the magazine who wish to dreams -...

The magazinefor thosewhowish to

surpassdreams

Interview: RUBEN ON THE IMPORTANT THINGS IN LIFE StrategiesKey results of the year: FIGURES, FACTS, RECORDS Profession: TREASURER

In focus: TROIKA — SAMARA Dreamland: THE BREATHTAKING PARTY OF THE YEAR!

Troika$miles: ANYONE CAN! BECOME A MILLIONAIRE

№ 3november

2007

1november 2007 The TROIKER

GorNakhapetian

THE TROIKERThe followingtook partin thisissue:

The establisher:Troika Dialog Investment Company4 Romanov per, Moscow,Russia, 125009

Editor-in-chief:Elena Arshukova

Creative ideologists:Gor NakhapetianInna MiloserdovaAnna Kharnas

Design consultant:Andrei DemchukRoman Kononov

Translation & editing:Struan ZawalnitskiyRichard Alibegov

Troika Dialog's photobank and the workof Sergei Kovalenko have been used

Publisher:ZAO Afisha Industries

Editorial team:Afisha Atelier Publisher Natalia Stulova Sales Director Maxim Grigoriev Editor Eugene Oreshin Art-Director Peter Pirogov Danila Shoroh Project manager Daria Zenyukova Photoeditors Natalia Kirsanova Nina Makhmurova Illustrator Iv Orlov/ART LEBEDEV Layout Vlad Grunenkov Corrector Marina Pershina Print manager Vasily Saiutin

Publishing House Afisha:7/28 Bolshoy Gnezdnikovsky per., unit 1 Moscow, 125009 Tel./Fax +7 495 785 17 00 atelier.afisha.ru

Colourproves:SmartPixels

Print house:Almaz-Press 3 Stolyarny per., unit 34 Moscow, 123022 Tel. +7 495 781 19 99

© 2007 ZAO Afisha Industries The magazine is destined for freedistribution among Troika Dialogemployees

Dear Troikers!

InnaMiloserdova

ElenaArshukova

AnnaKharnas

This is the third issue of The Troiker magazine and it presents an overview of our performance forthe year. We have attempted to gather the most important events and deals, facts and figures of2007. Although the market was sometimes rather erratic this year, it nevertheless became one ofthe most successful and significant for us.

2007 has seen much growth in many business lines: the volume of business has increased manytimes over, we have launched innovative financial products and applied our operations to new mar-kets. We have grown both in the size of our personnel and in the number of new offices. Our in-frastructure has had a hard time coping with the workload but it overcame all of these difficulties,rode the storm and, most importantly, gathered new strength.

This past year has also been special for us because it has seen a great many developments that,to a great extent, have determined the direction the company will take in the future. As a result,this has been a period of summing up our five-year performance. Indeed, it was this year that wetriumphantly achieved the strategic goals that we set ourselves several years ago. As an upshot,Ruben kept and fulfilled his promises: he did a sky-dive and we celebrated our accomplishmentswith a most splendid party!

The summing up also involves mapping out plans for the future. We have adopted a new strategyfor Troika's development for the next 5 years which will strengthen our position as the best in-vestment bank, not only in Russia, but also in CIS countries, where we intend to concentrate ourefforts in the coming years.

We are presenting part of this issue's contents in the style of modern art, and there are reasons forthis. Indeed, we have always treated our business like art in that everything we do is always mod-ern and novel. Troika has always stood ahead of other companies with its approach and ability toset progressive trends in motion. We always strive for our outstanding expertise to be at the fore-front at all times and in all endeavors. Our masterpiece in the art of business is to be number one…

Kind regards,The Troiker editors

2 The TROIKER november 2007

«КО

ММ

ЕРС

АН

ТЪ»

(1)

Across Russia and into Ufa!

A press conference to mark the officialopening of Troika Dialog's office in Ufa, theWestern Urals, was held in the city'sPresident Hotel. This means that we cannow receive our clients in Ufa. The eventwas attended by head of the Ufa city admin-istration Pavel Kachkayev and deputy primeminister of the Republic of BashkortostanYuri Pustovgarov. Andrei Sharonov, one ofTroika Dialog’s managing directors, openedthe presentation. He announced that Troika

Dialog was beginning active operations onthe Ufa market and in Bashkortostan ingeneral. Yuri Pustovgarov noted that thearrival of such a large and highly qualifiedcompany in Bashkortostan was a very time-ly event. With this new branch in Ufa, Troikanow has seventeen offices across Russia.Clients in Bashkortostan now have accessto the entire range of financial products andservices offered by Russia's leading invest-ment bank, Troika Dialog.

Once again, the list of the best in 2007includes Ruben Vardanian who for athird year in a row ranks among the top22 business leaders in Russia; PavelTeplukhin who for a fourth year in a rowleads the rating of the best managers inthe financial sector; and AlexandraZezyulina who tops the list of Russia's

best financial directors for a secondyear running. This year, Troika has fur-ther consolidated its rating positions:Gor Nakhapetian has entered the ranksof the best directors for public and cor-porate relations in the financial sector,and Nina Mirel has been placed first inthe list of best HR directors.

Top of the TopFor a third year running now Troika Dialog's managers lead Russia's Top1000 Most Professional Managers league table conducted by the Kom-mersant Association of Publishers and Managers.

WHAT’S UP?Troika's top managers rank highin the main ratings again

Troika News


The main organisers of the loan were ma-jor Western banks —BNP Paribas, Com-merzbank and Standard Bank. The dealinvolves 13 banks from Western Europe,Russia and Asia. “We have signed a dealthat is related directly to Troika Dialog it-self and not to our clients, and this doesnot happen that often,” said Ruben Var-danian. “Troika has for the first timeemerged on the syndicated credits mar-ket. The credit is granted for a period of1 year at quite a low rate. These specialterms for Troika are evidence that major

Western banks understand our businessmodel and strategy of development, andaccept our practices”.The deal was made possible by joint ef-forts of several divisions. The projectwas directed by Richard Ogdon, man-aging director of the Troika DialogGroup, who dealt with organisational is-sues, many of which Troika was facingfor the first time. Troika's Treasury withBoris Bryuk at the helm played an ac-tive role in obtaining our first syndicat-ed credit.

Trust CreditIn July 2007, Troika Dialog began raising funds on the fixed in-come market for the first time in order to finance its own devel-opment. The company's debut syndicated credit amounts to$180 million.

The Long-AwaitedPurchaseOctober 2007 saw the signing of a deal to acquirea controlling stake in OAO Bank Broker. Troika Di-alog purchased one of its subsidiary banks head-quartered in Chita, East Siberia, from VTB.

The purchase of a commercial bank is a very important de-velopment for Troika. The prospects of acquiring a bank-ing license had been discussed for 16 years and all the prosand cons weighed up. The purchase of Bank Broker willmake it possible to create new financial products and offerour clients broader opportunities in launching operationson the stock market. The bank will go into operation within Troika Dialog, serv-icing business inside the group. There are also plans to setup the bank's branch in Moscow and launch active opera-tions to serve Troika's clients.

Troika Dialog has been pronounceda dream company for young graduatesand took first place among employersin the financial sector

The rating of the 50 Dream Employers forYoung Graduates compiled by the Aktsianewspaper for 2007 covers the companieschosen by young graduates convinced ofthe advantages of employment, profes-sional development and career prospectsin these companies. Furthermore, a ratingof employers in the 10 most promising

industries of Russia's economy was com-piled. Troika took 1st place among employ-ers in the financial sector. In the opinion oflabour market experts from leadingemployment agencies, Troika Dialogoffers the best career opportunities andthe company's graduates are rated top ofthe labour market.


Summit of NewChampionsin DalianThe first Summit of New Champions organisedby the World Economic Forum with Troika Dia-log's support took place in Dalian, China, from 6to 8 September.

In collaboration with the World Economic Forum in Davos,the Dalian summit represents the first time that the newbusiness community of dynamically developing coun-tries — Global Growth Companies — has gotten together,the creation of which the WEF announced in May 2007.The Global Growth Companies is a global intersectional or-ganisation that is being set up to pool the efforts of com-panies from emerging market economies in a joint searchfor ways to gain leading positions on the world market.This community plans to render direct assistance to itsparticipants by way of exchange of new ideas, developmentof broad business contacts and cooperation with strategicpartners at the forum. The Dalian forum set this processin motion. Although this was the first time that the New ChampionsSummit met, it was attended by more than 1,500 delegatesfrom 80 countries across the world. Around 40 of themwere representatives of Russian companies. Troika Dialogoffered recommendations for dynamically developingcompanies from Russia for joining the Global GrowthCompanies community. These Russian companies includeURSA Bank, AK Bars Bank, TransContainer, Severstal-trans, Eldorado, the X5 Retail Group that markets foodproducts, the Gradient national trading network, and theLANIT Company, a leading centre in Russia and the CIS forIT services.

