Poland + Ukraine = Euro 2012: Europe Says BUY Ukraine

1. Euro-2012 Bound
Heavy political dividends for Ukraine
Ukraine-Poland: Europe's new political tag-team?
A clear message from Europe: Your politicians play by rules
Ukraine can count on European backing

2. Positive news for the economy
FDI booster
Broad economic impact
Estimated investments

3. Construction
Euro-2012 will support a construction recovery

4. Transportation

5. Financial services

6. PROFILES OF COMPANIES THAT MIGHT BENEFIT FROM EURO-201

6.1 TMM
INVESTMENT CASE
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
KEY RATIOS - table
Portfolio NPV by class of property - chart
Portfolio NPV by class of property - chart

6.2. XXI Century
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
KEY RATIOS - table
Project portfolio structure - chart

6.3 Kovalska Reinforced Concrete
Concrete structures output - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
KEY RATIOS - table

6.4 Kramatorsk Cement Pushka
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
KEY RATIOS - table
Cement output - chart

6.5 Kyivmetrobud
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
KEY RATIOS - table
Sales - chart

6.6 Kyivmiskbud
BUSINESS OVERVIEW
Housing Volume - chart
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table

6.7 Mostobud
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table
Construction Volume - chart

6.8 Dniprovahonrembud
BUSINESS OVERVIEW
Overhaul & Modernization - chart
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table

6.9 Dnipropetrovsk Switch
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table
Railroad Switch Output - chart

6.10 Kryukiv Wagon
INVESTMENT CASE
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table
Freight Carriages Output - chart

6.11 Luhanskteplovoz
INVESTMENT CASE
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table
Output Dynamics - chart

6.12 Bank Forum
INVESTMENT CASE
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table
Growth Rates - chart

6.13 Raiffeisen Bank Aval
INVESTMENT CASE
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
UPCOMING EVENTS
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table
Growth Rates - chart

6.14 Ukrsotsbank
INVESTMENT CASE
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table
Growth Rates - chart

6.15 Mittal Steel Kryviy Rih
INVESTMENT CASE
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table
Crude Steel Output - chart

6.16 Dniprometiz
INVESTMENT CASE
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table
Wire Output - chart

6.17 Dnipropetrovsk Pipe
INVESTMENT CASE
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table
Pipes Output - chart

6.18 Kominmet
INVESTMENT CASE
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table
Pipes Output - chart

6.19 Silur
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table
Wire Products Output - chart

6.20 Ukrnafta
INVESTMENT CASE
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
UPCOMING EVENTS
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table
Oil and Oil Product Sales - chart

6.21 Galnaftogaz
INVESTMENT CASE
SHARE PRICE PERFORMANCE - chart
BUSINESS OVERVIEW
UPCOMING EVENTS
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIOS - table
Number of Fuel Stations - chart

CHARTS

PFTS Relative performance
Key economic data
Net FDI in Portugal, USD mln
Construction works, USD bln, 2006 prices
Change, y-o-y
Hotel space available, ths rooms
New hotel space planned, ths rooms
Major roads and highway development projects

TABLES

Watch list
Example: 2006 Budget expenditures on transportation infrastructure
Available Hotel Space in Host Cities, Rooms
Ukrainian railway station modernization plan
Highway projects
Airport development required for Euro-2012
TMM Income statement summary, USD mln
TMM Balance sheet summary, USD mln
XXI Century Income statement summary, USD mln
XXI Century Balance sheet summary, USD mln
Kovalska Reinforced Concrete Income statement summary, USD mln
Kovalska Reinforced Concrete Balance sheet summary, USD mln
Kramatorsk Cement Pushka Income statement summary, USD mln
Kramatorsk Cement Pushka Balance sheet summary, USD mln
Kyivmetrobud Income statement summary, USD mln
Kyivmetrobud Balance sheet summary, USD mln
Kyivmiskbud Income statement summary, USD mln
Kyivmiskbud Balance sheet summary, USD mln
Mostobud Income statement summary, USD mln
Mostobud Balance sheet summary, USD mln
Dniprovahonrembud Income statement summary, USD mln
Dniprovahonrembud Balance sheet summary, USD mln
Dnipropetrovsk Switch Income statement summary, USD mln