Daily analyst comments

08:02 TGC-2 to float additional shares in March 2008

In March 2008, TGC-2 plans to float additional shares. NorNickel, Gazprom and Transnafta are among potential investors. TGC-2 also counts on interest on the part of foreign investors Enel and E.ON. We believe that investments attracted for implementation of investment projects will enable TGC-2 to strengthen its positions on the market and achieve its plans to boost financial indicators before long.

Sector: Heat Generation

Gazprom

Common shares
Price	5,31 $
Target price	10,14 $

Norilsk Nickel

Common shares
Price	171,68 $
Target price	179,00 $

Common shares
Price	171,68 $
Target price	179,00 $

TGC-2

Common shares
Price	0,00028 $

Preferred shares
Price	0,00029 $

07:55 FESCO plans to sell 16.3% of additional shares to investors via public offering

Far East Shipping Company plans to sell around 16.3% of its additional share issue via public offering and raise $35 mln. Taking into account a nearly 9% discount of the placement price to market valuations, we view as advisable to participate in the additional share issue.

Sector: Transportation

07:52 Gazmetall announces mandatory buyout offer for Lebedinsky GOK shares

Gazmetall's mandatory buyout offer for Lebedinsky GOK's minority shareholders underscores Gazmetall's intention to consolidate all assets on its balance sheet on the eve of an upcoming IPO. We also expect Gazmetall to announce a buyout offer to shareholders of other companies in which the company owns a majority stake, i.e. MIkhailovsky GOK and Oskolsky Electric Metallurgical Combine.

Lebedinsky GOK

Common shares
Price	305,00 $