Concorde Capital

Ukraine’s UX benchmark equity index plunged into negative territoryearly on Thursday and remained there, closing down 1.4% on an otherwisecautiously positive day on bourses across the rest of the continent (FTSE100 +0.1%, DAX +0.6%, WIG-20 +0.4%, RTS +0.2%). Volumes were low on the UX(USD 2.9 mln excluding REPO transactions), suggesting only local retailactivity with the rest of the world averse, possibly over fresh accusations

Ukraine was siphoning off Russian gas flows to Europe yesterday.Ukraine’s Naftogaz (NAFTO) promptly denied the charges, but severalEuropean nations noted ~10% declines in deliveries. All but one stock onthe UX finished in the red. In Warsaw, the WIG-Ukraine index of Ukrainianstocks advanced 1.6%, led by gains in Astarta (AST PW) +3.6%, Coal Energy(CLE PW) +4.8% and Westa (WES PW) +2.3%.

Nikkei 225	RTS	UX	DAX Index	FTSE 100	Dow Jones

0.00%	0.00%	-0.37%	0.21%	0.43%	0.00%
8850.00	0.00	1535.19	6669.45	5821.03	0.00

Index performance

03.02.2012	Close	1-day	YTD
UX	1,535.19	-0.37	-571.9
PFTS	0.00	0.00	-24.9
RTS	0.00	0.00	-165.1
MSCI EM	0.00	0.00	-12.9
Dow Jones	0.00	0.00	-11203.5
S&P 500	0.00	0.00	15.9
NASDAQ 100	0.00	0.00	120.4
FTSE 100	5,821.03	0.43	-481.9
Nikkei 225	8,850.00	0.00	-1711.7
DAX Index	6,669.45	0.21	-1187.5
HSI	20,756.98	0.08	-5379.9

Market close

Bid

Ask

1 day, %

52wk, %

Currency

Market

NBU

26.05.2011	Close	1-day	52-wk
EUR/USD	1.418	0.6%	16.4%
GBP/USD	1.630	0.2%	13.3%

26.05.2011	Close	1-day	52-wk
EUR/UAH	11.335	0.7%	17.4%
USD/UAH	7.996	0.1%	0.8%

Market movers

03.02.2012		%
FXPO LN		16.7
ALMK UK		5.1
More...

03.02.2012		UAH
AVDK UK		3 961 982
MSICH UK		3 314 069
ALMK UK		2 754 611
USCB UK		1 436 593
AZST UK		1 210 011
BAVL UK		1 141 587
More...

