Ing.ru

N°23 (431)
18 June 2007

ON 5-6 JUNE 2007 ING EXHIBITED AT THE MAJOR EVENT FOR THE RUSSIAN PAYMENTS & CASH
MANAGEMENT INDUSTRY – ANNUAL ‘TREASURY AND RISK MANAGEMENT IN RUSSIA’ CONFERENCE
ORGANISED BY EUROFINANCE.
THIS YEAR THE CONFERENCE ATTRACTED MORE THAN 250 DELEGATES FROM 130 RUSSIAN AND
FOREIGN COMPANIES AND FROM 15 BANKING GROUPS. AMONG THEM THERE WERE
REPRESENTATIVES FROM BAT, PHILIPS, HEWLETT-PACKARD, HEINEKEN , AKZO NOBEL, SEVERSTAL,
PRICEWATERHOUSECOOPERS, ERICSSON, RENOVA, TNK-BP, VIMPELCOM, UNIMILK, AUCHAN,
CARGILL, LUKOIL, MARS, GLAVERBEL, NESTLE, JTI, ROLF AND MANY OTHERS.
ING WHOLESALE BANKING RUSSIA PRESENTED ITS PCM PRODUCTS INCLUDING RUB FINANCING FOR
MULTINATIONAL CORPORATE CLIENTS VIA POOLING TREASURY RESOURCES, ELECTRONIC BANKING,
REMOTE BANKING SERVICES, PAYROLL SOLUTIONS, CUSTOMS CARDS ETC.
protection of rouble. Although, legislatively, CBR is POLITICAL AND ECONOMY REVIEW
not prohibited from participating in the capital of MICEX, if CBR’s share is sold it is not clear who Economy and Infrastructure
RTS Stock Index during the week from 11 June
Market Infrastructure
2007 to 15 June 2007 started at 1806.68, rose approx. 4.24% and closed at 1883.27. During the RTS FORTS plans to introduce futures on OFZ.
week, the minimum closing value was down to The Futures and Options Derivatives Market 1806.68 while the maximum reached 1883.27. (FORTS) on the Russian Trading System (RTS) plans to start trading futures on Federal Loan Bonds MICEX Index during the week from 11 June 2007 to
(OFZ) from the 25th of June. However, the delivery 15 June 2007 started at 1610.83, rose approx. 3.82% will be executed through the Moscow Interbank and closed at 1672.29. During the week, the Currency Exchange (MICEX), where government minimum closing value was down to 1610.83 while securities are traded on exclusive basis. The delivery will be executed on the basis of orders with specified parties ("addressed" orders). The underlying asset is Legislation and Authorities
OFZ issues with the maturity date of 2, 4, 8 and 12 years, and the total volume of RUB 190 billion. General impact: The introduction of futures on OFZ CBR is expected to exit from the shareholders’
on RTS FORTS would provide for implementing group of MICEX. According to the National Banking
novel hedging strategies for government debt Board (NBB) of the Central Bank of Russia (CBR), it securities, which were never implemented in Russia is planned to discuss a possible step out of CBR from the shareholders’ group of the Moscow Interbank Currency Exchange (MICEX) on the upcoming RTS is expected to be sold. On the 14th of June,
session of NBB. Several months earlier, NBB during the sitting of committee of directors it was recommended CBR to exit from the National resolved to establish a new vice-chairman post of the Depository Center (NDC) capital structure. Following Russian Trading System (RTS) board to conduct the recommendation at the end of June 2007, CBR finance affairs. At the same time, it was reported that made relative decision and Konstantin Korischenko, investment bank Morgan Stanley might evaluate RTS CBR Deputy Chairman, was relieved of his post in group prior to the group listing. According to market NDC (Chairman of the Board). NBB also reported participants, the attraction of a banker and the that currently CBR seems to be reluctant to leave discussion of business valuation are requisite steps on the threshold of possible sale of RTS to a third General impact: According to the Constitution, the party investor. According to quotations of RTS Board activity of CBR is aimed at providing stability and This newsletter has been prepared by ING Bank solely for the information of clients of ING Bank. It is not intended as an offer or solicitation for any financial deal. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, ING Bank makes no representation as to its accuracy or completeness. Neither ING Bank nor any officer of ING Bank accepts any liability whatsoever for any direct or consequential loss arising from any use of this Newsletter. (the system used for indicative quotation of securities not listed on the RTS), RTS capitalization accounts to Yaroslavlnefteorgsintez refinery. Russian oil USD 320 million. In near future, new non-resident company Gazprom Neft and oil major TNK-BP each market participants are expected to enter Russian hold 49.48% stakes in Slavneft, while the remaining securities market, who would need to have a share in shares make up the company's free float. In turn, the capital of Russian stock exchange in order to be Gazprom Neft is 75.6%-owned by natural gas able to operate in local market on equal terms with monopoly Gazprom, which is half-owned by the General impact: Currently, 90% of total on-exchange market turnover is concentrated on the Moscow Equity News
