London Stock Exchange real estate conference

Our strategy has always been in focusing on a selected group of clients and developing the depth of our relationships as opposed to the breadth of our coverage. This strategy has resulted in longstanding and mutually beneficial relationships with our clients, with a number of landmark transactions for the entire Russian market such as $1.75 Bn 144A bond for Gazprom in 2003, $500 MM debut Eurobond for Norilsk Nickel in 2004, $1.25 Bn SEN for Gazprom also in 2004, a total of $20.6 Bn in acquisition financing for Rosneft and Gazprom in 2005, $494 MM securitization of RZD lease receivables in 2006, $300 MM debut Eurobond for Novorossiysk Commercial Sea Port and $1.25 Bn 30-year Eurobond for Gazprom in 2007. We aim to forge close relationships with our clients to develop innovative solutions and products and to help clients achieve their short- and long-term financial and strategic goals.

PIK's core activities include:

• development of residential real estate projects and sales of completed units, including servicing and maintenance of residential real estate developed by PIK and other developers;
• production and assembly of concrete panel housing in Moscow as a subcontractor for the Moscow city government;
• production and sale of raw materials and construction materials.

The last three years between 2004 and 2006, PIK has completed over 2.5 million square meters of residential housing and over 36,000 residential units in Russia, including over 1.2 million square meters and over 17,000 residential units in 2006 alone.

June 1, 2007, the Group completed successful listings on the London Stock Exchange, the RTS and MICEX exchanges in Russia.

PIK Group's website address is: www.pik.ru

On June 1st, 2007 the Company completed the placing of its shares through an IPO on the London Stock Exchange, raising $208,000,000 of start-up capital to commence its investment activities. That makes it the largest Ukrainian real estate IPO to date. On November 23rd, 2007 the company successfully conducted secondary private placing of common shares raising additionally $100,000,000.

Since the IPO, DUPD has committed $203,000,000 of investment funds in several real estate projects.

Investment strategy

• Development of new commercial properties as well as redevelopment of existing properties in Ukraine offering the prospect of attractive returns to the shareholders.
• Investment focus on development of new and re-development of existing properties in the retail and office sectors and, to a lesser extent, in industrial and warehousing sectors.
• Consider opportunities to acquire land plots that are suitable for development of commercial properties or large-scale residential projects (“land banking”.)
• Consider opportunities to enter into sale-&-leaseback arrangements, mainly in the retail sector where such opportunities are generally present as a result of the rapid expansion of the Ukrainian retail market.
• More info on the Company is available on: http://www.dragon-upd.com/

Da Vinci Capital was established in the summer of 2007 by a management team led by Oleg Jelezko, in partnership with BSG, a privately owned multi-billion dollar enterprise with focus in natural resources, real estate and global financial investments. The partners in the Da Vinci Capital team are entrepreneurial professionals with extensive investment management, trading and private equity experience from some of the leading financial institutions in the emerging European markets. Da Vinci Capital currently employs 17 professionals in its three local offices, focused on four products area: private equity, public equity, fixed income and real estate.

Da Vinci CIS Private Sector Growth Fund is a closed-ended fund (Guernsey registered company) targeting private companies in the CIS planning an IPO, strategic sale or management buy-out in the next two to four years, as well as small cap companies already listed on the region’s markets. Da Vinci CIS Private Sector Growth Fund Limited intends to list on the SFM segment of the LSE in February 2008.

Da Vinci CIS Special Opportunities Fund: Equity is an open-ended long/short hedge fund investing in event driven, momentum and relative value plays in the CIS equity markets. The fund will seek to generate stable risk adjusted return by actively hedging its positions.

Da Vinci CIS Special Opportunities Fund: Debt is an open-ended long/short hedge fund investing in a portfolio of CIS corporate bonds, plus other high yield strategies targeting higher returns with a maximum risk diversification strategy. This Fund has a target launch of March 2008.

Da Vinci Capital's competitive advantages are:

• Excellent knowledge of Russian and CIS securities markets and practices
• Local presence provides crucial link to capturing local market sentiment
• Extensive use of derivatives to hedge and enhance yield
• Broad network of local brokers to collect ideas and achieve best execution
• Sound proven track record in both bull and bear markets
• Mandate to build diversified exposure to both blue chips and small caps
• Complementary skill sets of public and private equity teams

The Group's business activities include investment consultation and brokerage services for retail investors in Japan, and, on a global basis, brokerage services, securities underwriting, investment banking advisory services, merchant banking, and asset management.

Investment Banking Division

Our European Investment Banking Division provides the full range of corporate finance and Equity Capital Markets services to clients across Europe, Russia and the CIS. We also provide services to non-European corporates, particularly Japanese and Asian for European transactions.

Nomura Real Estate

Nomura is a major real estate players globally with significant advisory capabilities, having raised over €22 billion in real estate offerings in the last 3 years, including the IPO of PIK Group, the largest ever real estate IPO globally, the IPO of Sistema-Hals, the first Russian real estate company to be listed on the London Stock Exchange, as well as the IPO of its own real estate subsidiary Nomura Real Estate Holdings. Nomura is also considered to be a pioneer of the Japanese REIT market.

