Coke Production Down 14.3% In 2005.

Company                                       2005             2004               Chg, %

Avdiyivka Coke (AVDK: BUY)        3,625              4,710              -23.0%

Donetsk Coke (DKOK:BUY)           991               1,407               -29.6%

Alchevsk Coke (ALKZ: BUY)        2,644               2,567                3.0%

Yasynivka Coke (YASK: BUY)       1,274              1,634               -22.0%

Bagliy Coke (BKOK)                      830                1,052               -21.1%

ZaporizhCoke (ZACO:BUY)          1,883               1,949               -3.4%

Ukraine Total                          18,858             21,999              -14.3%

Concorde Capital: Last year was not good for coke producers due to slackened demand for steel worldwide. However, we maintain our BUY recommendations due to the relative inexpensiveness of coke stocks and based on the expectations that in 2006 coke production will revive as coke will begin replacing gas in Ukrainian steel mills.