Interbank Currency Exchange (MICEX). Should major non-resident stock exchange get a share in the capital of RTS, new technologies along with the client TGK-10 expects to raise USD1.2bln from offering
base are likely to be poured to RTS, increasing its 50% of shares. On 14 June Russia's Territorial
Generating Company-10 (TGK-10) unveiled its plans to raise at least USD1.2bl from offering over 50% of MICEX market for innovation and growth stocks
its shares. The board of directors of Russian electric started its operation activity. The Moscow
power monopoly UES, which controls TGK-10, is Interbank Currency Exchange set up its innovation expected to determine the parameters of the share and growth market, called the Sector for Innovative offering at its meeting on 22 June. The share offering and Growing Companies, last year. On the 15th of is scheduled for November-December. TGK-10 has June, shares of “FINAM – Information Technologies” already received several offers from strategic Fund were listed in the sector (the first company investors, including Germany's E.ON, which want to listed in the sector since its set up). In order to be buy a controlling stake in TGK-10. TGK-10 plans to listed on the market, a company is obliged to operate make the share offering after it has integrated the Kurgan Generating Company. The AGM of the telecommunications, internet, software development, Kurgan Generating Company is expected to consider semiconductor production, biotechnology, research the integration of their company with TGK-10 in and development, high-tech engineering or high-tech August. TGK-10 plans to spend the funds to be transport industries. Applicants for the listing must raised in the share offering for the construction of have a market capitalization of between RUB 100 three power units with a capacity of 400 megawatts million and RUB 5 billion and offer shares worth at each at the Nyagan GRES power plant, located in the Khanty-Mansi Autonomous District. Initially, TGK-10 planned to offer 30% of its shares and planned to raise USD600ml. TGK-10 operates power plants in the Tyumen and Chelyabinsk regions and in the STOCK MARKET AND COMPANY NEWS
Khanty-Mansi Autonomous District. TGK-10's power production capacity totals 2,593 megawatts. UES Privatization, Auctions and Tenders
Slavneft plans to auction 51.86% stake in
Company News
Yaroslavl refinery. On 14 June Russian oil company
Slavneft unveiled its plans to auction its 51.86% Russian PM signs ruling to set up United
stake in the Mendeleyev Slavneft Yaroslavl Refinery Shipbuilding Corp. On 15 June Russian Prime
on 16 July 2007. Slavneft will auction a lot comprising Minister Mikhail Fradkov signed a ruling to set up the a 48.03% stake in the Mendeleyev Slavneft Yaroslavl state-owned United Shipbuilding Corporation. The Refinery, or Rusoil, and a 100% stake in Rusoil corporation will be registered in St. Petersburg and Moscow, which holds a 3.83% stake in the refinery, will integrate state-owned and state-affiliated according to the statement. The starting price of the shipbuilders. The government will transfer to the lot is RUB334.188ml. Bids will be accepted until 13 corporation its 60% stake in St.Petersburg-based July. The sale of the refinery will not affect the Nevskoye Design Bureau and RUB25ml, under the amount of Slavneft's oil processing, as the company ruling. The government will also set up three regional This newsletter has been prepared by ING Bank solely for the information of clients of ING Bank. It is not intended as an offer or solicitation for any financial deal. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, ING Bank makes no representation as to its accuracy or completeness. Neither ING Bank nor any officer of ING Bank accepts any liability whatsoever for any direct or consequential loss arising from any use of this Newsletter. holding companies, which will be controlled by United Putin signs bill transferring government proceeds
Shipbuilding Corporation. The regional holdings will from Yukos sales to federal government. On 15
