Concorde Capital

Centrenergo Bloomberg CEEN UZ Xetra DBG DR Ratio # : ## Shares, mln ###.# Ownership State (NC ECU) ##.#% Other ##.#% Free float, % ##.#% Free float, USD mln ##.# Dniproenergo Bloomberg DNEN UZ Xetra DPG DR

Ukraine / Strategy Changing rules of the game Part #. Seize volatile market opportunities November ##, #### • Ukrainian assets are trading at levels unjustified by purely economic reasons . The outflow of portfolio investors, amid global financial unrest and woes over Ukraine

UKRAINE / Coal Machinery Eugene Cherviachenko ec@concorde.com.ua +### ## ### #### November ##, #### CONCORDE C O N S U L T I N G Ukrainian Coal Machinery Used to going it alone Ukrainian coal machinery November ##

Ukrainian Equity Book # th Edition September, #### CONCORDE CAPITAL Ukrainian Equity Book September, #### # CONTENTS MARKET PROFILE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## BASIC MATERIALS Iron & Steel Iron Ore Sector Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Centralny Iron Ore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Ferrexpo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Inguletsky Iron Ore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Pivdenny

Ukraine / Economics Industrial production CONCORDE CAPITAL Negative outlook has companies cutting output November ##, #### • Yesterday the State Statistics Committee reported that growth in industrial production slowed to #.#% yoy in ##M##, falling ##.#% yoy in the month

Ukraine / Economics Ukraine gets $##.# bln IMF loan CONCORDE CAPITAL Funds to support economic and financial stability October ##, #### • The IMF said in a statement yesterday that it agreed with the Ukrainian government on an up to USD

Ukraine / Economics UAH/USD exchange rate CONCORDE CAPITAL Interbank rate hits #.## October ##, #### • Yesterday the UAH/USD rate hit the psychological USD #.## mark interbank before closing at USD #.##, driven by growing anxiety over

Ukraine / Economics Ukraine’s liquidity position CONCORDE CAPITAL How vulnerable is it? October ##, #### The general consensus is that the global financial crisis will last for at least anothe r two quarters, and probably until the end of ####

Ukraine / Economics NBU action CONCORDE CAPITAL Intervention supports banks, UAH/USD rate • The NBU, according to press reports today, has provided assistance to ## domestic banks, totaling UAH #.# bln • The NBU conditioned assist ance to banks on them

Ukraine / Economics UAH/USD exchange rate CONCORDE CAPITAL Conference call notes Today Concorde Capital hosted a conference call with the NBU s Poroshenko, economist Burakovsky and banker Gorbunenko on the hryvnya exchange rate... • ...short-term factors leading the hryvnya to

Land West On the growth track UKRAINE / Agriculture Anna Dudchenko ad@concorde.com.ua +### ## ### #### September ##, #### CONCORDE CAPITAL # CONCORDE CAPITAL Land West Se ptember ##, #### CONTENTS Investment thesis # Executive summary # Valuation

Ukraine / Economics Macroeconomic Overview CONCORDE CAPITAL Agriculture to power ec onomic growth in #### September #, #### • July recorded the highest real GDP growth since the beginning of the year. Real GDP grew #.#% yoy in July (#.#

Ukraine / Steel ArcelorMittal Kryviy Rih CONCORDE CAPITAL An upstream ace July ##, #### Current price: USD #.## ##M Target: USD #.## BUY • Integration into ArcelorMittal grou p completed: ArcelorMittal Kryviy Rih now positioned as a hub for regional

Ukraine / Food Dairy Industry CONCORDE CAPITAL New export opportunities appear July ##, #### Last week, thirty one Ukrainian dairy producers underwent inspections by Russian authoritie s, with a view to resuming exports. At the same time, by July #, some

UKRAINE / Electricity Sector Update Alexander Paraschiy ap@concorde.com.ua +### ## ### #### July ##, #### CONCORDE CAPITAL Oblenergos DTEK opens bottom-fishing season Oblenergo sector update July ##, #### # CONCORDE CAPITAL Contents Investment summary # Stock market

Ukraine / Oil & Gas Independent E&Ps CONCORDE CAPITAL A First Look July ##, #### • We take a first look at foreign-traded independent oil and gas exploration and production (E&P) companies with major focus on Ukraine; to be followed

United Media Holding A True Media Mix UKRAINE / Media INITIATING COVERAGE Olha Pankiv op@concorde.com.ua Oksana Lyashuk ol@concorde.com.ua +### ## ### #### June ##, #### CONCORDE CAPITAL # CONCORDE CAPITAL United Media Holding June ##

Ukrainian Banks Wake up call UKRAINE / Banking INDUSTRY REPORT Alexander Viktorov av@concorde.com.ua +### ## ### #### May ##, #### CONCORDE CAPITAL # CONCORDE CAPITAL Ukrainian Banks: Wake up call May ##, #### Contents Investment thesis # Investment

Ukraine / Coke Ukrainian Coke CONCORDE CAPITAL Upgraded on fundamental boost May ##, #### Fueled by strong demand from steelmakers and improved coal supply, Ukrainian coke producers ramped up output #.#% yoy in #M##. In May Ukrainian domestic spot met

UKRAINE / Electricity SECTOR UPDATE Alexander Paraschiy ap@concorde.com.ua +### ## ### #### May ##, #### CONCORDE CAPITAL Ukrainian Thermal Generation Improvements beyond the skyline GenCos Update May ##, #### # CONCORDE CAPITAL Contents Investment thesis # Investment summary

UKRAINE / Engineering & Construction INITIATING COVERAGE Alexander Romanov ar@concorde.com.ua Andriy Gostik, CFA ag@concorde.com.ua +### ## ### #### May ##, #### Infrastructure. Bridge construction Mostobud & Dnipropetrovsk Babushkin # CONCORDE CAPITAL Infrastructure. Bridge construction May ##, ####