We are also a leading real estate investor globally. Through our Real Estate Investment Group (REIG) we are involved in proprietary real estate equity investments in Europe, with a particular focus on Germany and Central and Eastern Europe, including Russia and CIS. We are also involved in indirect investments, such as pre-IPO investments in real estate companies and acquiring strategic stakes in private real estate investment and development companies. Since 1994, Nomura has invested over US$15 billion in European real estate.

In December 2006, Nomura acquired a 15% stake in Fortress Investment Group — an asset management company focusing on real estate, private equity and alternative investments. Nomura also holds certain real estate interests via Terra Firma, the leading private equity company spun out of Nomura in 2002.

ZAI executes corporate finance and broking assignments for local clients overseas and for overseas clients locally.

ZAI has a unique investor base comprised of Institutions that specifically invest in “foreign”, i.e. non-UK shares, via the UK markets. In addition to the London Institutional Investor marketplace, ZAI place shares with European, Asian and American investors, giving them a global distribution capability. On the corporate finance side, ZAI employ a unique “7 Solutions” methodology, to insure success for their clients.

Among ZAI's higher profile Russian and CIS clients, past and present, are Rambler Media Group, Dragon Ukrainian Property Fund (Ukraine), Caspian American Telecommunications, Metromedia, the WorldTel Fund, and others.

ZAI are licensed Nominated Advisers and Brokers.

Its client-focused activities, which range from high quality capital market solutions, to the more traditional occupier-led property services and advice.

The comprehensive service offering across EMEA, Asia Pacific and the Americas is based upon detailed local knowledge backed by first-class research. With its full-service expertise spanning all real estate sectors, DTZ offers a truly global and comprehensive solution to each clients’ particular property-related investment and business needs.

Allen & Overy has earned a leading reputation in international equity capital markets (ECM). During the last six years, we have advised on over 200 equity capital markets deals worldwide, covering numerous industry sectors. We have an excellent LSE listings track record. Our equity capital markets practice is ranked in first tier position by leading international legal directories (Chambers Global and Legal 500).

The Moscow office of Allen & Overy has gained significant experience in real estate, acting for developers, banks, private equity investors, target companies and founder shareholders in Russia. Using the experience of our great team of lawyers based in Russia, we continually strive to introduce our cutting-edge London real estate know-how to the Russian market by skilfully adapting it to the particular legal, social and political circumstances of the Russian real estate industry. We are currently advised a number of real-estate companies in their pre-IPO restructuring.

In the CIS, Deloitte provides a full range of professional services to both multinational corporations and growth-oriented local firms. Our goals and strategy are to further develop the premier national accounting and management solutions firm in the CIS, to provide a full range of services to our international clients, and to maintain a dynamic practice to serve national clients. We are one of the largest international accounting and management solutions practices in the CIS.

Today Deloitte is the first of Big Four firm in Russia and the CIS that is owned and managed by its partners. Each of them is committed to the long-term success of our firm and to providing the best service to our strategic clients. We also have highly-qualified expatriate partners who are committed to work in Russia and the CIS over long periods of time. In addition, we are proud to be the recognized leaders in national staff development. Over 50% of all partners of Deloitte in CIS are citizens of the Russian Federation and other countries of the CIS. All this is indicative of our focus on the Russian market and its future development.

Today Deloitte is the fastest growing Big Four firm in the CIS. The sales of auditing and consulting services to clients in the CIS grew by 50% in FY05-‘06.

Two of our most recent projects were delivered to Sistema-Hals and RosEuroDevelopment.

Sistema-Hals

For the last few years, Sistema-Hals, a subsidiary of AFK Sistema, has been a market leader in the development, construction and asset management sectors. Deloitte's CIS tax and legal department has provided Sistema-Hals with a range of tax and legal consulting services: assisting the company to implement investment projects and to create a long-term development programme (including providing an analysis of legal structuring options for their involvement in construction). We also provided recommendations on the optimal form of development contracts.

RosEuroDevelopment

RosEuroDevelopment is a full-scale development company with real estate projects in the following segments: office centers, shopping centers, warehouses, and residential. Our tax and legal department assisted the company to create an effective corporate structure, developing an internal financial system for the Group and advising on its tax implications. We also provided a tax opinion on the company's investment transactions and deal structuring on the sale of shares, property and sites. We have also been instructed to provide them with on-going tax consulting services .

Shared Value develops and implements strategic capital markets communications programmes across Emerging Markets, Europe, the US, Asia and Africa. Shared Value is part of AIM listed International Marketing & Sales Group (IMSG), one of the largest marketing groups worldwide focused on Emerging Markets. IMSG operates in 12 countries, including Russia, Ukraine, Kazakhstan, Tajikistan, Hungary, Greece, Romania and Bulgaria. The Group's clients include multinational and top tier local companies, including Lukoil, Alfa-Bank, Uralsib, Coca-Cola, Danone, DIAGEO, IKEA, Raiffeisen Bank, HSBC, Visa, Nokia, Microsoft, Nissan and Adidas.

Moody’s Investors Service is Interfax’s partner in Moody’s Interfax Rating Agency, Russia’s leading national rating agency.

At the end of 2004, the Group set up the Experian-Interfax credit bureau, which is a joint venture with the global leading information solutions company Experian.

Thomson Financial, a division of Thomson Corporation and a leading supplier of information and technical solutions to the international financial community, is Interfax’s strategic partner in investor relations (IR).