receive stakes in state-owned and state-affiliated June Russian President Vladimir Putin signed into shipbuilding and ship design companies. In particular, law a bill seeking to transfer to the federal budget all the government will set up a regional holding government proceeds from the auctions of bankrupt company in St.Petersburg, called the Western Center Russian oil company Yukos' assets. Both houses of for Shipbuilding; a holding company in Severodvinsk, the Russian parliament approved the bill last month. called the Northern Center for Ship Building and Under the law, regional governments would have to Repair; and a holding company in Vladivostok, called transfer any proceeds they collect from Yukos asset the Far Eastern Center for Shipbuilding and Repair. sales to the federal budget. In his state of the nation In March, President Vladimir Putin signed a decree to address to the parliament in April, Putin proposed establish the United Shipbuilding Corporation. spending some of the funds raised from the sale of Yukos' assets on residential utilities and housing. PNTZ board approves 97.92ml euro loan from
Since early 2004, Russia's Federal Tax Service has Germany's HVB. On 15 June the board of directors
filed huge back tax claims against Yukos. The tax of Pervouralsky Novotrubny Works, or PNTZ, service said earlier that those claims now total more approved taking out a 97.92ml euro loan from than RUB400bl. Last year the Moscow Arbitration Germany's Bayerische Hypo- und Vereinsbank AG Court declared Yukos bankrupt and most of (HVB). The loan will be provided in two tranches, company's assets have been sold at auctions held worth 91.92ml euros and 6ml euros. The Russian over the past three months to pay off the company's company plans to use the loan to install new equipment. PNTZ plans to repay the loan in 16 equal installments twice a year. The first installment is to be Mechel completes acquisition of 49% in Kuzbass
paid before December 14, 2009. PNTZ accounts for power sales company. Russian coal and steel
11% of the pipe output in Russia and exports its group Mechel is reported to have completed a deal to products to 30 countries. The plant, based in the purchase a 49% stake in Kuzbass Electric Power Sverdlovsk Region, is part of ChTPZ Group. Sales Company, which it won at an auction in May. Mechel also received approval for the purchase from Evraz Group board approves merging
the Federal Antimonopoly Service, and paid the Yuzhkuzbassugol, Raspadskaya. The board of
RUB1.14bl it offered for the stake at the auction. The directors of Evraz Group, a Luxembourg-based steel deal increased Mechel's total stake in the Kuzbass and coal producer with operations mainly in Russia, Electric Power Sales Company to 50.2%. Russia's approved a plan to merge two Russian units, coal electric power monopoly UES sold the 49% stake in companies Yuzhkuzbassugol and Raspadskaya. The the Kuzbass Electric Power Sales Company. deal must still be approved by Raspadskaya's Mechel's subsidiary, Mechel Energo, bid for the stake shareholders and antitrust regulators. The exact in the auction. The Kuzbass Electric Power Sales terms and structure of the deal are expected to be Company is the largest power sales company in finalized in the second half of 2007. Upon completion Siberia. It plans to supply 24.8 billion kilowatt-hours of the deal, Raspadskaya will own 100% in of electric power in 2007. The company's revenue Yuzhkuzbassugol. Evraz will continue to hold its 80% amounted toRUB 6.1bl in January-March, as stake in Raspadskaya through Corber Enterprises calculated under Russian Accounting Standards. Limited, a joint venture with Raspadskaya's management. On 08 June, Evraz Group completed the deal to increase its stake in Yuzhkuzbassugol to 100% from its earlier 50%. The value of the deal was not disclosed. Yuzhkuzbassugol is made up of 24 companies, including 12 coal mines, two washing plants, three machine building plants, three transportation companies and a number of auxiliary companies. Yuzhkuzbassugol operates in the Kuznetsk Basin, or Kuzbass, Russia's largest coal This newsletter has been prepared by ING Bank solely for the information of clients of ING Bank. It is not intended as an offer or solicitation for any financial deal. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, ING Bank makes no representation as to its accuracy or completeness. Neither ING Bank nor any officer of ING Bank accepts any liability whatsoever for any direct or consequential loss arising from any use of this Newsletter. ANNUAL AND EXTRAORDINARY SHAREHOLDERS’ MEETINGS (AGM/EGM)

GMs to be held

Company Meeting
Agenda and Comments
