OTKRITIE Financial Corporation - Research:Main Analytics

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Analyst comments

10.03.10 Domestic car sales up 5% MoM in February; neutral
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10.03.10 SCON [SELL; TP $5.6] posts January 2010 trading update; neutral
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10.03.10 RusHydro [BUY,TPc5.9]: 2010 capex will amount to RUB97bn; neutral
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10.03.10 Russian coking coal producers may benefit from BHP coal deal
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10.03.10 CBR interventions unable to halt ruble appreciation
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10.03.10 Rosneft [BUY; TP$10.77] obtains new offshore license without tender
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09.03.10 Severstal 4Q09 IFRS results preview
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09.03.10 FAS opens case against Dalsvyaz [BUY; TP:$4.31] over internet pricing
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09.03.10 Timchenko increases his stake in NOVATEK to 20.77%; positive
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It is impossible to invest successfully without pro-active, precise and comprehensive information. A professional research team of OTKRITIE Financial Corporation delivers a full array of research reports on Russian financial market, including equities, derivatives and bonds. We attempt to inform clients about ongoing events at once and also to offer emerging trends and market impact analysis.

OTKRITIE FC has developed a system of sell-side securities market research reports focusing on small and mid cap stocks with the accent on electric utility sector. A group of the company’s strategists devote special attention to factors having an impact on the efficiency of investments. A creative approach as well as generation of original ideas is the basis of OTKRITIE FC's market research and analysis.

The research department of our company prepares a product for two groups of clients: Russian and foreign institutional investors (Emerging Market Funds and Global Funds interested in investments in Russian companies, in particular, electric utilities) and private clients.

TRUTH & BEAUTY BY ERIC KRAUS

OTKRITIE FC offers clients research reports of one of the most renowned and respectable economists Eric Kraus who is the Company’s Special Advisor for Global Strategy. A series of TRUTH AND BEAUTY reports cover mostly financial market activity and political commentary but also contains information on modern Russian culture and particularly the culture of high-money.

Macroeconomic overview		Sectors & companies
OTKRITIE FC's team offers analysis and articles on Russian and international macroeconomic figures, sector/market trends and corporate news.		OTKRITIE FC's research team provides analysis and recommendations on approximately 70 companies within 10 sectors throughout Russia.

Debt market		Derivatives
OTKRITIE FC's team provides daily and weekly debt capital market research, market forecasts and investment strategy.		OTKRITIE FC's team offers daily and weekly derivatives research and analysis, and also provides trading ideas.

Investment strategy		Openutilities.ru
OTKRITIE FC's team offers monthly investment strategy that helps clients to take an investment decision based on individual goals.		The team provides sector coverage, company research, news and comments, on-line conferences and other services.

Option volatility index

Analyst recommendations

Issuer	Target price	Upside potential
LUKOIL	69.46	28%
Gazprom	7.96	34%
Rosneft	10.77	28%