Agriculture Rusgrain: Coming together nicely

Ivan Nikolaev Senior Analyst +7495 777 66 77 (ext.2646) Ivan.Nikolaev@aton.ru

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7 8.7 12.000 depending on the grain grade mix) The stock is trading with huge discounts to EM peers and sharply underperformed its Russian peers The Russian government’s initiatives to substitute food imports with local production drive domestic agricultural output and prices  We forecast earnings to turn positive in 2010 and grow by 60% in 2011 on the back of merger with Agrosoyuz The stock is trading 80% below its historic high.400 is below the current grain price (RUB3.4 10 15 20 Bear points  High debt: We estimate the 2010E gross debt/EBITDA ratio at 3.5 11. The deal started in mid 2009. however.4 6.0 13.6x. processes and trades grain. It also stores it at its own elevators Rusgrain is buying out profitable poultry and eggs producer Agrosoyuz.8 10.0 8. is financed through additional share issue of Rusgrain.4 9.6 16.8 13. and is expected to be finalized in early 3Q 2010 Optimal harvest yield/costs per ha ratio: The company’s grain production cost per tonne of RUB3.500-5.ATON July 2010 RUSGRAIN: OVERVIEW 2011E P/E ratios Bull points  Vertical integration: The company produces.4 8.9 9.3 9.3 7.3 12.1 5. high leverage is usual for agricultural companies  Low stock liquidity 2 . when the company was half the size it is now 25 Razgulay BEF KFC Holdings Malaysia KWS Charoen Pokphand Foods Grain peers average Universal Robina Corp Andersons Poultry peers average Archer-Daniels-Midland Rainbow Chicken GrainCorp GFPT Bunge Cherkizovo MHP Rusgrain post merger 0 5 21.

5 7.2 1.2 9.1 1.5 4.7 13.0 6.0 21.3 5.6 6.9 9.2 4.9 1.1 5.7 1.8 6.5 nm 11.8 na 1.2 1.ATON July 2010 VALUATION  Current MktCap: $107mn Fair equity value after M&A: $200mn 2011E   Our fair value is based on a six-year DCF model with a 3% terminal growth rate and a 14.0 0.1 7.2 na 6.8 6.1 neg 7.0 0.1 0.3 2.9 6.7 10.2 0.0 0.0 2.5% WACC Rusgrain’s land bank alone is worth $30mn on our estimates (not included in our valuation) Company is trading on just 5.0 7.009 782 EV $mn 191 191 394 1.6 0.4 4.0 9.1 9.8 9.9 6.0 1.9 16.8 5.2 1.9 na 0.2 12.7 5.5 na 8.5 11.2 6.1 7.0 11.4 3.2 5.3 0.2 9.9 7.0 8.9 na 10.9 na 1.2 0.3 1.2 6.5 0.7 0.430 1.3 na 0.197 4.5 15.819 1.7 8.923 9.480 Note: Rusgrain post merger consolidates AGS financials starting from 2H 2010 3 .3 0.5 0.3 0.1 10.7 5.6 8.1 6.4 na 6.9 0.9 2.2 5.6 0.0 6.2 0.1 10.9 5.3 8.7 1.4 6.7 13.2 0.8 4.4 9.8 na 1.9 1.8 7.3 3.4 13.992 375 689 727 1.3 6.164 921 993 P/E EV/EBITDA EV/Sales 2010E 2011E 2012E 2010E 2011E 2012E 2010E 2011E 2012E 9.2 0.8 1.1 7.9 0.0 16.5 7.8 6.9 1.0 na 6.6 10.7 6.628 5.8 9.3 8.9 11.1 0.9 1.3 12.0 1.1 1.733 978 1.124 7.5 5.8 4.6 5.4 8.8 5.6 neg neg 11.1 10.4 6.0 16.4 12.9 11.3 nm 12.960 450 659 na 1.9 na 6.9 7.6 6.1 1.357 1.0 12.9 0.6 7.1 6.4x 2011E P/E multiple on consolidated basis MktCap $mn 107 107 402 206 608 17.2 2.5 6.6 na 4.4 5.0 15.2 9.6 6.1 2.3 8.7 7.503 1.1 0.4 3.024 758 20.0 na 8.1 1.0 1.6 0.6 7.1 Company name Rusgrain post merger Rusgrain (pro-forma) Grain peers BEF Razgulay Andersons Archer-Daniels-Midland Bunge GrainCorp KWS SLC Agricola Grain peers average Poultry peers MHP Cherkizovo Charoen Pokphand Foods GFPT KFC Holdings Malaysia Rainbow Chicken Universal Robina Corp Poultry peers average Ticker RUGR RU RUGR RU BEFSDB SS GRAZ RU ANDE US ADM US BG US GNC AU KWS GR SLCE3 BZ MHPC LI CHE LI CPF TB GFPT TB KFC MK RBW SJ URC PM 1.

