An A,B,V of Doublespeak:
The truth behind what investors say about Russia

EDITORIAL FOREWORD
Jonti Small, Managing Editor

The RIR Interview
Vyacheslav Nikonov, President, Polity Foundation, laughs off the suggestion that he is ‘well-connected to the Kremlin’

AN А,Б,В OF RUSSIAN INVESTMENT DOUBLESPEAK

Russian business supports a spectacular celebration of Russian culture

EXPANDING FINANCING OPTIONS
Alexander Nazarov, Head of Investment Banking, and
Andrei Roudenko, Deputy CEO, Head of Equities, Metropol

"WE ARE NEITHER OPTIMISTIC NOR PESSIMISTIC - WE ARE RUSSIA REALISTS"
Michael Cole-Fontayn, Managing Director, Global Issuer Services, Bank
of New York and
Gregory Roath, Vice President, Bank of the New York

"YOU HAVE TO CLOSE YOUR EYES IN RUSSIA AND JUST BUY THESE COMPANIES"
Nerea Heras-Mendaza, Eastern European Emerging Fund Manager, AXA Investment Managers

"WE FOUND AND RECRUITED TALENTED SPECIALISTS IN RUSSIA"
Alexey Shlykov, Managing Director, SAP C.I.S. and Baltic States

"I HAVE BEEN WATCHING AT ONE REMOVE - NOW I WANT TO BE PART OF IT"
David Humphreys, Chief Economist, Norilsk Nickel

A DIALOGUE WITH THE GOVERNMENT
Alexander Ivlev, Partner, Ernst & Young

MOVING AWAY FROM EMERGING MARKET STATUS?
Bim Hundal, Managing Director Emerging Markets, Goldman Sachs

ALFA FELLOWSHIP PROGRAM
Three of the first Alfa Fellows who are being exposed to post-Soviet Russia

DEVELOPING RUSSIA’S HUMAN CAPITAL
Alexander Kim, president of Our Talents Foundation

"MEETING THE CHALLENGES OF THE NEW BUSINESS PARADIGM THROUGH EXECUTIVE SEARCH"
Thomas Dowdy, General Director, Russia & CIS, Preng & Associates

RUSSIA AND CHINA – PARTNERS IN ENERGY...OR NOT?
Stephen O’Sullivan, Head of Research, United Financial Group

"A FALL IN THE OIL PRICE WOULD NOT BE A DISASTER FOR RUSSIA - IT MAY LOWER INFLATION, PROVIDE STIMULI FOR DIVERSIFICATION"
Sergey Suverov, Head of Research, Gazprombank

SIBIR ENERGY
Pavle Uroda, Chief Upstream Operations Officer, and
Robb Kirchner, Advisor to the Board

INDEPENDENTLY MINDED
David Le Clair, General Manager, Harvest Natural Resources

"WE ARE MOVING TOWARDS A MORE FAVOURABLE TAX SYSTEM – BUT WE ARE NOT THERE YET"
Alexei Kondrashov, Tax Partner, PWC

"IN RUSSIA THERE SEEMS TO BE MORE SCOPE FOR WESTERN COMPANIES TO CONTRIBUTE AS PARTNERS"
Kristoffer Maro, Senior Vice President International Exploration and Production & President of Statoil Russia

PROFILE
Ruben Vardanian, President, Troika Dialog, on why the prospect of Ohio school teachers owning Russian securities is getting closer

"THE WAY THAT WE ARE GOING ABOUT BUSINESS DEVELOPMENT HERE IS PRETTY UNIQUE"
John Shmorhun, Regional Director, Eastern Europe, Du Pont

TROUBLE AND STRIFE: THE RUSSIAN BANKING SECTOR IN 2004 – WELL AFTER THE HONEYMOON
Vladimir Berezansky Jr., The PBN Company

FINANCIAL SERVICES M&A: TIME FOR RUSSIA
Alexandre Gorine, Managing Director of the Moscow office of Accenture,
Partner, and
Andrea Bargioni, senior manager, Department of Finance services, M&A, Accenture

CAPTURING ENTREPRENEURIAL SPIRIT
Alex Rodzianko, Chairman of the Board, Deutsche Bank, Russia

TAX PLANNING THROUGH LUXEMBOURG AND SWITZERLAND FOR RUSSIAN ENTREPRENEURS
Bruno Beernaerts, Deloitte Luxembourg, Jan Rottiers, Deloitte
Luxembourg, and
Giovanni Stucchi, Bernasconi Peter Gaggini

"THERE IS NO ROOM FOR A RUSSIAN STYLE PRODUCT – WE HAVE TO COMPETE WITH THE WEST"
Vyacheslav Ershov, Head of Private Banking, Bank of Moscow

"REGIONAL BANKS ARE EFFECTIVELY MANAGING REGIONAL RISKS AND BECOMING RELIABLE PARTNERS FOR INVESTORS"
Vassily Vysokov, Chairman, Center - Invest Bank

IS THE FUTURE BRIGHT OR LIGHTS OUT?
Christopher de Vere Walker, Head of Eastern European Energy Markets,
GFI Group