WHAT’S UP?

THE DRAW-ING UP OFTHE TROIKADIALOG-LIFE MUTU-AL FUNDWAS COM-PLETEDAHEAD OFSCHEDULE.THE TOTALASSETSUNDER-MANAGE-MENTAMOUNTSTO 11.5 BNAS AT7 NOVEM-BER

The Troika Dialog-Life mutual investment fund is built onthe principle of unit-linked insurance, which is verypopular in Europe and combines a strategy of long-termcapital growth and the possibility of incorporating clas-sical fund shareholders in a life insurance program.Andrei Zvyozdochkin, vice president of Troika Dialog As-set Management, explains, “We believe that Troika Dia-log AM's new financial product will be interesting both forinvestors who look at a possibility of acquiring a life in-surance policy and at the same time wish to add up totheir savings through investments, and also for those whochoose the mutual funds for investment purposes and atthe same time are looking for additional opportunities”. The fund's shareholders may opt for one of the two life in-surance programs — Investment or Accumulating In-vestment, which enables them to identify the size of ini-tial and regular investments on their own. Detailedinformation on the Troika Dialog-Life Fund and insur-ance programs can be obtained from Troika Dialog's in-vestment consultants at any of the sales offices.

Mutual fund for Life

Troika finds champions and offersunique financial products

Troika News

In October, Troika Dialog Asset Managementmoved a unique financial product into Russia'sjoint investment market, the open-end equityfund, Troika Dialog-Life.


WHAT’S UP? School page: news of SKOLKOVOMoscow School of Management and in-vitation to an Internet trading class

Troika News

SKOLKOVOIt has only been a year since the foundation stone of SKOLKOVO MoscowSchool of Management organised under Troika's aegis was laid. A great manyimportant events have occurred since then.

In 2005, Troika came up with theinitiative for an international inno-vation school of management in-tended to educate future businesspeople and national and world lead-ers. In 2006, another 13 foundingpartners representing Russian andlarge international business joinedthe effort to set up the school and ithas become part of Russia's na-tional priority projects. On 21 Sep-tember 2006, a ceremony took placeto lay the first foundation stone ofSKOLKOVO Moscow School of Man-agement. Only a year has passedsince the official inauguration butthe school has already made a namefor itself internationally. It has or-ganised discussion groups withininternational economic forums todiscuss business education, andsigned cooperation agreementswith two leading business schoolsin China and Brazil. SKOLKOVO Ex-ecutive Education programs havebeen launched, successfully pro-

viding training for over 300 stu-dents, with 20 Troika staff mem-bers among them. The team of Ruben Vardanian andSKOLKOVO rector Andrei Volkov wasjoined by dean Wilfred Vanhonaker,an internationally renowned scientistand expert on marketing and busi-ness operations in countries with fastdeveloping economies. Constructionof the campus has gathered recordspeed, and the school will receive itsfirst students at the new buildings injust two years.

Back to school

Troika Dialog's Internettrading school is openfrom 1 October to 14December. Anyone whowishes can get not onlytheoretical knowledgeof the fundamentals ofinvestment on thestock market, but canalso try their hand asan independentinvestor.

Training is based on the unique textbook Investments on Fingertips andhas been prepared by Alexei Tsyganok,director of the Internet TradingDepartment. Anyone who successfullymasters the theory is recommended totake a test to acquire access to elec-tronic trading. From this point, eachregistered participant receives a virtualsum of 1 million rubles. This initial capi-tal helps the holder to learn to makeearnings on the stock market throughInternet trading without spending hisor her own money. The enrolment inthe Internet trading school is arrangedthrough the web site: it.troika.ru.

Above:

a 3D model of thefuture campus

Below:

At the trainingday: legendary

ice-skating coachTatyana Tarasovawith course par-

ticipants

1 0 The TROIKER november 2007

STRATEGY How will Troika develop over thenext few years?Here are the answers

Business model

INVESTMENT

BANKING

AND

GLOBAL

MARKETS

INTEGRATED

MODEL

OF GROUP OF COMPANIES

ASSET

MANAGEMENT

PRIVATE BANKING

TROIKA CAPITAL

PARTNERS

MERCHANT BANKING

VENTURE FUNDS

NATIONAL RETAIL

NETWORK


As a result, we have decided to create an integrated in-vestment bank for corporate and institutional clientsconsisting of Capital Markets and IB. The new B2Bbusiness will report to Jacques Der Megreditchian. Thenew business model will also have an integrated ap-proach to working with private clients. For this reasonwe are striving to create a national retail network whichwill merge our investment banking branches and 3D re-gional offices. We are confident that we can achieve a

significant competitive advantage via successful coop-eration between Private Banking, (which PavelTeplukhin, Chairman of the Board at Troika Dialog AM,is responsible for) and Private Equity (which is head-ed by the President of Troika Capital Partners, SergeySkvortsov, in regard to investment products and andstrategies for key clients).We are confident that these changes will allow us to car-ry out our new strategy.

Troika Dialog remains independent

We have to maintain and strengthen our leading positions in all fields ofbusiness

Focus on CIS: one of best opportunities in the world, need to ensure wekeep our position in Russia and grow in Ukraine and Kazakhstan andother CIS countries as appropriate. Also be the preferred business part-ner for foreign investors in CIS (importance of foreign offices) and helpCIS issuers find foreign investors

Troika Dialog remains the leading integrated investment bank and assetmanagement company in the CIS, rendering a full range of financialservices to corporate and private clients

We will continue to construct an efficiently operating partnership

We expect Troika Dialog to grow very quickly over the next few years: we plan to expenad thecompany by at least 2.5 times. To cope with the difficulties of such rapid growth and to meet thechallenges of the market, we intend to introduce a series of changes in structure and corporatemanagement. In order to continue leading the market and compete with global investment banks,we need to create a business model which will allow us to work even more effectively with vari-ous groups of clients. While working out the new business model, we have implemented the high-est world standards of investment banking, while maintaining the interests of private and profes-sional clients as a top priority.

THE NEW STRATEGY OF TROIKA DIALOG

MU

ST

RE

AD

OF GROUP OF COMPANIES

presents

The TROIKER

RUBEN VARDANIAN

Chairman of the Board of Directors,Troika Dialog Group

JACQUES DER MEGREDITCHIAN

Managing Director, Head of Global Marketsand Investment Banking

PAVEL TEPLUKHIN

Managing Director, Chairman of the Boardof Troika Dialog Asset Management

SERGEY SKVORTSOV

Managing Director,President of Troika Capital Partners

GOR NAKHAPETIAN

Managing Director,Troika Dialog Group

ANDREI SHARONOV

Managing Director,Troika Dialog Group

GEOFFREY NICHOLSON

Managing Director,Chief Strategy and Change Officer

MARIA KORNEEVA

Managing Director,Head of Risk Management

and Internal Audit

YURI NECHUYATOV

Managing director,Chief Financial Officer

DAK

INTERVIEW

On the important things in life

Ruben Vardanian


“AT TROIKA WE HAVESOMETHING WHICHMAKES US UNBEATABLE”

RUBEN VARDANIAN:

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Why has he not shaven his head?

— I have heard about the heroic promises you made to the Troika team and the hon-est way in which you have almost completely fulfilled them: a $10 million bonus poolfor employees…— Not $10m, but rather $20m because Troika’s actual capital value turnedout to be considerably more than the billion dollars on the basis of which Imade my promises…— Oh yes, yes, I’ve heard about that too… Just like the grand party for employees andabout your promise to do a sky dive and shave your head. You haven’t got a shavenhead…— Yeah, but on the other hand I did do a sky dive.— And what was your impression?— Well, what’s the best way to put it… I didn’t find it much of a rush. I did re-alise that I could do it again though. I doubt it will become a hobby of mine.— Why did you need to do such feats at all?— Feats?.. To show that anything is possible in life, that it is possible to over-come ones most terrible phobias for the sake of something great. I mean itwasn’t as though I just went and promised to do a sky a dive — I wanted toset myself a challenge. I was talking about very serious things. In 2004 I saidthat Troika would be worth a billion dollars — and that if that happened, Iwould set up a pool of $10m as encouragement for employees; that we wouldbe the best employer — and that if that happened, I would put on the mostbreathtaking party; that we would build up an effective partnership — andthat if we achieved that, I would shave my head and do a sky dive. These threegoals were very serious and very important to me. That is why I made thosepromises.