000 ha of fertile land acquired Six agricultural companies acquired.ATON July 2010 COMPANY SNAPSHOT Shareholder structure Free float 27% Business structure OJSC Rusgrain Rusgrain Ltd.000 ha 4 Grain company (elevator. Total land bank reached 50.000 tonnes capacity. fodder production and mill) acquired . Crop production Trading Processing and storage Milk production Seeds production Founders 73% Rusgrain’s acquisition history Flour production plant acquired Fodder production plant acquired Merger with poultry and eggs producer Agrosoyuz 2003 2004 2005 2006 2007 2008 2009 Cereals processing plant with 36. two elevators and an agricultural company with 5.

Growing purchasing power of the population means higher salaries Rusgrain gross profitability outlook Prices assumptions (RUB/tonne) 16.000 0 07 20 08 20 09 20 E 10 20 E 11 20 E 12 20 E 13 20 E 14 20 E 15 20 25% Winter wheat Summer wheat Sunflower 20% 15% 10% 5% 0% 07 20 E E E E E E E 08 09 1 3 01 4 15 1 0 01 1 01 2 20 20 20 2 2 20 2 20 22% 21% 25% 26% 25% 24% 23% 22% 17% 5 .000 14.ATON July 2010 FORECASTS: RUSGRAIN STAND-ALONE Rusgrain revenue breakdown ($mn) 200 180 160 140 120 100 80 60 40 20 0 2007 2008 2009E 2010E 2011E 2012E 2013E 2014E Elevators Trading Processing Crops prodution Rusgrain drivers  Increasing domestic meat and milk production drive grain consumption  Wide-reaching government support for domestic agriculture  Moves to substitute food imports with domestic production drive Russian output and prices Rusgrain risks  Grain price volatility means margins volatility  Fertiliser price volatility may negatively affect company’s margins Russian economy growth is a mixed blessing.000 4.000 2.000 8.000 6.000 30% 12.000 10.

 0% tax rate on agricultural production due to be in force until 2013  Availability of subsidised loans (eight years. Growing purchasing power of the population means higher salaries AGS gross profitability 40% 35% 30% 25% 20% 15% 10% 5% 0% 2009E 2010E 2011E 2012E 2013E 2014E 2015E 25% 18% 22% 27% 31% 33% 37% Raw materials Fodder costs 6 .ATON July 2010 FORECASTS: AGROSOYUZ (AGS) AGS revenue breakdown ($mn) 250 200 150 100 50 0 2008 2009 Other 2010E 2011E 2012E 2013E 2014E 2015E Chicken eggs Processed poultry Poultry AGS costs breakdown ($mn) 140 120 100 80 60 40 20 0 2008 2009 2010E 2011E 2012E Utilities 2013E Gas 2014E Heat 2015E AGS drivers  Russian poultry prices likely to rise as a result of the government’s intention to up domestic output to 90-95% of food consumed from 60-70% currently  Meat imports as % of meat consumption in Russia have fallen over the last seven years from 38% to 30%. low interest)  Low capex needs AGS risks Grain price volatility may negatively affect AGS margins Currency risk. Rouble fluctuations may seriously affect local grain prices Russian economy growth is a mixed blessing.

8% 4.1% 4.9% 12.4% 11.ATON July 2010 FORECASTS: COMBINED COMPANY Consolidated revenue breakdown ($mn) 35% Rusgrain’s gross profitability by division 30% 25% 22% 21% 17% 23% 24% 26% 27% 28% 30% 450 400 350 300 250 200 150 100 50 0 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2007 2008 Agrosoyuz Trading and storage Processing Crops prodution 20% 15% 10% 5% 0% 2007 0% 0% 0% 0% 0% 0% 0% 0% 0% 2008 2009E 2010E 2011E 2012E 2013E 2014E 2015E AGS stand-alone Consolidated company Note: Rusgrain assumed to consolidate AGS financials starting from 2H 2010 RUGR stand-alone Debt/EBITDA ratio (x) 35 30 25 20 15 10 5 0 2007 2008 2009E 2010E 2011E 2012E 2013E 2014E 7.2% 9.0 3.8% -10.7% 8.9% EBITDA 2007 2008 2009E 2010E 2011E 2012E 2013E 6.3 0.3 Rusgrain consolidated profitability 20% 15% 10% 5% 0% -5% -10% -15% Net -2.1% 10.1% 12.9% 18.4 2.5% 16.1 1.0% 2005 2006 -8.5% 13.2 29.8 0.4 11.5% 3.4% 7 .4% 15.3% 6.