include changes and amendments to the company charter. The board of directors of Russian power utility Territorial Generating Company-1 (TGK-1) recommended paying dividends of RUB300ml for 2006. In particular, the company plans to pay RUB0.000103369 in dividends per common share with a face value of RUB 0.01. The Board also approved paying RUB82.4ml, or RUB0.00002839307. The Board of Directors recommended that shareholders limit the size of the company's upcoming additional share offering in order to raise no more than RUB32.4bl. On April 28, TGK-1 approved publicly offering 1,875,228,129,448 common shares with a face value of RUB0.01 each, which would increase the company's charter capital 64.6% to RUB47.775bl. With the size of the offering approved by shareholders, TGK-1 could raise more than the RUB32.4bl needed for its investment programs, the press service said. Therefore, the board of directors recommended limiting the size of the offering. TGK-1 said earlier that it planned to make its additional share offering sometime in July-September. Shareholders are to increase the company’s shareholding capital via an additional share issue and amend the company’s charter. Stroytransgas
(ISIN RU000A0BL5Z9)
Irkutskkabal
Standard AGM agenda. The Issuer will also call a joint EGM on the same day together with Irkutskkabel-Fokor company. The EGM is to decide on two companies’ merger. If a shareholder votes against the merger or will not vote at all, he will be able to use a buy-back offer and sell his shares back at a price of RUB 524 per common share. Market deadline of the offer is 03-Aug-07. Lebedynsky experimental-
tinned food factory
include the approval of the revised company This newsletter has been prepared by ING Bank solely for the information of clients of ING Bank. It is not intended as an offer or solicitation for any financial deal. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, ING Bank makes no representation as to its accuracy or completeness. Neither ING Bank nor any officer of ING Bank accepts any liability whatsoever for any direct or consequential loss arising from any use of this Newsletter. charter.2006 dividends are expected to be equal to RUB28.42 per common share. Krasnoyarsk GES
Energomash Corporation
Sredneural Mediplavilny
Zavod
Vorkutaugol
also expected to approve changes and amendments to the company charter. Tomsk Trunk Grids
includes changes to the charter. The board of directors recommended paying RUB42.3 per share in dividends for 2006. Tattelecom
also expected to approve changes and amendments to the company charter and internal regulations. Mosenergo
Shareholders are to approve dividends for approval of the increase in the shareholding capital via an additional share issue. 2006 dividends are expected to be equal to RUB0.001873 per common share, dividends for the 1st quarter of 200=7 – RUB0.0015257 per common share. Yuzhny Kuzbass Coal
shares. The board of directors recommended paying no dividends for 2006. Novosibirskenergo
the approval of changes to the company charter. 2006 dividends are expected to be equal to RUB1.40 and RUB12.92 per common and preferred share respectively. Nizhegorodnefteorgsintez
refinery Lukoil-Nizhegorodnefteorgsintez recommended paying RUB95.62 in dividends per preferred share with a face value of RUB0.2 rubles each. The supervisory board recommended paying no dividends on common shares. The dividends on preferred shares are expected to be paid until 21 August. Novosibirsk Tin Factory
include the increase in the number of the announced shares and approval of a large-amount transaction. Shakhta Vorgashorskaya
This newsletter has been prepared by ING Bank solely for the information of clients of ING Bank. It is not intended as an offer or solicitation for any financial deal. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, ING Bank makes no representation as to its accuracy or completeness. Neither ING Bank nor any officer of ING Bank accepts any liability whatsoever for any direct or consequential loss arising from any use of this Newsletter. also expected to approve changes and amendments to the company charter. North-West Telecom
paying RUB 0.357 per common share and RUB 0.858 per preferred share in dividends for 2006. Volgatelecom
directors plans to recommend 2006 dividends of RUB1.57 per common share and RUB2.99 per preferred share. Kurganmashzavod
(ISIN RU0009098974)
Gaysky GOK
are expected to be paid on company shares. Irkutskenergo
changes and amendments to the internal regulations. The company board recommended paying a total of RUB358.3ml, or RUB0.07517 per common share with a face value of RUB1. Yuzhny Kuzbass Coal