Hello Troikers!You are about to read an interview with yourleader, Ruben Vardanian. Before that, how-ever, I would like to take a moment of yourtime to explain myself.My name is Yuri Katsman. I am not an employ-ee of Troika (I am not even a member of TheTroiker editing team), I am not a client ofTroika (which is a pity, of course) and actuallyhave absolutely nothing to do with the busi-ness that everyone does here (very success-fully too, as it appears). I have worked in themedia sphere for 15 years: I worked as a busi-ness journalist and a publisher until I eventu-ally became an entrepreneur and invested myown money in my own media projects.The last time I conducted an interview was 5years ago but when The Troiker made me theoffer to record a discussion with Ruben forthe next edition of the magazine, I agreedwithout hesitating (without a fee, by theway, for the taxman’s information). Why?Firstly, I have known Ruben for a long time(we studied together at the Moscow StateUniversity) and respect him very much forwhat he does and how he goes about it.Secondly, I know a fair deal about Troika andthe company’s history, as it turns out, sincethat very history was written before my jour-nalistic eyes (immodest, I know, but a fact)and at one time by my own hands: it wasactually me who wrote the very first articleabout Troika in the newspaper Kommersantback in 1993 and described the details of thestory of Troika’s buy-out from the Bank ofMoscow and so on.Why I am telling you all of this? For two rea-sons: to explain why Ruben and I are on suchfamiliar terms (now you understand why),and to apologise for the fact that you mayhave heard and read some of the things wediscussed many times before and may knowalready. Therefore please forgive me forrepeating what you may know — it is justthat we have not seen each other for a longtime as a result of us both having been sobusy, you see. I just wanted to use thisopportunity to talk to an old acquaintance,to ask him about that which interests me,well, and simply to ask him how he is.

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— I realise that that’s important to you. That’s not what Imean: in other words, what is important to you is that it is im-possible to make yourself believe that something is unrealistic,was that it?— Maybe it was. You see, in the Soviet times of the slogansand military call-ups that we heard so often, we realisedthat we all had an almost hostile immunity to it, an ele-

ment of ideological aversion. The new slogans have left arather bitter taste too. Another thing, you have to re-member when I said that. First I said that we would beworth a billion dollars, even one and a half billion, backin 2002. I had only just returned from Harvard, we had anincome of $60m and a capital of $15m. Then you say, “in5 years we will earn $300m, be worth $1.5bn and be thebest investment bank”. What do people think? “Either heis mad, or he knows something we don’t, or he’s talkingrubbish”. It is certainly hard to believe such a thing.

— If everything turned out the way you predicted, then whyhave you not shaven your head yet?— Because the partnership is not working quite as wellas I would like. It has been created, it is real, but is notquite effective enough to shave my head over it.— Why do you insist particularly on a partnership? I mean,there are, indeed, other models…— For two reasons. Firstly, I have always loved rising tomeet a challenge. They say that you cannot form real part-nership in Russia, for everyone wants to be either kingsor the lackeys of kings. I just wondered, “perhaps it is pos-sible after all”. Secondly, I am confident that people mustbe owners in our business. Since this business is basedon an a priori respect to private property, it’s very im-portant that one should not feel like a “temporary” whodigs around here a bit and then moves onto the next place,but rather should feel as though he can become an own-er and see the results of his hard work. And these are notempty words: I used to own 90% of Troika; however, I re-duced my stake to 65% by selling 25% to employees at aprice much lower than the market price. From the pointof view of purely counting money, I have lost a great deal.But if I hadn’t done that, it is possible that Troika wouldhave become a completely different company.

Why did he not sell Troika?

— Another financial year has come to a close at Troika. Even I,as an outside observer, understand what the main event of theyear was: Troika have made their own strategic choices, having

“It was a very useful exercise to compare our-selves with others, not only by size, but also interms of the business set-up, motivation andso on. As a result, the evaluation we receivedshocked those who were not familiar with ourmethods — they were not prepared for Troikabeing evaluated in this way”


refused the offer of a buy-out and remaining independent. Tellme, why was this particular decision made?— Well, you used the word “choice”. That is precisely theword needed to understand my motives: I have alwayswanted to have the freedom to choose. This was the veryreason I was very serious when I said that Troika wouldbe worth $1.5bn — I was sure that we would have to reachthis size in order to maintain that freedom. Yes, we werediscussing the path that would allow us to develop themost all of last year. However, the main thing is that wehad that choice to have such discussions, because thanksto our size and position on the market, we were certain-ly not faced with a situation in which we were forced tosell out. We were able to choose and analyse various sce-narios.One of those — and a very realistic one — was to becomea part of a large international investment bank. There weremany advantages — I mean, we would get what we some-times feel we do not have enough of: a big name, big cloutand big distribution on the international markets. We re-alised that and that is why we decided to have a thinkabout it. I must say, it was a very useful exercise. My part-ners and I spoke to top managers of the world’s biggestbanks, and not just chats over coffee. No, I mean that yougo and speak to them for two or three days at a time. Yousee how their business is set up, how they think and howthey conduct negotiations. It was a very useful exerciseto compare ourselves with others, not only by size, but al-so in terms of the business set-up, motivation and so on.Simultaneously, thanks to this exercise others in themarket have found out more about us and have seenwhat we offer and how we differ from the rest. As a result,the evaluation we received shocked those who were notfamiliar with our methods — they were not prepared forTroika being evaluated in this way. In short, it was a veryhealthy experience.When the situation became clearer and when we had tomake a decision, we had a very hard discussion, as a re-sult of which we came to the conclusion that we alreadyhad all the necessary resources and opportunities tomaintain our independence over the next three to fiveyears, but by remaining an independent bank, we alsomaintain our leading position on the market — despite thecompetition growing stronger and the difficult situationconnected with the upcoming presidential elections, andso on.— I just cannot believe that all of the partners unanimously re-jected a deal, and consequently the opportunity to tap into the$2.5–$3bn. Tell me honestly, by how much of a majority was thedecision made?— I’ll tell you the truth — it was me who made the deci-sion. Before making the decision, we discussed it at thepartnership board amongst the principle partners. One ofthem was absolutely against a deal, one of them wascompletely for it, and five of them were in doubt till the

very last minute weighing up all advantages and disad-vantages. I myself was inclined to make the deal for a longtime, but then at the last meeting I announced: that’s it,were not going ahead with it.— Why not?— For three reasons. Firstly, thanks to the negotiationswith the international banks, I became aware that ourfears of being annihilated by major international playerswere very exaggerated. Secondly, I realised that any dealof this kind drags out for so long that political riskswould not disappear, on the contrary, they would lower ourvalue. Well, and thirdly, I felt that by agreeing to thedeal, I would be deceiving people — particularly ouryoung partners. Forty people became partners last year— having just become partners, and all of a sudden —bang! — we are becoming a part of a large Western bank.Of course, from a financial point of view, it would havebeen a good result for many but I just felt that I would havebeen deceiving people’s expectations by acting this way.And I would be deceiving myself: I mean, I used to say thateverything is realistic, I used to say that everything wouldbe fine, and as soon as the opportunity arises I go and sellthe company, take the profit and go and do something else.Of course, this wasn’t the feeling that made the decisionfor me, but it was very real.

— Do you regret it now?— No, I don’t. Nothing of the kind, I think it was the rightdecision. And the way things have turned out provesthat. For example, we haven’t lost anyone, on the contrary,we have attracted a large amount of very capable peopleto the company — such as Andrey Sharonov, GeoffreyNicolson, Paulo Zaniboni, Yuri Nechuyatov, PhilippeRakotovao and many others. That’s the first thing. Sec-ondly, despite the fact that the market has been very dif-ficult, we have just made the same amount and evenmore, we have also expanded our line and preserved ourleading position. And if very high fliers believe in our his-tory and model, and if we are displaying good results onsuch a difficult market, then the preservation of our in-dependence was the right thing to do.

Why is he satisfied with everyonestraight away?

— By the way, about the market. What sort of grade wouldyou give the market for the year?— Out of 10, a solid 9.