0 Grain production costs vs harvest yield 3. RUB/kilo 2009 2010E 2011E 2012E 2013E 2014E 2015E Raw materi als 89% Costs per 1 kilo of poultry Price per 1 kilo of poultry 8 .5 2.000 6.0 Maintenance 6% Costs/ha. (LHS) Harvest yiled.000 2. t/ha (RHS) AGS costs structure (2010E) Gas Heat Uti lities 3% 2% 6% 120 100 80 60 40 20 0 2008 Poultry production costs and prices.5 3.ATON July 2010 COSTS Grain production costs structure (2010E) Elevator services 16% Utilities 1% Seeds 11% Chemicals 9% Equipment rent 12% 12.0 2.000 10. RUB (LHS) Costs/tonne.0 0.5 4. RUB.000 Fertilizers 14% 1.000 8.000 Fuel 10% 0 Salaries 21% 2008 2009E 2010E 2011E 2012E 2013E 2014E 2015E 1.5 0.

4 2.4 2. On the other hand.6 2.5 2. Meat consumption per capita (kg pa) 90 80 70 60 50 40 30 20 10 0 Biological norm for Russian climate = 200 g per day 73 20% 36% 31% 27% 10% 25% 0% 2009E 2010E 2011E 2012E 2013E 2005 2006 2007 2008 Russian meat market breakdown (mn tonnes) 10 8 6 4 2 2.8 2.0 3.6 2.4 2.9 3.1 3.8 2.8 2.7 2.  Uncertainty regarding global grain supply. On one hand this may put pressure on global grain production driving grain prices.7 2.4 2. Rouble fluctuations may seriously affect local grain prices.ATON July 2010 AGRICULTURAL MARKET: DRIVERS AND RISKS Meat imports as % of consumption 50% 40% 30% 42% 41% 40% 41% 40% Drivers  Expanding meat consumption in Russia  Increasing import duties and reduced quotas should drive domestic meat and grain production  Government plans to boost domestic milk production should support grain consumption and in turn grain prices Risks  Currency risk.4 2.8 2.9 50 40 30 2.9 3.7 2.5 2. Current global grain price is below cropping costs in developed countries.3 2.2 0 2009E 2010E 2011E 2012E 2013E 2014E 2005 2006 2007 2008 Meat consumption per capita (kg pa) 80 70 60 50 86 mn tonnes $bn 2. this may push governments to implement more protectionists and stimulating measures for farmers.7 2.2 Germany China India Russia 2013E BRC average France Russia 2008 Brazil USA UK 0 2014E 1990 1995 2000 2005 2006 2007 2008 Poultry Beef Pork Value (RHS) 9 .0 20 10 0 53 4 55 56 61 63 65 66 74 40 30 20 10 75 55 45 50 52 54 56 66 2.6 2.9 2.7 2.5 2.

mn ha Idle land.5 1. mn ha NPK* domestic price outlook ($/t) 600 500 400 300 200 100 0 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2005 2006 2007 2008 Tractors per 1000 cropped hectares 12 10 8 6 4 2 0 1990 1991 1992 1993 1994 1995 1996 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Mineral fertilisers usage (mn tonnes) 12 10 8 6 4 2 0 1990 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 *NPK = Nitrogen.5 0.0 2.5 2.ATON July 2010 INDUSTRY SNAPSHOT Russian agricultural land (mn ha) 140 120 100 80 60 40 20 0 2009E 2010E 2011E 2012E 2013E 2014E 1992 1995 2000 2003 2004 2005 2006 2007 2008 140 120 100 80 60 40 20 0 2007 2008 2009E 2010E 2011E 2012E 2013E 2014E 1992 1995 2000 2003 2004 2005 2006 0.0 2009E 2010E 2011E 2012E 2013E 2014E 1992 1995 2000 2003 2004 2005 2006 2007 2008 Russian grain harvest (mn tonnes) 3.0 Russian grain harvest yield (mn tonnes) Cultivated land land. Potash 10 .0 1. Phosphor.