03.02.2012		UAH
More...

03.02.2012		%
MINING & COKE		16.7
STEEL		5.1
		n/a
		n/a
RETAIL		n/a
		n/a
		n/a
		n/a
FINANCIAL SERVICES		n/a
		n/a
		n/a
		n/a
FERROALLOYS		n/a
PHARMACEUTICALS		n/a
		n/a
UTILITIES: Oblenergos		n/a
UTILITIES: Oblenergos		n/a
RETAIL		n/a
		n/a
TMT		n/a
UTILITIES: Oblenergos		n/a
		n/a
		n/a
		n/a
		n/a
		n/a
PIPES		n/a
TMT		n/a
		n/a
		n/a
		n/a
		n/a
MACHINE BUILDING		n/a
		n/a
STEEL		n/a
CONSUMER RELATED		n/a
		n/a
OIL & GAS		n/a
PIPES		n/a
		n/a
MINING & COKE		n/a
CONSUMER RELATED		n/a
CONSUMER RELATED		n/a
		n/a
		n/a
		n/a
		n/a
		n/a
MACHINE BUILDING		n/a
		n/a
FINANCIAL SERVICES		n/a
		n/a
UTILITIES: Oblenergos		n/a
		n/a
		n/a
CHEMICALS		n/a
PHARMACEUTICALS		n/a
		n/a
CHEMICALS		n/a
		n/a
CONSUMER RELATED		n/a
CONSUMER RELATED		n/a
		n/a
		n/a
FINANCIAL SERVICES		n/a
FINANCIAL SERVICES		n/a
		n/a
		n/a
STEEL		n/a
MACHINE BUILDING		n/a
PIPES		n/a
		n/a
		n/a
		n/a
UTILITIES: Oblenergos		n/a
		n/a
		n/a
		n/a
TMT		n/a
FINANCIAL SERVICES		n/a
FERROALLOYS		n/a
		n/a
CONSUMER RELATED		n/a
		n/a
FERROALLOYS		n/a
		n/a
MINING & COKE		n/a
		n/a
		n/a
		n/a
STEEL		n/a
OIL & GAS		n/a
		n/a
CONSUMER RELATED		n/a
		n/a
		n/a
MINING & COKE		n/a
		n/a
		n/a
		n/a
UTILITIES: GenCos		n/a
		n/a
		n/a
OIL & GAS		n/a
UTILITIES: Oblenergos		n/a
UTILITIES: Oblenergos		n/a
MINING & COKE		n/a
		n/a
CONSUMER RELATED		n/a
		n/a
UTILITIES: GasCos		n/a
		n/a
MACHINE BUILDING		n/a
		n/a
REAL ESTATE & CONSTRUCTION		n/a
		n/a
MACHINE BUILDING		n/a
MINING & COKE		n/a
		n/a
		n/a
STEEL		n/a
		n/a
MACHINE BUILDING		n/a
REAL ESTATE & CONSTRUCTION		n/a
		n/a
REAL ESTATE & CONSTRUCTION		n/a
		n/a
NON-FERROUS METALS		n/a
FERROALLOYS		n/a
		n/a
TMT		n/a
CHEMICALS		n/a
MACHINE BUILDING		n/a
MACHINE BUILDING		n/a
		n/a
UTILITIES: Oblenergos		n/a
REAL ESTATE & CONSTRUCTION		n/a
		n/a
UTILITIES: GenCos		n/a
		n/a
MINING & COKE		n/a
CONSUMER RELATED		n/a
		n/a
UTILITIES: Oblenergos		n/a
		n/a
		n/a
		n/a
CONSUMER RELATED		n/a
PIPES		n/a
CHEMICALS		n/a
		n/a
UTILITIES: Oblenergos		n/a
CONSUMER RELATED		n/a
UTILITIES: Oblenergos		n/a
STEEL		n/a
OIL & GAS		n/a
		n/a
		n/a
REAL ESTATE & CONSTRUCTION		n/a
		n/a
MINING & COKE		n/a
		n/a
		n/a
CONSUMER RELATED		n/a
		n/a
STEEL		n/a
FERROALLOYS		n/a
		n/a
PIPES		n/a
CONSUMER RELATED		n/a
		n/a
MINING & COKE		n/a
		n/a
UTILITIES: GenCos		n/a
MACHINE BUILDING		n/a
STEEL		n/a
PIPES		n/a
MACHINE BUILDING		n/a
		n/a
OIL & GAS		n/a
		n/a
MACHINE BUILDING		n/a
		n/a
		n/a
MACHINE BUILDING		n/a
PIPES		n/a
TMT		n/a
		n/a
		n/a
OIL & GAS		n/a
UTILITIES: Oblenergos		n/a
		n/a
		n/a
		n/a
		n/a
STEEL		n/a
MINING & COKE		n/a
		n/a
UTILITIES: GasCos		n/a
		n/a
		n/a
		n/a
		n/a
CONSUMER RELATED		n/a
UTILITIES: Oblenergos		n/a
FERROALLOYS		n/a
MACHINE BUILDING		n/a
		n/a
		n/a
STEEL		n/a
		n/a
		n/a
MINING & COKE		n/a
MINING & COKE		n/a
CHEMICALS		n/a
MACHINE BUILDING		n/a
RETAIL		n/a
CONSUMER RELATED		n/a
CHEMICALS		n/a
		n/a
		n/a
MACHINE BUILDING		n/a
		n/a
		n/a
UTILITIES: GenCos		n/a
CHEMICALS		n/a
		n/a
MACHINE BUILDING		n/a
STEEL		n/a
		n/a
		n/a
		n/a
MACHINE BUILDING		n/a
		n/a
		n/a
MINING & COKE		n/a
		n/a
		n/a
		n/a
UTILITIES: Oblenergos		n/a
PHARMACEUTICALS		n/a
FINANCIAL SERVICES		n/a
		n/a
		n/a
		n/a
MACHINE BUILDING		n/a
REAL ESTATE & CONSTRUCTION		n/a
UTILITIES: GasCos		n/a
UTILITIES: Oblenergos		n/a
UTILITIES: GenCos		n/a
		n/a
UTILITIES: GasCos		n/a
MACHINE BUILDING		n/a
FINANCIAL SERVICES		n/a
STEEL		n/a
CHEMICALS		n/a
MINING & COKE		n/a
		n/a
		n/a
		n/a
CHEMICALS		n/a
UTILITIES: Oblenergos		n/a
FINANCIAL SERVICES		n/a
		n/a
FINANCIAL SERVICES		n/a
MACHINE BUILDING		n/a
CONSUMER RELATED		n/a
		n/a
OIL & GAS		n/a
STEEL		n/a
		n/a
CONSUMER RELATED		n/a
		n/a
		n/a
STEEL		n/a
		n/a
CHEMICALS		n/a
		n/a
STEEL		n/a
CONSUMER RELATED		n/a
		n/a
		n/a
		n/a
MINING & COKE		n/a
CONSUMER RELATED		n/a
		n/a
OIL & GAS		n/a
		n/a
FINANCIAL SERVICES		n/a
		n/a
TMT		n/a
FINANCIAL SERVICES		n/a
UTILITIES: GasCos		n/a
UTILITIES: GenCos		n/a
MINING & COKE		n/a
OIL & GAS		n/a
		n/a
UTILITIES: Oblenergos		n/a
		n/a
CONSUMER RELATED		n/a
		n/a
		n/a
		n/a
UTILITIES: GenCos		n/a
CHEMICALS		n/a
		n/a
UTILITIES: Oblenergos		n/a
		n/a
		n/a
MINING & COKE		n/a
MACHINE BUILDING		n/a
CONSUMER RELATED		n/a
MACHINE BUILDING		n/a
MACHINE BUILDING		n/a
UTILITIES: GasCos		n/a
STEEL		n/a
		n/a
		n/a
		n/a
		n/a
		n/a
UTILITIES: Oblenergos		n/a
UTILITIES: GenCos		n/a
UTILITIES: Oblenergos		n/a
UTILITIES: Oblenergos		n/a
FINANCIAL SERVICES		n/a
		n/a
		n/a
		n/a
		n/a
		n/a
UTILITIES: Oblenergos		n/a
		n/a
MACHINE BUILDING		n/a
MACHINE BUILDING		n/a
		n/a
REAL ESTATE & CONSTRUCTION		n/a
		n/a
		n/a
		n/a
		n/a
		n/a
MACHINE BUILDING		n/a
UTILITIES: Oblenergos		n/a
		n/a
More...