“One of those scenarios was to become a partof a large international investment bank.There were many advantages — I mean, wewould get what we sometimes feel we do nothave enough of”


— Isn’t that a bit much? It has fallen, after all.— It’s only a temporary fall, and nothing critical for themarket because the market is going through a turningpoint — that’s absolutely obvious. The stock exchange isquickly becoming a part of the economy for a small num-ber of professionals who speculate on it. At the moment,more and more new companies and industries are com-ing onto the market; they have gotten a taste for how mon-ey is on the rise. Although the market was difficult — onaverage, it was probably a 7 out of 10 for most, but for Troi-ka the year was 9 out of 10. We made the right decisionsand kept the situation under control. — What is that in terms of money?— Our income for the year was just under $700m.— Which business unit has invested the largest input into thatresult? Who has had the most success in internal company com-petition, in your opinion?— I don’t think it’s fair to talk about internal competition.Firstly, because one has to look not only at figures, but al-so at the degree of risk. Obviously the Capital Markets giveus the most income — on that index, this branch of thebusiness is in the lead by a large margin. At the same time,there are more infrastructural expenses and more risk inconnection with that. On the other hand, Asset Manage-ment’s mutual funds are less risky and the income is low-er, but then again they are growing faster than anything

else. Secondly, our business model itself is very inte-grated. Asset management provides our Capital Marketswith a massive volume of additional business, not tomention that a lot of work goes on with our client basethere, which has become a lot more loyal. And it’s the samein everything. That’s why it’s so hard to evaluate in a co-ordinate system, “better–worse”, you might as well com-pare apples with oranges: they’re just different, they areboth types of fruit, but apples are apples, and oranges areoranges, it’s just so hard to compare. Of course, in somefields we expected more than we got, but on the whole theyear was good and everyone provided their valuable in-put for the result. — Alright, let me put it another way: which of Troika’s dealswill the market remember the most from last year? Which werethe most significant events?— In my opinion, the deal of the year was the restructuringof AvtoVAZ. In terms of scale, the level of difficulty andhow everything was carried out, this was the number onedeal of the market. Another deal I consider very important

was OGK-2, a massive M&A deal in Russia, and general-ly all of the work with Unified Energy Systems — that wasa big success for Troika. Furthermore, we created the firstplacement of the URSA Bank’s preferred shares in Rus-sia. The company we invested money into, Eurokom-merts, is now one of the factoring leaders. Our private eq-uity fund has also really taken off this year. We becamenumber one in the rouble debt securities market and thatis also a big achievement for Troika, since the debt mar-ket is made up of a multitude of commercial banks and tra-ditionally they have always led that market. We havebeen trading futures and options very successfully. Ourhedge fund has become the best, based on last year’s re-sults. In the Ukraine we became number one in Ukrain-ian securities trading. So, there have been many eventsand we certainly have something to be proud of. And al-though it is an internal event, we can be very proud of mov-ing into our new trading floor. We have got 120 desksthere, it is the biggest in Eastern Europe and the most in-novative — a real breakthrough!— I’m sitting here listening to you and thinking, on the onehand rapid growth is by all means brilliant; however, on theother hand, how the support departments must hinder thatgrowth!— Well, it’s not really a hindrance because they under-stand that this growth concerns all employees, and thelarger the company’s income, the larger the income forevery member of the team, without exception. But on thewhole, you are right — managing this growth was one ofthe biggest challenges of last year. Can you imagine —around 400 new employees have joined the companyover the last year, this is the first year at Troika for about40% of all employees. It goes without saying that we haveto integrate them quickly so that we do not lose what wehave taken years to create — our corporate culture andunique Troika spirit. This requires massive effort, first andforemost, from Gor Nakhapetyan. His role in this matteris difficult to exaggerate. But not only his, of course — itis an important additional job for anyone dealing with in-ternal communications, all of the top managers. Yes, it ishard, and yes, there are problems, especially while we aregrowing so quickly. The amount of our products is grow-ing, we are expanding geographically and the number ofour offices is growing. However, this is inevitable: we aregrowing and want to grow even more. The more we grow,the more employees, space and offices we need and thebigger the load on our infrastructure will be in all of ourdepartments.

Why is he overhauling everything again?

— OK, let’s just say that you come up with a good 5 year plan;you achieve a position in which you can choose. You make yourchoice. What then? Where do you go? Which goals would youset yourself and the company?— You know, we have a joke in the Caucasus: every man

“Although the market was difficult — on aver-age, it was probably a 7 out of 10 for most,but for Troika the year was a 9 out of 10. Wemade the right decisions and kept the situa-tion under control”


has to build a house, have a son and plant a tree in his life,and every woman has to carry out these duties… Allthat’s left to do is the easiest part — get on with it and doit. To move even more quickly, to change, adapt, look a fewsteps ahead, to see what others do not yet see or under-stand, and do what’s right from this point of view beforeothers get a sniff of it. That is the main task of Troika’s topmanagement.— Can you tell me more exactly?— OK. Let’s just say that we tell ourselves that we are on-ly going to deal with the investment banking business, weare only going to work in Russia, the Ukraine and Kaza-khstan — we want to create good investment banks here,and at the same time we want to be the leading investmentbank in the country. What do you have to do? First of all,you have to make sure that the Russian stock market isin Russia, that securities are traded only in Russia and thatdistribution is carried out only in Russia. OK, but what doyou need to do that, how should Troika take things further?I’ll tell you: we need to take about 3 to 5 Russian compa-nies, which currently have a value of $3bn, or will havein a few years and which are not on the public market atthe moment, but really want to get onto it. We build up spe-cial relations with the clients — relations that are limit-ed either by our or their professional engagement interms of “deal after deal”, but rather propose that we both

grow together. We become part of such companies’ boardsof directors, helping them with their development strat-egy; we invest in them via private equity; we help themlearn and progress, on which we would spend money forspecialist educational programmes. That’s the kind of con-ceptual solution we would create and I am sure thatchanging over to such a client model is a very importantelement of Troika’s success in the future.

— Is this change-over supported by organisational changeswithin the company, by a rebuilding of the structure?— Yes, definitely. If you look at our client base, it’s clearthat it is divided into three groups. The first group iswhat’s called institutional investors: pension funds, in-surance companies, corporations and their treasuries, inwhich people are employed to manage money. By takinga careful look at such clients we realised that in order toaccommodate them, we require separate coordination in,

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“How should Troika take things further? —We need to take about 3 to 5 Russian compa-nies, which currently have a value of $3bn, orwill have in a few years and which are not onthe public market at the moment”

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for example, the capital markets, investment banking andresearch. The fact is that the group of clients chooseswhom to work with and are governed by many criteria:commission rates, the name, the opportunity to withdrawcredit and so on. It goes without saying that the compe-tition is growing dramatically, especially taking into ac-count the activity of western banks. If we want to bestrong in this field, it is very important to be coordinatedand united as a single team. This is the first change — de-

spite the fact that this group of clients are still covered bycertain partitions and that we are not going to breakdown any Chinese Walls, we nevertheless want one per-son to coordinate this job. When this question arose, wedecided on Jacques Der Megreditchian. The second group is rich, private clients. They own grow-ing businesses; they want to sell them or, on the contrary,

buy new ones, place securities in the market; they wanttheir own money to work more effectively, more than the3% they get in Switzerland. We have a unique chance towork with such clients: we are all about the same age andhave the same mentality and so on. It is precisely withthem that we can create the kind of relations I was talk-ing about: to enter their board of directors, participate viaprivate equity, help them with training and internation-al positioning — to grow with them. If we build up theserelations properly, we will form a realistically loyal clientbase. It’s clear that this group requires cross-functionalcover, and Pavel Teplukhin will provide that cover.The third group is non-professional investors, of whichthere are about 500,000 in Russia. In a couple of years,however, there will be a few million. In order to cater forthem properly we have to have a special approach, par-ticular technology, a particular training system and par-ticular work in the fields of marketing and advertising.Again, we will need a cross-productive offer, formed outof capital markets and asset management, and a specialcoordination for that. Private Equity headed by SergeySkvortsov will also play an important role. The work of thisbusiness unit will be just as productive for Jacques andPavel.— In other words, what is being introduced is a rather compli-cated matrix: there are functional departments which manageproducts, and there are cross-functional coordinators whomanage bilateral relations with the clients, which is connectedwith their making use of the products, is that it?— Yes, more or less.

“But on the whole managing this growth wasone of the biggest challenges of last year.Around 400 new employees have joined thecompany over the last year, this is the firstyear at Troika for about 40% of all employees.It goes without saying that we have to inte-grate them quickly so that we do not losewhat we have taken years to create — our cor-porate culture and unique Troika spirit”


— Can’t the senior directors take care of these tasks?— No, and neither should they. At the moment the sen-ior management is the body that deals with the activitiesof the entire group. It has increased to nine people becauseof the increase in size of the business. Furthermore, thesenior management might be broadened even further —I can see at least another two people who are potential can-didates for joining it. I would like to draw your attentionto one particular thing, though. Usually being a memberof a senior management defines a person’s status. To putit simply, if you are a member of senior management, youwould normally get a company car, a particular compen-sation package and so on. We do not have such a thing atTroika because status does not play a role here. Being amember of the senior management is merely a differentresponsibility and gives you different authorities whenmaking decisions, although I have to say that some of themembers of the management committee do not have anyless authority when making decisions than senior man-agement, maybe even more.— Tell me, why did you need yet another department — the Su-percover Unit, which Andrey Sharonov is in charge of? Did youcreate this position especially for him?— Well, if you look at it from the point of view that Su-percover didn’t exist before Andrey joined us, then yes,one could think like that. In actual fact, however, it’s a bitdifferent. Supercover is not a department or a subdivision.It is just a special way of forming the very kind of clientrelations I was talking about. We want to have about50–70 significant clients with particular status, whose cov-er is not on a business subdivision level, but rather on thelevel of the president’s office. For example, take URSABank, I am a member of the board of directors, we havefloated their bonds and preferred shares and our privateequity fund has entered the bank’s capital. We have boththought about how to develop, where to go further and soon. In order to assist with maximum cover for such clients,we believe that a special coordinate centre should be cre-ated, which Andrey will manage too. However, such super-cover will be managed not only by him, but also by myself,Jacques Der Megredichan, Pavel Teplukhin, Sergey Sko-rtsov and other top managers.