min EUR 0.e. The government compensates interest payments up to the current refinancing rate (8.5mn  0% income tax rate planned to be in effect until 2013  Import duties and quotas on meat.ATON July 2010 GOVERNMENT SUPPORT  The government subsidises domestic agricultural companies interest payments on non-public debt. e.1/kg 75%. i. Rosagroleasing (government institution which provides equipment to agricultural producers) has introduced 7 to 15 year leasing programmes for livestock and agricultural equipment at a 2% lease rate with 7% upfront payment. min EUR0.7/kg Beef Pork Poultry 11 .50% currently). meat and milk production over 7 to 15 years Russian meat imports quotas and duties 000 tonnes 560 472 780 In-quota tariff 15% 25% 20% Above quota tariff 50%.g. if company borrows $100mn at a 10% interest rate.5/kg 80%. spreading investments into grain. milk and sugar support local prices and stimulate investment activity in the domestic agricultural sector  The government has intervened to prop up grain prices at various points since 2003  Leasing programme aimed to facilitate replacement of outmoded agricultural machinery. min EUR 1. its annual interest payments will amount to $1.

1% nm 142.5% 8.0 -70 1 19 -15 0 0 0 0 -1 4 6 1 -6 -1 -1 -2 0 -2 21.8% 21.0% 13.8% 12.0% 15% 10.5 -237 -1 84 -45 0 0 0 0 0 39 47 0 -7 32 -5 27 0 27 26.1% 30.7% 5.6% 3.9% 10.3% neg 2006 54.5% 10.5% 2.3% 15.6% 18. $mn Revenue CoGS Gain (loss) from change in value of bio assets Gross profit SG&A Invemtiry losses Negative goodwill Impairment of PPE Bad debt expense and change in provisions Other expense.2% 18.ATON July 2010 FORECASTS: INCOME STATEMENT.8% 17.8% -2.5% 3.5% 2012E 321.1% -0.6% 16.4% nm nm nm 14.0% 2014E 2015E 358.5 -91 4 15 -14 0 0 0 0 0 1 3 0 -10 -9 -0.4 14.7% 21.0% 6.2% 16.6% 12 .0% 14.2% 0.0% 2013E 339.9% nm nm 13.6% 13.0% 2010E 210.5% 13.7 377.5% 11.7 -161 -1 48 -30 0 0 0 0 0 19 23 0 -9 10 -1 8 0 8 22.2% 1.8% 2011E 303.4 -245 -1 94 -48 0 0 0 0 0 46 54 0 -5 41 -8 33 0 33 27.9% -9.8 -255 -263 -1 -1 103 114 -50 -53 0 0 0 0 0 0 0 0 0 0 53 61 63 71 0 0 -3 0 50 61 -10 -12 40 49 0 0 40 49 28.8% 18.6% 16.9% 8.7% 4.0 -36 0 10 -8 -1 0 0 0 0 1 2 0 -2 -1 0 -1 0 -2 21.8 -85 6 21 -20 0 0 0 0 -2 -1 4 1 -10 -9 0 -9 0 -9 21.0% 14.4% 5.8% 2009E 101.1% 676% 75.0% 107.7% 20% 10.3% 0.7% 4.0% 14.0% 14.7% 5.1% neg 18.3% 15% 10.7 -42 0 13 -10 0 0 0 -1 -1 0 2 1 -3 -2 0 -2 0 -2 23.7% 3.1% 37.0% 12.7% 15% 10.0% nm 19.0% 14.3% -25.7% 44.3% nm 2007 88.9% 61.5% -8.0% 2008 99.4% 17.6% -34.8% 14.4 -10 0 -9.0% 17.1% 1.4% 17.4% 257.0% nm 10.5% 22.0% 9.9% 12.0% 10.8 -229 -1 74 -43 0 0 0 0 0 32 39 0 -9 23 -3 20 0 20 24.0% 14.9% nm 7.8% 17.3% 20% 20% 10.0% 6.0% 5.0% 14.8% 10. net EBIT EBITDA Financial income Financial expense PBT Income tax PAT Minority interest Net income Margins Gross EBIT EBITDA Net Growth rates Revenue EBITDA Net income Other ratios Effective tax rate Effective interest rate SG&A as % of revenue 2005 46.

