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NITR - INTERPIPE Nyzhnodniprovsky Tube-Rolling Plant

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
765 149 647.60	3 602.42	1 462.31	1 031.51	4 115.22	5 076.19	0.00	834.78	881.75	0.00	564.29	433.30	0.00	150 733.06	0.00	867 763.74	0.00	1 765 865.79	0.00

MSICH - Motor Sich

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
1 835 673 222.00	2 915.43	786.24	273.67	1 279.51	1 800.85	0.00	198.17	413.28	0.00	39.13	207.13	0.00	1 019 337.10	0.00	4 441 718.68	0.00	8 862 420.81	0.00

PGZK - South Ore Mining and Processing Plant

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
17 588 723 736.00	2 829.82	855.44	745.55	1 788.94	3 390.73	0.00	193.53	1 008.73	0.00	5.56	603.89	0.00	5 187 297.05	0.00	17 436 503.80	0.00	29 125 707.89	0.00

DNEN - Dniproenergo

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
10 502 680 320.00	2 476.06	1 612.43	135.14	3 340.48	4 593.72	0.00	293.33	398.83	0.00	10.10	121.94	0.00	2 286 312.69	0.00	26 333 727.29	0.00	86 129 902.58	0.00

ENMZ - Enakievo Metallurgical Plant

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
2 851 967 800.00	2 480.09	275.37	110.09	4 123.41	6 020.23	0.00	76.23	298.06	0.00	156.54	150.84	0.00	473 730.70	0.00	9 568 435.58	0.00	18 907 238.13	0.00

UNAF - Ukrnafta

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
10 628 787 960.00	10 528.52	6 324.86	384.42	13 037.93	13 609.00	0.00	3 844.93	2 286.19	0.00	2 412.56	1 237.95	0.00	781 011.68	0.00	4 649 127.30	0.00	8 585 797.46	0.00

DOEN - Donbasenergo

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
1 595 990 317.50	2 426.27	1 008.77	895.87	1 647.64	1 761.50	0.00	126.84	160.03	0.00	-3.94	26.54	0.00	906 040.49	0.00	9 973 075.13	0.00	60 135 279.48	0.00

AZST - Azovstal Iron and Steel Works

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
8 851 927 592.93	5 184.94	2 600.43	723.56	15 165.49	21 668.65	0.00	2 020.13	3 184.68	0.00	1 103.16	2 122.71	0.00	408 513.11	0.00	2 779 534.62	0.00	4 170 106.89	0.00

CEEN - Centerenergo

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
4 968 525 602.60	4 449.60	2 359.16	772.39	3 181.01	4 111.87	0.00	322.67	310.14	0.00	87.47	63.40	0.00	1 208 337.23	0.00	16 020 269.48	0.00	78 367 911.71	0.00

MMKI - Ilyich Iron and Steel Works

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
8 589 934 588.00	12 138.52	4 220.43	-140.99	15 107.73	18 845.61	0.00	1 861.79	2 501.18	0.00	910.56	1 417.21	0.00	455 805.60	0.00	3 434 352.76	0.00	6 061 158.61	0.00

UTEL - Ukrtelecom

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
1 632 087 571.72	12 694.23	8 989.34	1 669.87	7 894.43	8 039.23	0.00	1 985.65	2 013.45	0.00	467.82	267.19	0.00	203 015.41	0.00	810 593.38	0.00	6 108 340.78	0.00

AVTO - Ukrainian Automobile Corporation

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
2 279 022 480.00	3 843.67	1 073.71	338.51	3 947.62	2 830.22	0.00	180.75	1 430.00	0.00	51.38	1 075.15	0.00	805 245.70	0.00	1 593 722.25	0.00	2 119 725.14	0.00

AVDK - Avdiivka Cokery Plant

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
3 465 520 550.00	7 388.18	1 996.13	724.02	3 748.30	5 610.07	0.00	317.26	259.29	0.00	52.48	-207.10	0.00	617 732.14	0.00	13 365 425.87	0.00	-16 733 561.32	0.00

DNON - Dniprooblenergo

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

DNSS - Dniprospetsstal

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

KIEN - Kyivenergo

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
3 142 564 120.00	3 231.16	1 569.67	804.17	3 925.42	5 526.24	0.00	214.46	214.26	0.00	18.74	6.15	0.00	568 662.26	0.00	14 667 063.03	0.00	510 986 035.77	0.00

MZVM - Mariupol Heavy Machine Building Plant

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
1 061 735 016.00	1 172.29	254.47	317.57	2 903.33	2 979.71	0.00	67.54	56.83	0.00	0.43	1.44	0.00	356 321.59	0.00	18 682 655.88	0.00	737 315 983.33	0.00