Why is he so optimistic?

— Troika is introducing a three-year business plan for the firsttime this year. What is it? Do you strongly believe that thingswill remain stable? Or maybe you do have doubts about exter-nal stability and predictability — are you just fed up of plan-ning in the normal way?— Well, I suppose one could laugh at such a thing… I re-member the first time we discussed a business plan in1996, that caused a lot of laughter too — people did notknow what would happen the next day, and all of a sud-den we wanted to make a one year business plan. And in2001, when the country had just had a change of govern-

ment, the first time I proposed a five-year strategic out-look, people looked at me as though I had gone absolute-ly mad. Things are a lot clearer now in comparison to thosedays. And seriously, there are two important elements.Firstly — it’s the level of the industry’s development.When it develops, information starts to build up and youare able to compare, analyse and make conclusions. Nowour industry has developed to the stage that one canmake more palpable conclusions, rather than based onyour gut feeling. The second thing is that in our very quick-ly changing and growing business it is not enough to makedecisions about how to work effectively today. For instance,we have just moved to a new trading floor, and at the mo-ment it’s not just good — it’s the best. However, we do have1100 people in the company and in five years we will havearound 3000 people. That means that in three years we’llhave to move again! So we have got to start looking for newoffices now so that we will be ready to move in three years’time. It’s like that in many things — there are things you

can calculate, of course. This three-year plan of ours is notvery detailed yet but the main issues are certainly there.— Which issues, for instance?— Well, I’ll give you an example. There are more or less100–200 companies trading in free-float in Russia at themoment, 15% on average. We’ve got to ask ourselveswhether the internal Russian market will grow over thecourse of the next 3-4 years. It most certainly will — evenif oil prices are not very high, people will consume morebecause they will get more loans and learn to live withthat, buy flats, cars. That means that companies that arenot connected with oil and gas will continue to grow andenter the public market — and the number of these com-panies will also rise by many times. Consequently, ourbusiness will grow as a result of that. Here’s another ex-ample, in Russia today there are 500 thousand individualprivate investors. Will there be five million of them in threeyears? Even if there are only two million in three years(which will definitely be the case) and if I keep my sharein the market or even lower it a little, my fifty-five thou-sand clients will automatically become two hundred thou-sand! People will be retiring, selling their businesses, car-rying out takeovers and mergers, raising debt financingin order to buy out a stake in business — that’s inevitable.And the more deals of this kind there are, the bigger therole of an investment bank. There are only two questions

“To move even more quickly, to change, adapt,look a few steps ahead, to see what others donot yet see or understand, and do what’s rightfrom this point of view before others get asniff of it. That is the main task of Troika’stop management”


here: the speed of the process and the size of your sharein that market.— There is still one question outstanding: what if you arewrong? What if for some reason — political, economic,social — the market doesn’t grow, but falls? But you have com-mitted yourself to your three-year plan, to the development ofyour own infrastructure, the expansion of new products, spentmoney…— There are no such factors to suggest that — neither po-litical, nor economic — none whatsoever. Even so, whatwould be the point in sitting here and thinking about a col-lapse? If I sat here and thought about the end of theworld, there would be no point in me doing business at all.But because I do, I have to be reasonably optimistic.

That’s why I tell myself that everything will rise by manytimes. Definitely. That’s exactly what we’re preparing for.— How prepared are you?— I think Troika has some advantages that make us un-beatable. Firstly, we have built up an infrastructure,earned a reputation and have a large market share. Sec-ondly, we have a well worked out and thought out strate-gy, values and a management system that is geared to dealnot only with today’s realities but also with tomorrow’s.Thirdly, our ownership structure is such that sharehold-ers know exactly what they want, they can articulatethis clearly, and most importantly, are prepared to sharethe success of the company with employees. A combina-tion of these three things is very rare in Russia. Troika hasthis and it makes us very strong.

What kind of a person is he?

— Are you often disappointed in people?— No, not often, but sometimes.— What do you do in such situations?— If we are talking about people very close to me, it’s allsimple here: good or bad — they are mine. If someone whodoes not belong to this circle disappoints me, I just startignoring him, I remove him from my surroundings, asthough he ceases to exist around me — and that personstarts to feel that. It’s very cruel. Despite the fact that Iseem soft, I am actually very hard. I don’t praise myselfand I don’t praise others; I don’t scold people, I don’t mockthem, but I very rarely praise people. I am very demand-ing of myself and in the same way, I am very demandingof others. I just think that we are all swimming along inan ocean and everyone has to swim for themselves. Sure,you have to help people if they start to sink or help some-

one start moving along, but you can’t carry everyonealong on your back.— Let’s just say you were mistaken about someone, or disap-pointed by someone else… Does this build up and affect howyou act towards other people?— That’s a very good question, a very difficult one… I re-member a discussion we had when we were at universi-ty back in 1991, when we were sitting in the dorms. A lotof poverty appeared in Russia then. And we were dis-cussing a situation: you meet 10 people in the street ask-ing for help; 9 of them are actually professional beggarsand only one of them is really in need. What is the rightthing to do? To give them all some money and be consid-ered a fool by the nine, but on the other hand one of themwould be truthfully grateful, or not to help any of them —and 9 would say “oh well, no big deal”, but one would die.This is very difficult but I think it’s better for the nine toconsider me an idiot. So that’s my answer to your ques-tion: no, this does not affect the way I treat others — evenif people consider me a fool for it.— Do you go on holiday?— Yes, I have done for the last few years. I always spendmy holidays with my children. I have a house by the seaand of all my pals from my town always look forward to mecoming and to playing football with them. So my holidaysare not really for relaxing by myself and reading books.When I am on holiday, about ten to fifteen people, friendsand relatives, always get together. — Do your children inspire you?— Very much indeed, I adore them.— Will they take over Troika Dialog?— No, they won’t.— But wouldn’t you like your children to be in charge of thesame kind of company, built up with their own hands?— I don’t know. I would just like them to be themselves.If a child of mine becomes the head of such a company andis happy there, that’s brilliant. The main thing is that theyshould like it. I would be really worried if they didn’t knowwhat they wanted and floundered around. I have to helpthem find out what exactly they feel comfortable doing —that’s my main challenge.— What are your interests?— I like lots of things but not in a fanatic way. One thingI can say is that I really enjoy reading, I read a lot all thetime. I like good films and music. I like dancing andsport — despite my weight.— Do you drink?— I do. I drink almost everything, apart from beer andchampagne for which I have never had a real liking. ButI like tequila, whisky and I really like tutovka — it’s a kindof Armenian vodka. I smoke sometimes— a cigar or cig-arette. Sometimes I drink a lot, sometimes very little. WhatI mean is that I can have a great time without drinking.Sometimes I fool around — I am a pretty easy-going per-son.

“We have a well worked out and thought outstrategy, values and a management systemthat is geared to deal not only with today’s re-alities but also with tomorrow’s”

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— Tell me, are you a happy person?— Yes I am, because I am happy here and now. I don’t feelas though I have to go out and do something special to-morrow in order to be happy. I am able to be myself, I dothe things I like and I get a well-deserved reward for that,I have the opportunity to help others and I have a won-derful family and group of friends. Of course, I’m tired andin a bad mood because I came to work at six this morn-ing and it’s almost 11 at night, and we are still sitting heretalking. But I’m going to come to the office at seven o’clocktomorrow morning. I haven’t seen my children who havebeen calling me, my wife is on a business trip — but Iwould prefer to keep things like this because I feel I ammyself like this.— Have you been able form your own vision, not of the compa-ny, but your own? Where do you think your life is going?— I have. I have been very lucky in that sense— I have al-ways been very different to my peers in that I can alwaysanswer honestly when I ask myself what I want and howI see myself in 20 years’ time. This confidence makes mevery strong. I know now that I am forty and I really likethis little child of mine that goes by the name of Troika Di-alog. I am not an investment banker, though; I am not thekind of banker who conducts deals, day in, day out. I’minterested in something else: while creating precedents,I want to show that you can carry out any deal and be suc-cessful, that honesty is the best policy, that it’s best to bea good person and that there are more good people thanbad. Because I want people to be positive, I want to livein a society of positive people. And if you take a look at

what I do — in terms of Troika, the Skolkovo BusinessSchool and other projects I participate in — you’ll see thatthey are all about that. What else? I definitely don’t wantto go into the government or politics. I want to create veryimportant public institutions which we lack in Russia andwhich are very important to society and to many differentkinds of people. Let me explain: in the West, there are veryinteresting funds which generate money for cancer pa-tients. Anyone who earns, let’s say, $5000 per month andwants to help can decide to give $100 of his wages to such

a fund every month. The fund gets the money, managesit and the profit goes to the cancer patients. The peoplewho put their money into the fund get a clear report ofwhere their money goes every month once a year. In aword, there are public institutions which allow the accu-mulation of money, manage it and send the profit tothose who are in need. I consider creating such mecha-nisms very important for Russia and I dream of creatingsuch institutions sometime.