recommended paying no dividends for 2006. Yuzhny Kuzbass is 70.88%-owned by Russian coal and steel group Mechel. The company did not pay dividends for 2005. Lenenergo
0.4545898 per preferred share or a total of RUB42.397ml in dividends for 2006. Sinarsky Pipe Factory
The board of directors recommended paying RUB17.5ml or RUB2.78 per share, in dividends for 2006. Gazprom neft
approval of a number of interested party transactions. The board of directors of recommended paying RUB38.32bl in dividends for 2006, or RUB8.0822 per share. Lenzolota
The board of directors of Lenzoloto, the largest gold producer in Russia's Irkutsk Region, recommended paying RUB1 per preferred share in dividends for 2006. The board recommended paying no dividends on common shares for 2006. North-West Telecom
Lebedinsky GOK
dividends in the amount of RUB50.28 per share. Ulan-Ude Aviation
Standard AGM agenda which also includes changes and amendments to the company charter. This newsletter has been prepared by ING Bank solely for the information of clients of ING Bank. It is not intended as an offer or solicitation for any financial deal. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, ING Bank makes no representation as to its accuracy or completeness. Neither ING Bank nor any officer of ING Bank accepts any liability whatsoever for any direct or consequential loss arising from any use of this Newsletter. Zvezda OAO
Aeroflot
Aeroflot Russian Airlines recommended paying RUB1.287 per share in dividends for 2006. Sibirtelecom
include changes and amendments to the charter of the company and internal regulations. The board of directors of Russian telecommunications operator CenterTelecom recommended paying RUB0.1999621 per common share and RUB0.38933 per preferred share in dividends for 2006. NPO Irkut
The board of directors of Russian aircraft manufacturer Irkut recommended paying RUB117.375ml, or RUB0.12 per share with a face value of RUB3 each, in dividends for 2006. As of today agenda is not available. approval of the revised company charter. approval of an interested party transactions. 2006 dividends are expected to be equal to RUB0.1 per preferred share to be paid out not later than 180 days after the AGM date. changes and amendments to the company charter. 2006 dividends are expected to be equal to RUB0.0000327 per common share and dividends for the 1st quarter of 2007 are expected to be equal to RUB0.000025233 per common share. The board of directors recommended paying RUB0.136841 per share in dividends for 2006. The board of directors recommended paying an approval of an interested party transaction. The meeting will be held on Zelenograd and will start at 11 a.m. The registration of the shareholders will be held on 25 June from 10 a.m. till 6 p.m. and on 26 June from 8 a.m. Voting ballots will be accepted by STATUS registrar, located in Moscow. The Board of the Directors recommended paying no dividends for 2006. Shatura furniture factory
(ISIN RU0002614835)
South Telecom
This newsletter has been prepared by ING Bank solely for the information of clients of ING Bank. It is not intended as an offer or solicitation for any financial deal. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, ING Bank makes no representation as to its accuracy or completeness. Neither ING Bank nor any officer of ING Bank accepts any liability whatsoever for any direct or consequential loss arising from any use of this Newsletter. South Telecom Company
telecommunications operator Southern Telecom, or UTK, recommended paying RUB0.040008 per common share and RUB0.121838 per preferred share in dividends for 2006. The company plans to pay a total of RUB236.889ml in dividends for 2006. Verofarm
(ISIN RU000A0JL475)
Rosbank
approval of a number of interested party transactions. OKB named after Yakovlev
(ISIN RU0006766920)
Sitronix
(ISIN RU000A0JP187)
Saratov Oil Refinery
Standard AGM agenda. Owners of preferred shares have the right to vote at this AGM on all items of the agenda. 2006 dividends are expected to be equal to RUB125.39 per preferred share to be paid out by 31-Dec-07. Wimm-Bill-Dann PP
RUB3.18 per share in dividends for 2006. Standard AGM agenda. Razgulay Group
(ISIN RU000A0HG4P4)
Norilsk Nickel RAO
approval of a number of interested party transactions. Uralmash Izhora
approval of a number of interested party transactions. The board of directors of Russian engineering company OMZ (Uralmash-Izhora Group) recommended paying RUB0.012 per preferred share and no dividends on common shares for 2006. Khimprom