Ukrainian equity indices

PFTS

Market Map

Eurobonds

PRICE

YIELD

26.05.2011	Bid	Ask
Ukraine'13	6.17	5.94
Ukraine'11	10.83	n/a
Ukraine'15, EUR	6.92	6.78
Ukraine'16	6.31	6.21
Ukraine'10, JPY	n/a	n/a
Ukraine'12	3.73	3.50
Ukraine'17	6.96	6.85

26.05.2011	Bid	Ask
Ukraine'13	103.38	103.92
Ukraine'11	99.99	100.16
Ukraine'15, EUR	92.75	93.23
Ukraine'16	101.25	101.70
Ukraine'10, JPY	n/a	n/a
Ukraine'12	102.75	103.00
Ukraine'17	98.85	99.45

26.05.2011	Bid	Ask
Kiev'11	6.36	n/a
Kiev'15	8.41	7.86
Kiev'12	7.17	5.76

26.05.2011	Bid	Ask
Kiev'11	100.25	101.25
Kiev'15	98.50	100.50
Kiev'12	101.50	103.50

26.05.2011	Bid	Ask
Ukreximbank'09	n/a	n/a
Ukreximbank'12	4.85	4.47
PrivatBank'16	9.24	9.02
Ukreximbank'16	7.59	7.32
Ukreximbank'11	4.35	3.43
Forum Bank'09	n/a	n/a
Finance and Credit Bank'10	14.70	13.24
Ukrsibbank'11	4.07	3.17
PrivatBank'12	6.26	5.51
Ukrsotsbank'10	n/a	n/a
FUIB'10	9.50	9.26
VAB Вank'10	15.98	14.64
Nadra Bank'10	28.00	24.00
Pivdenny Bank'10	n/a	n/a
Ukrsibbank'10	137.84	137.84
Ukrsibbank'11	2.71	0.65
Alfa-Bank'12	9.33	8.88
Alfa-Bank'12	n/a	n/a
Alfa-Bank'12	n/a	n/a