“I know now that I am forty and I really likethis little child of mine that goes by the nameof Troika Dialog. I am not an investmentbanker, though; I am not the kind of bankerwho conducts deals, day in, day out. I’m inter-ested in something else”

2


BUSINESS If you come across someone who doesn't believe in Troika'ssuccess, show them this material

Year Results

Although the market was by no means simple throughout the year,2007 became one of the most successful years in Troika Dialog’s ex-perience. We proved once again that Troika can operate profession-ally not only on a rising, but also on a falling market. In many areaswe have come further than our business plan and exceeded lastyear's indicators by far. We have managed to considerably expandour product line by launching a number of new products. We suc-cessfully carried out several deals which were significant for theRussian market and went into trading operations with Ukrainian se-curities, which is a new venture for us. We have organised a recordnumber of events this year. We have grown twice in size. We haveacquired new offices. Of course, we have all had to cope with amassive work load because of the rapid growth of our business. Inspite of all the difficulties, we’ve done it.

Let’s

face

the

facts

and

figures

The most significant deals

and business projects

• We have started traded in Ukrainian se-

curities. Our Ukrainian desk became one ofthe Top-3 leaders on the FSTS in six months

• AvtoVAZ. Troika’s team have taken apartthe cross-ownership structure.

• URSA Bank. The first placement of pre-ferred shares in Russia executed entirely bya sole book-runner — Troika

• Nidan Juices. A large LBO deal with awestern private equity fund.

• OGK-4. A large M&A deal in the Russianenergy sector and third largest acquisi-tion in Russia’s recent history

• 40% of mandates in the Russian

Unified Energy Systems

• Launch of the ruble CDO

• Formulation of the Russia New Growth

Fund with massive subscription

• A record number of bond issues. Troi-

ka is Russia’s No. 1 organiser

The an-

nouncement

of our

strategic

choice. Troikawill remain in-dependent

Fulfilment

of promises:

Ruben’s gift,the incredibleparty and sky-dive

The launch

of the new

trading floor

Decision to

buy a com-mercial bank

Troika’s ob-

taining a de-but syndicat-ed loan

Singapore

business fo-

rum and iceskating show(as nominatedbefore theEIBTM as "Themost creativeinternationalevent")

Troika’s

achievement

of the title —

"Best HR

brand of the

year" and"Dream em-ployer in thefinance sec-tor"

Commitment

to our next

5 year strat-

egy

The most exciting events of the year


CAPITAL MARKETS


Year Results

Main indices:

$635 billion in trade turnover in the fiscal year

2007, 4 times more than last year

39% on the RTS (classical market). Stable leader in

equity trading

10% in the overall turnover of Russian equities

and ADR/GDR in all market places

25% in the secondary ruble bond market

3180 new accounts

2020 new clients

$33,7 billion futures turnover

$25 billion in the options turnover

The central EVENT of the year — the

launch of our new, innovative trad-

ing floor with: plenty of working space;unique design, comfort and scale; the project'scost was $10 million!

$10000000

Inte

rnet

Tra

ding

•$1

8,7

mill

ion

in turn

over. A

2.2 t

imes i

ncreas

e

over t

he year

•$7

,7 m

illio

nin pro

fits.

A 2.6 tim

es incre

ase

•4 4

00cli

ent acc

ounts. A

1.6 tim

es incre

ase

•$1

bill

ion in

the vo

lume of clie

nt asse

ts

•In

Top 3

acco

rding to

MIC

EX rankin

g of equitie

s

turn

over

Regional Network:• 44% increase in aggregate profits over the previous year

(all Russian branches)• Offices opened in Kazan and Ufa. Irkutsk will come next • Altogether, 150 sales operate at Troika's offices• A broker service division for private clients has been built up and

has been successfully operating for its first year in Moscow and theMoscow Region

The process to merge the office network with 3Doffices to form a National Retail Network hasalso begun

$635billionin trade turnover.

4 times more

than last year

New Products

• Forward contracts for the RTS index with foreign clients

• Exotic options

• Capital Protected Notes for foreign clients

• Futures for money market instruments (FORTS)

• SWAPs OIS & IRS

Troika Dialog Ukraine

The main event was

the launch of the

Ukrainian desk andtrading operations withUkrainian securities

Just a few months

later, Troika DialogUkraine became one ofthe top 3 at the PFTS(leading Ukrainianexchange that accountsfor 90% of all trading,counterpart of the RTS)and gained 15% of the

market

The monthly

turnover of trading

operations in equi-

ties increased 20

times over and inOctober 2007 reached$100 million

Troika Dialog Ukrainewas elected to the PFTSBoard (20 partici-

pants contested for

5 seats)

As soon as we startedtrading on theUkrainian stock mar-ket, Troika Dialog

Ukraine came up with

several initiatives

that resulted in greaterliquidity and higheractivity, e.g. marketmaking, considerablespread tightening, andlarger minimal lotsreleased into the trad-ing system.


RESEARCH

PRIMARY DEBTPLACEMENTS Record number of bond issues in 2007!

26 deals to the total amount of

85billionrubles

145

Analysis:

• Monitoring 229 Russian issuers

• In-depth analysis of 114 largest

issuers

• Monitoring 63 Ukrainian enter-

prises and an in-depth analysis ofthe 30 largest issuers

• In-depth analysis of one issuer in

Kazakhstan (Kazmunaigaz)

Covering new sectors:

• 3rd echelon equities• real estate• technology

Products statisticsreleased:

• 328 overviews in English(not counting Daily reports)

• 266 overviews in Russian(not counting Daily reports)

New products:

• Ukraine Strategy Monthly — since November 2006

• Chief Economist View — since August 2007

• Troika Spark — monthly strate-gic product, since September2007

• Corporate Ideas Log — a newmonthly information product (in-company)

of the la

rgest

issuers

underwent

in-depth

analyses

by Tro

ika's

Research

Department

1st place in the combined rating of bond placements organisers (Cbonds)13,3% share of the market (52.6 billion rubles out of the total 395 755 billion —data for 9 months)

Largest deals:

• Moscow Region Government — 16 billion rubles• Eurokommerz — 7 billion rubles• Stroitransgaz — 5 billion rubles• Samara Region's government — 5 billion rubles• Magnit — 5 billion rubles• Sukhoi Civil Aircraft — 5 billion rubles• Rusfinancebank — 5 billion rubles• TGK-10 — 3 billion rubles

It was well organisedteam work and produc-tive cooperation withseveral other divisionsthat enabled the initialplacement team toachieve these impres-sive results!


INVESTMENT BANKINGOn the whole,all activitieswith RAO UEShave been agreat successfor Troika.40% of allmandates inRAO!

“ “$8,2$2,87 M&A dealsin mergers and acquisitions to a total amount of $8.2 billion

Record number of largest deals!

10 IPO/SPO dealsin equity placements on capital markets to a total amount of$2.8 billion

7 major M&A deals

• Nidan-Juices — sale of the 100% stake tothe Lion Capital Fund. Largest LBO dealwith a Western private equity fund

• OGK-4 — sale of OGK-4's 69% stake to‘E.On’. The largest deal in Russia's elec-tric power sector and third largest pur-chase in Russia

• R-Fitness — merger of R-Fitness andWorld Class

• TGK 7 — transfer to a uniform share• AvtoVAZ — a controlling stake acquired in

the company

10 deals on the capital markets

(IPO/SPO)

• OGK 2 — an IPO, first ever in the historyof Russia's power industry for a powercompany with an LSE listing

• URSA Bank

• Vozrozhdenie Bank

• Timan Oil & Gas

• International Trade Center

• Tatneft

• Power Machines

• Wimm-Bill-Dann

• OGK 5

• Novorossiysk Sea Port


Year Results

billio

n

billio

n

The success story ofthe year

Placement of URSA Bank's preferredequities.This is Russia's first placement car-ried out by sole book-runner, TroikaDialog. This was made possiblethanks to efficient collaborationbetween IB, Capital Markets andResearch, their skills in communi-cating with investors, Troika's abili-ty to place large volumes of securi-ties, its experience of work withfinancial-industrial groups andexpertise in marketing untypicalsecurities. Troika was the first com-pany to work with URSA Bank at atime when few investors had evenheard of this regional bank. Today,URSA Bank is one of the most suc-cessful banks in Russia.