expected to be equal to RUB0.0103 per preferred shares. No dividends will be paid on common shares. 36,6 Drug Store Chain
The board of directors recommended paying (ISIN RU0007661385)
Norilsk Nickel GMK
approval of a number of interested party The board of directors recommended paying RUB 0.0000877517 per share, in dividends This newsletter has been prepared by ING Bank solely for the information of clients of ING Bank. It is not intended as an offer or solicitation for any financial deal. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, ING Bank makes no representation as to its accuracy or completeness. Neither ING Bank nor any officer of ING Bank accepts any liability whatsoever for any direct or consequential loss arising from any use of this Newsletter. for January-March. The board of directors also recommended paying no dividends for October-November 2006, as the company already paid RUB0.000051778 per share in dividends for January-September 2006. The board of directors of Russian oil major LUKoil recommended paying RUB38 per share, or a total of RUB32.321bl, in dividends for 2006. Agenda of meeting is currently not available. VSMPO-AVISMA
The board of directors of Russian titanium producer VSMPO-Avisma recommended paying RUB50.83 per share in dividends for 2006. Standard AGM agenda which also includes an approved of an interested party transaction as well as changes to the internal company documents. The board of directors recommended paying RUB0.00845417 per share in dividends for 2006 and RUB0.00860422 per share in dividends for January-March 2007. The company has already paid RUB0.01765935 in dividends for January-March 2006 and RUB0.00886215 rubles in dividends for January-June 2006. Bank Moskvy
(ISIN RU0006571916)
Vostochny Port
directors recommended paying RUB15.76 per preferred share and RUB1.26 per common share in dividends for 2006. Bank Vozrozhdenie
Chelyabinsky
Metallurgichesky Kombinat
directors of Russian coal and steel group (MECHEL)
Sberbank
include a 1:100 share split. Please note that the record date is 12-May-07 00 hours 00 minutes, which in fact is 11-May-07 EOD. The supervisory board of state-controlled Sberbank, Russia's largest bank, approved paying RUB385.5 per common share and RUB9.3 per preferred share in dividends for 2006. The dividends will be also paid to those shareholders that purchased Sberbank's shares during its recent offering of additional shares. Vympelcom-
Communications
This newsletter has been prepared by ING Bank solely for the information of clients of ING Bank. It is not intended as an offer or solicitation for any financial deal. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, ING Bank makes no representation as to its accuracy or completeness. Neither ING Bank nor any officer of ING Bank accepts any liability whatsoever for any direct or consequential loss arising from any use of this Newsletter. RUB166.88 per common shares (or about USD1.60 per ADR). Dividends are to be paid out within 60 days from the AGM date. On 30 March the board of directors is reported to have put on the agenda of AGM amendments to the charter that would allow the operator to expand outside the Commonwealth of Independent States (CIS). Mostotrest
include the approval of the revised company charter as well as internal regulations. Mostotrest
The EGM is to terminate ahead of schedule powers of the Supervisory Board and Internal Audit Committee and elect a new Board and Committee. Novorossiysk Sea
Commercial Port
Kraspharma
also likely to approve changes to the charter. of directors of Russian natural gas monopoly Gazprom recommended paying RUB2.54 per share in dividends for 2006. The board recommended finishing the dividend payout by 31 December 2007. Slavneft
include approval of a number of interested party transactions. The board of directors of Russian oil company Slavneft recommended paying RUB2.19 per share, or a total of RUB10.442bl, in dividends for 2006. This amount includes the RUB4.754bl, or RUB1 per share, that Slavneft paid out in dividends for January-September 2006. Mobile Telesystems (MTS)
include approval of the revised company charter. The board of directors recommended paying RUB9.67 per common share in dividends for 2006. Silovye Mashiny
include an approval of a number of interested party transactions. The board of directors approved paying no dividends for 2006. The company did not pay any dividends for 2005. Poluys Zoloto