26.05.2011	Bid	Ask
Ukreximbank'09	n/a	n/a
Ukreximbank'12	102.50	103.00
PrivatBank'16	87.12	87.88
Ukreximbank'16	93.00	94.00
Ukreximbank'11	100.85	101.10
Forum Bank'09	n/a	n/a
Finance and Credit Bank'10	91.00	94.00
Ukrsibbank'11	102.00	102.50
PrivatBank'12	101.12	101.62
Ukrsotsbank'10	n/a	n/a
FUIB'10	104.50	105.25
VAB Вank'10	87.00	90.00
Nadra Bank'10	31.00	34.00
Pivdenny Bank'10	100.50	100.50
Ukrsibbank'10	99.62	99.62
Ukrsibbank'11	101.12	101.50
Alfa-Bank'12	104.00	104.50
Alfa-Bank'12	n/a	n/a
Alfa-Bank'12	n/a	n/a

26.05.2011	Bid	Ask
MHP'11	6.35	3.87
Kyivstar GSM'09	n/a	n/a
Naftogaz'09	n/a	n/a
Kyivstar GSM'12	5.16	2.69
Azovstal'11	8.77	n/a
ХХІ CENTURY'10	165.32	114.14
Interpipe Ukraine'10	16.29	16.29

26.05.2011	Bid	Ask
MHP'11	103.00	105.00
Kyivstar GSM'09	n/a	n/a
Naftogaz'09	n/a	n/a
Kyivstar GSM'12	103.00	106.00
Azovstal'11	100.00	100.75
ХХІ CENTURY'10	7.00	12.00
Interpipe Ukraine'10	77.00	77.00

Ukrainian currency

USD/UAH

EUR/UAH

Current events

23.11.2011

Coal Energy ups top line 1.4x, bottom line 1.9x y-o-y in Jul-Sept 2011

Coal Energy (CLE PW), a WSE newcomer, reported a 36% y-o-y increase in revenue to USD 39.7 mln in the first quarter of its 2012 financial year (July-September). The company increased exports in its sales structure to 49% in 1Q of FY2012 from 26% a ye...
more →

23.11.2011

EBRD OKs USD 36 mln loan to Sadovaya Group

The European Bank for Reconstruction and Development’s board of directors, at a meeting yesterday, approved a loan of up to USD 36 mln for Ukrainian coal miner Sadovaya Group (SGR PW). Loan proceeds will be used to finance Sadovaya’s USD ...
more →

23.11.2011

Minimum land lease rate to increase by 76% as of January 1, 2012

The Cabinet of Ministers issued a decree that increases the nominal cadastre value of agricultural land by 76% as of January 1, 2012. This nominal cadastre value, which varies by region, is used to calculate the minimum lease rate which farming compa...
more →

23.11.2011

Moratorium on agri land trade could be extended until end-2012

The moratorium on agricultural land sales could be prolonged until the end of 2012 (it is currently due to expire at the end of 2011), the deputy chairman of the State Agency on Land Resources announced yesterday. The agency expects the final draft o...
more →

23.11.2011

Poltavaoblenergo refused permit to buy 25% of Kyivenergo

Ukraine’s Antimonopoly Committee (AMC) refused to give a permit to Poltavaoblenergo (POON UK) to acquire a 25% stake in Kyivenergo (KIEN UK). The AMC said it based its decision on a procedural breach in the disclosure of the ultimate beneficiar...
more →

22.11.2011

Motor Sich, Klimov JV to start making missile engines

A joint venture between Motor Sich (MSICH UK) and Russia’s Klimov plans to start production of P95 engines for guided air-to-surface missiles in Dubna (Russia) in 2012, the head of the JV said yesterday. Motor Sich currently produces 300 R95 en...
more →

22.11.2011

Mriya raises 9M11 revenue 2.3x y-o-y to USD 112 mln

Mriya Agroholding (MAYA GR), a 240 ths ha farming company with a focus on sugar beets, reported a 129% y-o-y increase in 9M11 revenues to USD 111.9 mln in unaudited financials, part of which the company released yesterday. Mriya’s gross profit ...
more →