TROIKA CAPITALPARTNERS/PRIVATEEQUITY

New mutual funds:

Troika Dialog — Life. Russia's first unique financial productoffering life insurance3 sectoral funds: TD — Consumer Sector, TD — FinancialSector, and TD — Oil&Gas Sector.

Closed-end Real Estate mutual fund:

• The fund has raised $45 million on the market, and thefund's size has reached $100 million

• Real estate has been acquired in Moscow and Kazan to atotal sum of $25 million

• Deals concluded on property in Moscow and Togliatti to atotal sum of $25 million

• The number of investors has exceeded 300

• The shares turnover at MICEX has exceeded $20 million

• The fund's term of operation has been prolonged until 2019


Year Results

$3,5bn

$345mlnThe total value of the Russia New Growth Fund for private equities amounts to

The market evaluation of assets

under management of Merchant

Banking has grown by three

times, standing at almost $3.5

billion in a year.

Major projects — AvtoVAZ, KAMAZ,

Romanov Dvor.

The success story ofthe year

AvtoVAZ. No. 1 deal of the mar-

ket — in scale, complexity andimplementation. The project hasdemonstrated efficient synergy inthe operation between Merchant

Banking, IB and Capital

Markets, the competitive advan-tage of investors' confidence andTroika's creative approach.

Merchant Banking/Strategic projects

Private Equity Funds

• Russia New Growth Fund has beenformed as a private equity fund with a to-tal volume of $345 million: oversubscrip-tion was in excess of $100 million. Thefund's investors include leading foreignbanks, insurance companies, funds, and in-dividuals.

• Funding has been provided for 4 compa-nies, Eurokommerz, Modis, Crazy Park

and Gameland, to the sum of $127 million.

Events:

• The first Investor Day was arranged inSt. Petersburg and attended by over50 participants from the USA, Europe andRussia

• Troika Capital Partners was pronouncedone of the top 3 leading Russian com-

panies managing private equity funds bythe magazine Private Equity International

Venture Funds

• Three regional venture funds have been set up: in Tatarstan with 800 mil-lion rubles, Moscow Region with 284 million rubles, and Krasnoyarsk with120 million rubles. The total volume under management is 1.2 billion rubles

• The Emerging Technology Fund to the amount of $100 million has beenlaunched. The first signing of a deal worth $50 million is scheduled for early 2008

• Around 150 investment projects have been examined. Four have been

selected that are planned for investments before the end of 2007

The value of assets managed by Merchant Banking amounts to

$4,5

billion

The overall a

mount

of asse

ts under m

anagement

amounts to

Private Banking

$1,5 billion under management

$687 million in raised funds this year

$1,85 million average account balance

ASSET MANAGEMENTNew products:

11 NewInvestmentStrategies

CDO — Russia's secondruble CDO for a portfolio ofRussian issuers' bonds.Developed and launched inconjunction with DeutscheBank

TROIKA EUROPE FUND —investments in the most liq-uid equities of majorEuropean companies


• 29 sales offices atthe moment

• Of these, 16 offices

were opened in 2007,including 10 regional

offices

• 5 new offices: inChelyabinsk, Perm,Naberezhniye Chelny,Ufa and Togliatti

• More than 16 billion

rubles in newly

raised funds

• A 40% growth overthe year

• 37 491 new accounts

• 1004 new accounts

in Internet trading(60% of all accountsopened in 2007)

Banking AgentNetwork• 28% of the aggregate sales

through own network and directsales

• $400 million — in agent-raisedresources within 2 years

• 13 major banks are Troika's part-ners in shares distribution

• 298 divisions (169 in Moscow and129 in the regions)

Over t

he year,

more

than 1

6 bill

ion

ruble

sra

ised

Ove

r

RETAIL NETWORK

30

80

18,717NEW STAKEHOLDERS

The team has grown by 20 times over 3 years!

MARKETING & PR

80 eventsand functions overthe year, twice the

number of lastyear!

The Troiker

Troika now has its own corporate magazine and an information supplement,The Troiker Newsletter.

Furthermore, The Troiker marked its first anniversary in November.

Work has started to create Troika's brand-architec-ture with INTERBRAND,

the world's leading consultant in branding.The launch of an updated brand

is expected in late January!

Troika Dialog's media reference rate

has increased by 35%.Troika places 2nd, next to Gazprom, based on the

amount of foreign media references(Kommersant-Vlast rating)

Advertising:

• 8 advertising campaigns were con-

ducted in 20 leading periodicals

Internet projects:

• Troika's new Intranet portal and

an Internet trading web site

• 10 advertising campaigns in the

Internet

Events:

• Over 80 events were conducted -

conferences and forums, client func-

tions within the TroikaClub frame-

work, outings, and corporate events.

• An absolute record, 20 events in

one month, was set in September.

This is practically an event per

every working day!

in m

utual

funds

billion

rubl

es

681


BUSINESS We have managed to overcome the diffi-culties of growth, we have held on andgrown even stronger!

Infrastructure

THE TROIKA BOOK OF RECORDS

HRAs of the end of the fiscal year (30 September2007), the company had 1187 employees. 773

vacancies were filled, 4720 interviews con-ducted, with the maximum of 18 interviewsper day, and 14,799 employment docu-

ments prepared.

Training and Certification317 training programs were carried out cov-ering 4006 participants; the company'semployees hold 777 qualification certifi-

cates and licenses

Personnel statistics: Length of work: 52% (613 people) — less than a year, 29% (340 people) — from 1 to 3 years, 7% (87 people) —

from 3 to 5 years, 9% (109 people) — from 5 to 10 years, 3% (38 people) — 10 years and more. The gender and age composition: 47%

are women and 53% are men; the average age for women is 29, and for men 31. Personnel turnover is 14%.

INFORMATION SYSTEMS AND TECHNOLOGIESСRM

Troika's clienteleincreased by 1.5 timesThe number of usersdoubled and reached523 people

RISKMANAGEMENT ANDINTERNALUDIT35 internal and external audits19 new products (twice the numberof last year)66 procedures approved (6 times the numberof last year)4500 approved non-standard contracts(twice the number of last year)

OPERATIONS

• 300 000 off-exchange deals were handled over the year, 31% more than the previous year

• On average, 24 000 deals were handled per month

• On average, 1400 deals a day. June saw an absolute record of 2074 deals a day

3,3terrabites

(a 3 times increase)

The volume of business data• A new trading floor launched. The best technological infrastruc-

ture in Russia for trading has been created

• The Pythia system was launched in the regional network and in sixagent banks, a result of a two year development effort

• 17 projects were successfully carried out, the main ones among themwere SAP, Murex and Diasoft

• 1200 new work stations were set up

ADMINISTRATIVEDEPARTMENT

58 moves

within the company 678 new work places created,

5 times the amount of last year213% growth in total

office floor space in Moscow21 new offices opened,

3 times as many as last year3 240 business trips arranged,

1.6 times as many as last year

FINANCE

A 4-times increase

in the volume of

capital used per day

16 000 applications for payment han-

dled(twice the am

ount of last year)

137 000 payments carried out

(twice the amount of last year)

In the fis

cal y

ear of 2

007,

681 new

em

ploye

essta

rted w

ork

(400 at T

roika

, and 281 a

t 3D)

CALL

-CEN

TER

3000 p

hone ca

lls

a

day (tw

ice th

e num

ber

of las

t yea

r)

Troika Dialog is a powerful company with a large heart. Every year we partici-pate in large charity projects and small acts of kindness. We always supportthose who need help. We are happy that we have people at our companywho wish to and can do good.

donated by Troika Dialog

to charity projects

in 2007$350918

Report on charity

projects 2007

OCCUPATION

What does this enigmatic termmean for Troika? It means a lot!