changes and amendments to the charter and internal regulations. This newsletter has been prepared by ING Bank solely for the information of clients of ING Bank. It is not intended as an offer or solicitation 10 for any financial deal. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, ING Bank makes no representation as to its accuracy or completeness. Neither ING Bank nor any officer of ING Bank accepts any liability whatsoever for any direct or consequential loss arising from any use of this Newsletter. recommended paying RUB4.6 per ordinary and preferred share in dividends for 2006. The board recommended paying the dividends from 01 July to 31 December. For 2005, the company paid RUB1 per share in dividends. directors of Russian fixed-line operator Moscow City Telephone Network, or MGTS, recommended paying RUB8.75 per common share and RUB39.77 per preferred share in dividends for 2006. NPO SATURN
(ISIN RU0007774998)
UTair
paying RUB0.138 per common share in dividends for 2006. Energy Company, or SUEK, recommended paying RUB0.51 per share in dividends for 2006. Nutrinvest
(ISIN RU000A0JP3B3)
Pharmstandard
(ISIN RU000A0JP7F5)
Aviation Complex named
after Ilyishin
(ISIN RU0007796926)
AFK SISTEMA
The board of directors recommended paying dividends for 2006 of RUB48 per common share. controlled oil major Rosneft recommended paying RUB1.33 per share in dividends for 2006, up 6.7% on the year. The total dividend payout recommended by the board amounts to RUB14.096bl and represents almost 20% of Rosneft's net profit for 2006 as calculated under Russian Accounting Standards (RAS), and over 15% of its net profit as calculated under U.S. GAAP. Shareholders are to approve an underwriting agreement with Troika Dialog and UBS Limited investment companies Yuzhno-Kuzbasskaya GRES
schedule powers of the board of directors and internal audit commission and elect new members.
Standard AGM agenda includes:
•
Establishment and election of the Counting committee. Approval of the Internal Control Commission report. This newsletter has been prepared by ING Bank solely for the information of clients of ING Bank. It is not intended as an offer or solicitation 11 for any financial deal. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, ING Bank makes no representation as to its accuracy or completeness. Neither ING Bank nor any officer of ING Bank accepts any liability whatsoever for any direct or consequential loss arising from any use of this Newsletter. Approval of the company’s 2006 annual report, accounting report, profit and loss account, allocation of profit (loss). Election to a new Board of Directors and the Auditing Committee. Appointment of the company’s independent auditor for 2007.
GMs already held

Company Meeting
Agenda and Comments
(ISIN RU000A0J2QG8)
standard AGM agenda. 2006 dividends are equalled to RUB6.955 per common share. The board recommended finishing the payout of dividends before 01 July. Bryanskoblgas
standard AGM agenda. as well as 2006 dividends in the amount of RUB40 per common share to be paid out within 60 days from the AGM date. standard AGM agenda and decided not to pay 2006 dividends on company shares. Bashinformsvyaz
standard AGM agenda as well as changes and amendments to the charter and internal regulations. The AGM also approved 2006 dividends in the amount of RUB0.0603 per common share and RUB0.243 per preferred share be paid in cash before 01 October 07. Gasenergoservice
01-Jun-07 05-Apr-07 EGM Shareholders approved the Regulation “On the Rostvertol
standard AGM agenda which will also included changes and amendments to the charter. The AGM approved paying RUB0.1 per common share in dividends for 2006. The dividends are to be paid out before 31 December 2007. Rostvertol paid RUB0.09 per share in dividends for January-September 2006. Tomskenergo
dividends for 2006. Tomskenergo already paid RUB0.0033449 per preferred share and RUB0.001706 per common share for January-September 2006. Samara Airlines
The AGM approved paying no dividends for 2006. Samara Airlines did not pay any dividends for 2005 either. Samara Airlines posted an uncovered loss of RUB94.761ml in 2006. Novolipetsk
Metallurgical Smelter
changes and amendments to the charter and This newsletter has been prepared by ING Bank solely for the information of clients of ING Bank. It is not intended as an offer or solicitation 12 for any financial deal. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, ING Bank makes no representation as to its accuracy or completeness. Neither ING Bank nor any officer of ING Bank accepts any liability whatsoever for any direct or consequential loss arising from any use of this Newsletter. internal regulations as well as approval of an interested party transaction. 2006 dividends will be equalled to RUB1.5 per common share (taking into account that the company has already paid dividends for the 1st half of 2006 in the amount of RUB1.5 per common share). 05-Jun-07 20-Apr-07 EGM Shareholders approved 2006 annual report, annual financial statements, 2006 dividends, changes and amendments to the charter, interested party transaction. 2006 dividends are equal to RUB0.000006 per common share. Arkhenergo