KVBZ - Krukivsky Carriage Works

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
2 270 655 129.60	992.55	227.95	4.13	1 209.20	2 183.45	0.00	143.39	287.29	0.00	92.41	199.94	0.00	1 039 939.15	0.00	7 903 704.04	0.00	11 356 682.65	0.00

SMASH - Sumy Frunze Machine Building Plant

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
2 061 465 000.00	2 144.57	555.65	735.42	1 606.87	1 696.07	0.00	189.40	231.48	0.00	70.55	102.45	0.00	1 215 436.27	0.00	8 905 588.97	0.00	20 121 669.11	0.00

PGOK - Poltava Ore Mining and Processing Plant

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
73 560 576 000.00	2 931.15	1 282.16	609.79	2 406.11	2 940.03	0.00	454.47	679.96	0.00	141.63	340.81	0.00	25 020 348.77	0.00	108 183 682.29	0.00	215 840 427.22	0.00

YASK - Yasynivka Cokery Plant

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
1 296 857 743.20	674.32	433.01	-0.57	1 635.28	2 244.15	0.00	147.24	252.15	0.00	80.30	151.12	0.00	577 883.72	0.00	5 143 199.46	0.00	8 581 642.03	0.00

ZAEN - Zakhidenergo

Capitalization, UAH	Assets, UAH mln	Fixed assets, UAH mln	Net debt, UAH mln	Revenue, UAH mln			EBITDA, UAH mln			Profit, UAH mln			P/S		EV/EBITDA		P/E
				2006	2007	2008F	2006	2007	2008F	2006	2007	2008F	2007	2008F	2007	2008F	2007	2008F
4 898 777 203.00	2 680.65	1 377.33	811.41	3 739.03	4 337.64	0.00	220.76	235.84	0.00	22.53	49.95	0.00	1 129 364.63	0.00	20 771 616.41	0.00	98 073 617.68	0.00

Ticker	Issuer	Price, UAH	1 Year Target Price, UAH	Recommendation
NITR	INTERPIPE Nyzhnodniprovsky Tube-Rolling Plant	7.5000	11.50 / 2008.11.19	Accumulate / 2008.11.19
MSICH	Motor Sich	230.0000	275.00 / 2008.11.19	Hold / 2008.11.19
PGZK	South Ore Mining and Processing Plant	6.1500	4.22 / 2008.11.19	Sell / 2008.11.19
DNEN	Dniproenergo	600.0000	1 250.00 / 2008.11.19	Hold / 2008.11.19
ENMZ	Enakievo Metallurgical Plant	45.0000	335.00 / 2008.11.19	Accumulate / 2008.11.19
UNAF	Ukrnafta	112.0000	215.00 / 2008.11.19	Accumulate / 2008.11.19
DOEN	Donbasenergo	25.0000	75.55 / 2008.11.19	Accumulate / 2008.11.19
AZST	Azovstal Iron and Steel Works	0.8900	4.30 / 2008.11.19	Accumulate / 2008.11.19
CEEN	Centerenergo	6.3500	12.40 / 2008.11.19	Accumulate / 2008.11.19
MMKI	Ilyich Iron and Steel Works	0.6600	2.50 / 2008.11.19	Hold / 2008.11.19
UTEL	Ukrtelecom	0.3500	0.42 / 2008.11.19	Hold / 2008.11.19
AVTO	Ukrainian Automobile Corporation	101.0000	530.00 / 2008.11.19	Hold / 2008.11.19
AVDK	Avdiivka Cokery Plant	6.7000	12.45 / 2008.11.28	Hold / 2008.11.28
DNON	Dniprooblenergo	100.0000	525.00 / 2008.11.19	Accumulate / 2008.11.19
DNSS	Dniprospetsstal	1 800.0000	855.00 / 2008.11.19	Sell / 2008.11.19
KIEN	Kyivenergo	15.0000	21.70 / 2008.11.19	Hold / 2008.11.19
MZVM	Mariupol Heavy Machine Building Plant	14.0000	25.00 / 2008.11.19	Hold / 2008.11.19
KVBZ	Krukivsky Carriage Works	11.3200	10.50 / 2008.11.19	Sell / 2008.11.19
SMASH	Sumy Frunze Machine Building Plant	14.2000	24.30 / 2008.11.19	Hold / 2008.11.19
PGOK	Poltava Ore Mining and Processing Plant	13.5000	45.00 / 2008.11.19	Hold / 2008.11.19
YASK	Yasynivka Cokery Plant	0.9800	2.75 / 2008.11.19	Hold / 2008.11.19
ZAEN	Zakhidenergo	289.0000	155.00 / 2008.11.19	Sell / 2008.11.19