7% 28.4 RoE 11.1% 2010E 2011E 76 80 2 2 0 0 9 9 0 0 87 91 5 17 23 29 2 2 19 23 4 4 2 2 0 0 54 77 141 168 1 1 21 21 0 0 -7 12 15 35 0 0 15 35 28 28 2 2 0 0 3 5 33 34 65 60 2 2 24 34 1 2 93 99 126 133 141 168 92.2% 33.0% RoCE 4.4% 2013E 84 2 0 9 0 95 36 33 1 25 4 2 0 100 195 1 21 0 72 95 0 95 0 2 0 5 8 50 2 38 2 93 100 195 50.7% 18.2 -3.5% 37.4% 37.5% 13 .00 0.4 0.ATON July 2010 FORECASTS: BALANCE SHEET.00 46.9 6.4 23.4 14.9% 7.8 7.2 39.53 0.5% 2014E 2015E 84 84 2 2 0 0 9 9 0 0 95 95 58 78 34 36 1 1 26 27 4 4 2 2 0 0 124 147 219 242 1 1 21 21 1 2 112 161 135 185 0 0 135 185 0 0 2 2 1 2 6 6 9 10 30 0 2 2 40 43 2 3 75 47 84 57 219 242 30.7 41.2 7.5 0.48 0.9 45.7 70.6% -1.9% 8.5% 39.5 70.1 Debt/EBITDA 11.0% 2007 22 1 0 6 0 28 0 7 2 8 3 4 3 27 55 1 2 0 2 4 1 5 4 1 0 1 6 38 1 4 1 44 50 55 41.5 11.3 0.1 1.5% 1.9 59.8% 2012E 82 2 0 9 0 93 22 31 1 24 4 2 0 84 177 1 21 0 39 62 0 62 18 2 0 5 25 50 2 36 2 91 116 177 67.5 4.8 12.9% 39.3 38.93 57.22 0.4 1.8 Debt/Equity 1.6% 2008 32 2 7 9 0 50 1 12 3 12 4 2 2 36 86 1 21 0 -6 16 4 20 3 2 0 2 6 47 2 10 1 60 66 86 49.9 87.0% 2009E 37 2 0 9 0 48 16 13 3 15 4 2 0 51 99 1 21 0 -15 7 0 7 18 2 0 2 21 57 2 11 1 71 92 99 74.7 2.1% 1.0 75.1 2.9 87.9% 101.2 10.6 -78.0 -27.7 25.1 2.6 6.9 48. $mn 2005 2006 PPE 13 20 Goodwil l 1 1 Advances for land acquisition 0 0 Other investments 0 0 Deferred tax assets 0 0 Total LT assets 14 21 Cash and equivalents 1 0 Receivables 2 3 Other receivables 5 4 Inventories 6 15 Biological assets 0 2 Other investments 2 4 Prepayments for current assets 0 0 Total current assets 16 29 Total assets 30 50 Share capital 1 1 Additional paid-in capital 1 2 Revaluation 0 0 Retained earnings 6 3 Total equity attributable to shareholders 8 5 Minority interest 1 1 Total equity 9 6 LT debt 4 1 Finance lease liabilities 0 0 Net assets attributable to minority participants in LLC subsidiaries 0 1 Deferred tax liabilities 1 1 Total LT liabilities 5 4 ST debt 14 38 Finance lease liabilities 0 0 Payables 4 2 Tax provision 0 0 Total ST liabilities 18 41 Total liabilities 22 44 Total equity and liabilities 31 51 Gross debt 17.2 133.1 Net debt 16.

0 5.7 5.3 -1.4 -0.1 4.5 -0.4 2012E 27.2 5.6 0.1 58.5 18.8 2008 -8.4 11.6 -2.0 41.1 78.9 -22.4 -0.1 1.3 -19.5 2013E 32.6 15.9 -1.7 22.3 -0.5 1.7 0.5 -0.5 35.4 21.7 -24.0 2.5 15.8 -14.6 2009E -9.8 8.6 7.ATON July 2010 FORECASTS: CASH FLOW.2 -5.8 10.8 -0.0 -10.8 5.4 3.4 36.8 -16.4 1.0 -0.0 0.6 -31.4 2.3 -0.0 15.3 29.0 31.4 -8.0 12.0 10.6 -0.2 2011E 19.7 -12.3 -11.0 8.0 -10.0 17.4 -8.1 2014E 2015E 39.5 36.7 2010E 8. $mn Net income Depreciation & Amortization Other Items (Increase)/Decrease In Net Working Capital Cash Flow From Operations Capital Expenditures Free Cash Flow Financing Cash Flow Net Change In Cash Cash.1 -20.4 1.0 2006 -2.5 2007 -1.3 1.4 3.1 3.2 0.4 32.9 48.0 -30.8 -20.1 1.0 25.4 41.7 -13.5 14 .8 10.4 -10.0 -28.1 58.2 -10.6 -0.5 -9.9 6.2 -12.1 17.9 60.5 -15.2 -17.4 22.8 1.2 17.5 -1. period end 2005 -1.4 51. period beginning Cash.0 0.5 -1.5 13.8 -10.9 20.2 -7.1 0.8 2.5 -3.9 50.6 6.1 -10.2 0.3 18.6 3.1 -1.8 0.9 25.