UKRAINE / Industrials INITIATING COVERAGE Inna Perepelytsya pi@concorde.com.ua Elena Sergeyeva es@concorde.com.ua +### ## ### #### Bogdan (LUAZ: BUY) #.## Upside/Downside ##% AvtoKrAZ (KRAZ: HOLD) #.## Upside/Downside -##% UkrAvto (AVTO: SELL) April

Ukrainian Iron Ore Slow down the horses UKRAINE / Iron Ore Industry report Eugene Cherviachenko ec@concorde.com.ua +### ## ### #### March ##, #### CONCORDE CAPITAL # CONCORDE CAPITAL Ukrainian Iron Ore: Slow down the horses March ##, ####

Ukraine / Oil & Gas Galnaftogaz CONCORDE CAPITAL Well, now it s for real March ##, #### Current price: USD #.### ##M Target: USD #.### BUY • Raising USD ## mln in equity in Nov.## and arrangement of USD ###

UKRAINE / Utilities Update Alexander Paraschiy ap@concorde.com.ua Elena Sergeyeva es@concorde.com.ua +### ## ### #### February ##, #### CONCORDE CAPITAL Gas Distribution Companies The Russians are coming BL GAZ Gas Distribution Companies: The Russians are coming

UKRAINE / Food INDUSTRY REPORT Olha Pankiv op@concorde.com.ua +### ## ### #### February ##, #### CONCORDE CAPITAL Sugar Land Sugar Land February ##, #### # CONCORDE CAPITAL CONTENTS Investment thesis # Investment summary # Investment cases # Stock

Railway Machinery Demand Rolls On UKRAINE / Machine building Industry report Inna Perepelytsya pi@concorde.com.ua +### ## ### #### Azovzahalmash (AZGM: BUY) ##.# Upside/Downside ##% Mariupol Heavy Machinery (MZVM: BUY) ##.# Upside/Downside ##% Stakhaniv Wagon

UKRAINE / Ferroalloys Industry Update Andriy Gerus ga@concorde.com.ua Eugene Cherviachenko ec@concorde.com.ua +### ## ### #### CONCORDE CAPITAL January ##, #### Ukrainian Ferroallo y s Empowered by Privat s makeover CONCORDE CAPITAL Ukrainian Ferroalloys Update January

UKRAINE / Real Estate INDUSTRY REPORT Andriy Gostik, CFA ag@concorde.com.ua +### ## ### #### Alexander Romanov ar@concorde.com.ua +### ## ### #### December ##, #### CONCORDE CAPITAL Ukrainian Real Estate Size Matters? # CONCORDE CAPITAL Ukrainian

CONCORDE CAPITAL Ukrainian Coke #C Focus: November ##, #### UKRAINE / Coke Industry Update Andriy Gerus ga@concorde.com.ua Eugene Cherviachenko ec@concorde.com.ua +### ## ### #### Ukrainian Coke Update November ##, #### # CONCORDE CAPITAL CONTENTS Summary

CONCORDE CAPITAL Ukrainian Banks #M## Results Spreadsheet   November ##, #### UKRAINE / Banking Alexander Viktorov av@concorde.com.ua +### ## ### #### Ukrainian Banks #M## Results November ##, #### # CONCORDE CAPITAL CONTENTS Summary # Relative valuation # Interim results

Oblenergos Look to the corners UKRAINE / Electricity UPDATE Alexander Paraschiy ap@concorde.com.ua +### ## ### #### November ##, #### CONCORDE CAPITAL BUY BUY BUY HOLD HOLD HOLD HOLD HOLD HOLD HOLD BUY ? SELL SELL SELL SELL SELL SELL

Dairy Wheying Up UKRAINE /Food INITIATING COVERAGE Olha Pankiv op@concorde.com.ua Anna Dudchenko ad@concorde.com.ua +### ## ### #### November ##, #### CONCORDE CAPITAL Dairy Industry Initiating November ##, #### # CONCORDE CAPITAL CONTENTS Investment Thesis

UKRAINE / Steel Industry Update Eugene Cherviachenko ec@concorde.com.ua +### ## ### #### CONCORDE CAPITAL October ##, #### Ukrainian Steel Hawks & Doves CONCORDE CAPITAL Ukrainian Steel Update October ##, #### # CONTENTS Investment summary # Investment opportunities # Stock

Ukraine / Coke Avdiyivka Coke Read y to Takeof f Current Price: USD #.# October ##, #### ##M Target: USD #.# BUY Eugene Cherviachenko ec@concorde.com.ua Andriy Gerus ga@concorde.com.ua +### ## ### #### Last

s Bottom Fishing: Ukrainian Ferroalloys February #, #### Ukraine/ Ferroalloys Sector Update Eugene Cherviachenko ec@concorde.com.ua +### ## ### #### Zaporizhya Ferroalloy (ZFER: BUY) Market Price, USD #.## ##M Target, USD #.## Upside/Downside ##% Stakhaniv

Kievenergo         Warm Winter, Hot Prospects January ##, #### Ukraine / Electricity Update Alexander Paraschiy ap@concorde.com.ua +### ## ### #### Bloomberg KIEN UZ Reuters KIEN.PFT ‘DRs : absent Market data Market price, USD #.## ## Wk H/L

Ukrtelecom         Holding Ground Ukraine / Telecom Update Alexander Paraschiy ap@concorde.com.ua +### ## ### #### Bloomberg UTEL UZ Reuters UTEL.PF T XETRA UK# DR : Ord. Shares # : ## Shares, mln ##,###.# Market data Market price, USD