment solutions to its customers adapted to their risk profiles and return objectives. These solutions integrate the innovations of the Group into this domain, world number 1 as regards structured products on equity.

— Index Tracking (EUR 26.9 billion). Lyxor AM offers one of the most diversified and liquid range of ETF (Exchange Traded Funds). The company is one of the top players of the European ETF industry. Lyxor ETFs are listed in Europe and Asia and reflect Equity, Bond and Commodity markets. www.lyxoretf.com.

OTKRITIE ranks currently among the top five brokers on the Russian equity market by trading volume. It provides securities underwriting and brokerage services, as well as executing securities and derivatives trading services on the major Russian and international stock exchanges as well as on the OTC market. Exchanged traded volume in 2007 amounted to $ 80 bln.

OTKRITIE offers a unique product for institutional clients: OTC-traded options in electric utilities and blue-chip companies. OFC ranks as the fifth among brokers in terms of volume traded on the RTS FORTS. The Company has a long-established and strong trading presence in the various Russian stock exchanges including OTC- traded derivatives market.

OTKRITIE also offers the full range of asset management services, realizes trust management of financial resources and securities. The superior performance of OTKRITIE's Mutual Funds further proves the high professionalism of asset management team, its proper understanding of the industry's current state and its future growth prospects. Thus, OTKRITIE-Equities open-ended mutual fund is considered one of three most profitable at Russian market according to Kommersant-Dengi rating with the rate of return 22,7%.

The Company also renders the full range of investment banking services: fund raising, M&A transactions underwriting, business restructuring and financial consulting. Main FC OTKRITIE's clients on financial consulting market are large caps. Our client segment on M&A market are small and mid caps.

OTKRITIE provides small and medium-sized companies with investment capital and administrative support to help promote their growth. Priority areas for OTKRITIE are industrial, real estate, electricity utilities and financial sectors.

The leading Russian and International rating agencies confirm the credit quality of OTKRITIE Financial Corporation. In particular, RA Expert assigned an "A" rating (very reliable) to the company and National Rating Agency an "AA+" rating (very high reliability). Headquartered in Moscow, OTKRITIE has additional offices in 10 major Russian cities as well as in London, Frankfurt, Limassol.

One of the largest corporate practices in Europe, we have over 80 partners and more than 300 lawyers in our European corporate group. And with over 600 corporate lawyers worldwide, we are also one of the largest teams in the world covering transactional and advisory work in mergers and acquisitions, private equity, corporate finance, tax, insurance and investment funds.

Our capital markets team provides corporate and securities regulatory advice to domestic and international companies and intermediaries. Our focus is on the mid-market where the firm is unique in its global reach. Our practice is balanced between institutions & issuers and we have a strong relationship with regulatory authorities and markets.

Our Capital Markets Services:
— Assessment of the issuer's readiness to be a public company;
— Restructuring preceding capital raising;
— Initial public offerings (IPOs) on major stock exchanges in Russia, Europe, US and Asia;
— Capital increases and share issues;
— Private placements;
— Bond and notes issues;
— Public to private;
— Employee incentive arrangements;
— Equity-linked securities (convertibles and exchangeable), share options and other products.

Some of our international awards:
— "Mid Market Law Firm of the Year" (Acquisitions Monthly Awards, 2007)
— "Top AIM Firm" (The Lawyer, February 2007)
— "Global Law Firm of the Year" (Legal Business Awards, 2006)
— "Law Firm of the Year" (Legal Business Awards, 2005)
— "AIM Lawyer of Year 2006" (Growth Company Investor Annual Awards, 2006)
— "Private Equity Law Firm of the Year" (Unquote Private Equity Awards, 2005 and 2006)

Contact Information
Alex Tamlyn, Partner, Head of EMEA Capital Markets Group, London
+44 (0) 20 7796 6185; alex.tamlyn@dlapiper.com
Koen Vanderheyden, Partner, Finance and Projects, Brussels
+32 (0) 2 500 6552; koen.vanderheyden@dlapiper.com
Alexander Klochkov, Partner, Capital Markets, Moscow
+7 (495) 221 44 00; alexander.klochkov@dlapiper.com

For more information about DLA Piper please visit www.dlapiper.com

The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. The company's depositary receipt services have assisted many Kazakh entities seeking to raise capital in overseas markets.