per preferred share in dividends for 2006. No dividends will be paid on common shares. Komienergo
dividends per common share and RUB0.2 per preferred share for 2006. Dalsvyaz
06-Jun-07 18-Apr-07 AGM Shareholders approved a standard AGM agenda which also included changes and amendments to the charter and internal regulations. Shareholders approved paying RUB0.8 per common share and RUB2.4 per preferred share in 2006 dividends. Kuzbassenergo
06-Jun-07 23-Apr-07 AGM Shareholders approved a standard AGM agenda. The AGM approved paying no additional dividends for 2006. Kuzbassenergo already paid out RUB0.329983 per share in interim dividends for January-March 2006. The AGM also approved paying RUB0.018955 per share in dividends for January-March 2007. The dividends are to be paid out within 60 days of the AGM. RUB0.70 per preferred and common share in dividends for 2006. The company posted a net profit of RUB2.503bl in 2006. Buryatenergo
08-Jun-07 27-Apr-07 AGM Shareholders approved a standard AGM agenda which also included approval of the revised company charter. The AGM approved paying RUB0.0287749 per share, or RUB7.454ml in dividends for 2006. The dividends are to be paid within 60 days after the AGM. Smolenskenergo
Shareholders approved a standard AGM. The AGM approved paying RUB30.943ml in dividends for 2006 i.e. RUB0.1027679 per common share and RUB0.2606161 per preferred share. Severstal
The AGM approved paying RUB5 per share in Uralsvyazinform
The AGM approved paying 2006 dividends of This newsletter has been prepared by ING Bank solely for the information of clients of ING Bank. It is not intended as an offer or solicitation 13 for any financial deal. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, ING Bank makes no representation as to its accuracy or completeness. Neither ING Bank nor any officer of ING Bank accepts any liability whatsoever for any direct or consequential loss arising from any use of this Newsletter. Raspadskaya
15-Jun-07 27-Apr-07 AGM Shareholders approved a standard AGM agenda. The AGM also approved paying RUB1.94 per share in dividends for 2006. TNK-BP Holding
15-Jun-07 27-Apr-07 AGM Shareholders approved all items of a standard AGM agenda. The AGM approved paying RUB22.3bl, or RUB1.37 per share in dividends for October-December 2006. Including dividends for January-September 2006, set at RUB5.95 per share, the company will pay a total of RUB119.3bl in dividends for 2006. MISCELLANEOUS

Please be advised that ING BANK (Eurasia) ZAO offers TAX PRE-CLEARANCE / TAX RECLAIM SERVICES
to clients entitled for dividend income (financial year 2004, 2005, 2006 and 2007). For further information
please contact Ilya Kvedorelis (tel. (7 495) 504 07 50).
Please be advised that INFORMATION ON OUTSTANDING DIVIDENDS MAY BE REQUESTED BY EMAIL.
In case you require additional information on: POLITICAL AND ECONOMY REVIEW issues, please contact
Dmitry Ludvik tel. (7 495) 933 47 97 or by email: Dmitry.Ludvik@ingbank.com For STOCK MARKET AND
COMPANY NEWS as well as SHAREHOLDER MEETINGS issues please contact Irina Guseva on tel. (7 495)
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Please note that ISIN numbers for the securities mentioned in the Newsletter can be found on bilingual Web site of
the National Depository Centre which is the National Numbering Agency for assigning ISINs to securities and other
financial instrumer Newsletters we use the following sources of information:
information agencies PRIME-TASS and AK&M, “The Moscow Times“, "Vedomosti”, “Kommersant”, "Rossiyskaya
Gazeta”, and “Izvestiya” newspapers and others.
This newsletter has been prepared by ING Bank solely for the information of clients of ING Bank. It is not intended as an offer or solicitation 14 for any financial deal. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, ING Bank makes no representation as to its accuracy or completeness. Neither ING Bank nor any officer of ING Bank accepts any liability whatsoever for any direct or consequential loss arising from any use of this Newsletter.

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