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Bldg 6 Moscow. Cyprus Office: 2 Vasileos Pavlou Street. Elenion Building 2nd Floor.ru Metals & Mining Dinnur Galikhanov +7 (495) 777 6677 (ext. Office 302. P. 2643) vlad.ru Irina Skvortsova +7 (495) 777 6677 (ext.bunkov@aton. NAUFOR Member Head of Equity and Fixed Income Group Alexey Artemenko Phone +7 (495) 510 1653 Alexey. 2678) elena.kovalskaya@aton. 2679) alexey. CY-1096 Nicosia.koupreyev@aton. 2656) peter.matevossov@aton. 2673) elena. 2646) ivan.ru Technical analysis Natalia Vigodina +7 (495) 777 6677 (ext.ru Consumer Goods & Retail Ivan Nikolaev +7 (495) 777 6677 (ext. 2657) anna.ru Special Situations & Small Caps Group Iouli Matevossov +7 (495) 777 6677 (ext.ru Telecoms & Media Stanislav Yudin +7 (495) 777 6677 stanislav.ru Pavel Shelekhov +7 (495) 777 6677 (ext.ru Utilities Alexander Sivolobov +7 (495) 777 6677 (ext.nikolaev@aton. MICEX.sivolobov@aton.ATON July 2010 Aton OOO (LLC) Address Pokrovka str.westin@aton.: +7 (495) 777 6677 (ext.ru Nikita Melnikov +7 (495) 777 6677 (ext.vigodina@aton.Artemenko@Aton.ru Mikhail Pak +7 (495) 777 6677 (ext.ru Editor Anna Bogdanova +7 (495) 777 6677 (ext. 2645) natalia.savchik@aton. 2641) andrew.aton.ru Oil & Gas Elena Savchik Tel. 5. Nicosia.ru Editorial Head of Editorial and Production Lauren Mandy +7 (495) 777 6677 (ext.shelekhov@aton. 2675) irina.ru Alexey Evstratenkov +7 (495) 777 6677 (ext. 2655) ilya.ru ATON RESEARCH TEAM Strategy & Economics Peter Westin Chief Equity Strategist/Economist +7 (495) 777 6677 (ext.ru Tel. 2642) slava.pak@aton. 2648) lauren..foksha@aton.ru Head of Trading Denis Sarantsev Phone +7(495) 777 6677 denis.: +7 (495) 777 6677 (ext. 105062.ru Head of Research Alexei Yazikov Tel. 2671) alexander.veller@aton.nigmatullin@aton.bogdanova@aton.yazikov@aton.: +7 (495) 777 8877 fax: +7 (495) 777 8876 www. 27.: +357 (22) 680015 fax: +357 (22) 680016 Regulated by Cyprus Securities & Exchange Commission Head of Sales llya Veller Phone +7 (495) 287 9287 ilya.C.mandy@aton.ru Banks Svetlana Kovalskaya +7 (495) 777 6677 (ext.ru . 2640) alexei.melnikov@aton.: +7 (495) 777 6677 (ext.Ru Atonline Limited Registered address: Themistokli Dervi. Russia Phone +7 (495) 777 6677 ATON <GO> (Bloomberg) tel.evstratenkov@aton.korzhenevskaya@aton.ru Translator Elena Korzhenevskaya +7 (495) 777 6677 (ext. 2659) nikita. 2649) svetlana.skvortsova@aton. 2677) dinnur. Egli Building 3rd Floor.risk@aton.aton-line.sarantsev@aton.galikhanov@aton.ru www. Cyprus tel.ru Ilya Koupreyev 7 (495) 777 6677 (ext. 2644) inga. 2647) mikhail.yudin@aton. 2658) iouli. 2672) pavel.ru Editor Andrew Risk +7 (495) 777 6677 (ext.ru Vlad Nigmatullin +7 (495) 777 6677 (ext. 2066.ru RTS.ru Slava Bunkov Inga Foksha +7 (495) 777 6677 (ext.

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