The Treasurer

PHO

TO B

Y V

LAD

IMIR

VA

SILC

HIK

OV,

VIS

AG

ISTE

OLG

A P

OPO

VA;P

AG

E O

N T

HE

RIG

HT:

PH

OTO

BY

SERG

EI M

ELIK

HO

V

november 2007 The TROIKER

— You started your career as a trader at Natexis Banques Pop-ulaires in Paris. Now you are head of Troika's Treasury.— To say "worked as a trader" would be going too far. Icame to Natexis on 1 January 1998 and worked there withRussian bonds and GKOs. And 8 months later the defaultoccurred. This may sound a bit funny, but I think that I wasvery lucky because I saw what a real crisis was like at thevery beginning of my career. That was a very good lesson.When you work in a junior position and they ask you toassess the risks involved in one deal or another, the con-cept of risk at this point remains purely theoretical. Andthen suddenly a moment comes when the risk that seemednegligible becomes a reality. My way of thinking changedconsiderably after the Russian default.— Was it that you began making decisions more cautiously, ina more conservative manner?— No, the essential thing is not what kind of decisionsyou make. What is essential to understand is the natureof risks in general and to foresee the consequences if onerisk or another materialises. Here's a simple example.Some time ago, Troika Dialog's operations were fundedalmost entirely by short term credit. That was the timewhen the ruble was very cheap and the interest onovernight loans was never above 3%. Meanwhile, the in-terest on long term loans, a year or 18 months, was in theregion of 8-9%. Then there was a liquidity crisis on themarket following the turmoil on the US property market,and the interest rates on overnight loans rose. We thinkthat this is a structural change. The days when the ru-ble was available at 3% per year are hardly likely to comeback so we have therefore devised alternative ways offunding.The strategic part of our work is to achieve a situationwhere Troika Dialog's cash-flows would not depend on justone single bank or an overall situation on Russia's mon-ey market. It is important to diversify our funding sources.The main source today is REPO deals, that is, getting mon-ey collateralised by securities. And one of our strategiesfor the near future is switching to longer loans, replacingpart of short-term credit by long-term. This year, weraised our first syndicated loan to $180 million that wassupported by 13 banks. Richard Ogdon from the Presi-dent’s Office directed the project and Troika's Treasurytook an active part in it. Next year we shall probably car-ry out an issue of our own bonds.

— You mentioned strategy. What does the Treasury do in prac-tice? What is its role in Troika?— The Treasury's role is to see to it that Troika Dialog canalways settle accounts with all its contractors and part-ners, and that the company's securities and moneyturnover are all kept in perfect order. Of course, our chieftask is raising money. The problem here is that tradingin currency and securities at the stock exchange followsthe principle of T + 0, where T is the trading day. That is,you buy a stock and pay right there and then. Mean-while, the client who has contracted us to buy the equi-ties transfers the money to us within three days. Thismeans that we actually buy these equities for the clientat the company's expense. It is because of this threeday's lying time that we have to raise money. The secondimportant task of the Treasury is keeping control over cur-rency operations. Since Troika Dialog keeps its accountsin dollars we have to convert the currency all the time.When employees in the Global Markets Department or oth-er divisions have to carry out an operation involving cur-rency exchange, they turn to the Treasury (to our chiefForex trader Dmitriy Dubov). We tell them what the ex-change rate is, then we bring all the data together, andform the overall currency policy of the Troika DialogGroup. — You have not only currency and REPO traders in your de-partment, but also managers dealing with financial institu-tions. What are their responsibilities?— Do you remember me saying that Troika Dialog shouldnot just depend on one sole bank or the situation on a sin-

We are in a meeting room on the third floor. Behind the glass partition the trading floor is bustling with business.The man I am talking to speaks with a slight French accent and when discussing complicated financial instruments heputs terms in English in now and then. Meet Boris Bryuk, B.A. from Kent University, M.A. from the Paris Institute ofPolitical Sciences, and also Troika's chief treasurer.

THE MULTIPLICATION TABLE

THE TREA-SURY’SROLE IS TOSEE TO ITTHAT TROI-KA DIALOGCAN AL-WAYS SET-TLE AC-COUNTSWITH ALLITS CON-TRACTORSAND PART-NERS, ANDTHAT THECOMPA-NY’S SECU-RITIES ANDMONEYTURNOVERARE KEPTIN PERFECTORDER


— Many people might probably think that your work is ratherconventional, devoid of that special drive that is typical of thetraders, for instance.— Oh no, nothing conventional about it, quite on the con-trary. We are centre-stage of everything that happens inthe company. For instance, traders in equities are by andlarge in contact only with each other and with their sales.It’s entirely different with us. We are in contact with allthe desks of the Capital Markets Department and withmost of the divisions – with Risk Management and InternalAudit, with lawyers, and with the Back Office. But our clos-est cooperation is with the Settlement and Liquidity Man-agement Division, headed by Maria Gorelova. As a result, we have a very good picture of what is goingon within the company. Besides, we use the informationthat we acquire in talks with our partners so as to explainto them the situation in our company and the things thatwe need. This is not merely PR, nor merely building up agood image for the company. The talks in the final countresult in something very tangible – the money that helpsthe company grow. As for the drive, we do not just stay put.We devise new financial instruments. For example, wehelp the RTS Exchange to develop new contracts. The play-ers that borrow money on the overnight rate are attract-ed to having the opportunity to fix this rate. But the RTSonly quotes 3-month, 6-month and 12-month contracts.We, however, are sure that a short-term contract, for 1month, is also needed, and we proposed that the RTSshould launch it. I think that it will appear in the near fu-ture. Furthermore, it is not only stock exchange futuresthat we develop. A few months ago, we were the first bankin Russia to carry out a swap deal on ruble interest, theso-called overnight interest swap. There's an interestingstory associated with this new interest. A client of a large

gle market? This is what our financial institutions man-agers (Elena Komissarenko and Olesya Fedorenko) arecharged with, that is, they establish contacts for the Troi-ka Dialog Group with banks and other financial institu-tions.— That is, they try to raise as much cheap credit as possible? — Theoretically, yes. But sometimes it is not a matter ofcredit, but of gaining access to trading in derivatives ortrading on the Forex, REPO and money markets. If we areto get the best quotes for our business we need to get largecredit portions from various banks.

THE TREASURER'S SHORT GLOSSARYDerivative instruments (derivatives) — instruments of the financial market the price ofwhich is determined by the value of the assets they are based on (basic assets), that is,their price is a derivative of the value of these assets. The main groups of derivativesare certificates of securities in independent turnover or secondary securities (like, forexample, American and Global Depositary Receipts), and fixed-term contracts (futures,forwards, options).Overnight rate — an interest rate charged for shifting an open position to next day.REPO deal — a bilateral deal for sale and redemption of assets after a fixed period at afixed price.FX SWAP — purchase or sale of currency on SPOT terms with a reverse deal conclud-ed simultaneously to cover the currency risk. SPOT — a standard condition for a deal performance involving immediate delivery. Incurrency operations on SPOT terms the currency delivery is effected on the secondworking day.Forward — currency exchanged with a date of valuation differing from the SPOT valu-ation date (may be a week, a month, a year, etc.).Money market — a short-term capital market where a company borrows directly froma bank with no intermediaries involved. IR SWAP — a contract by which the two parties exchange periodic interest paymentsrelated to a certain sum of the main debt called the conventional sum. Normally, oneof the parties makes these payments on a fixed rate, and receives them on a floatingrate. This instrument is used to monitor the interest rate on risks.

WE ARECENTRE-STAGE OFEVERY-THINGTHAT HAP-PENS INTHE COM-PANY


American bank asked for an OIS to be arranged, but thebank had no service of this kind on its list, and they turnedto us. That is, we are not only developing this market, weare leading it. — So that means that you come up with your own ideas andcreate new products on the market, is that right?— I do not actually invent anything new, I simply applythe experience that I gained in the West here. In practice,Troika Dialog's Treasury has recently acquired two sep-arate businesses. The first is associated with derivativeson interest rates, and the second with the Forex market.Right now, we are in the process of buying a banking li-cense and when we get it we shall be able to develop serv-ices on this market. Until recently, all our operationswere internal, but now we are also starting to have clientbusiness. — Could you describe your team? What kind of people do youhave working with you in the Treasury?— There at present 10 people in the Treasury: threetraders on the REPO trading floor, and one middle-of-fice (supporting the traders). There is one trader and onemiddle-office in the Forex and Money Market Division,there are two managers for contacts with financial in-stitutions, and then there is my deputy MikhailProkhaev and myself. When I came here, the team wasall-male, but then we employed a young lady in the mid-

dle office and two young ladies to work as managerswith financial institutions. So, we now differ from a typ-ical team in trading. I like the fact that we are all verydifferent. They differ both in age, in experience, and intheir way of thinking. I like it that we have both men andwomen, some younger and some more experienced,more aggressive and more conservative. This sort ofcombined team makes it possible to review any possi-ble problems in most diverse perspectives. For in-stance, we begin our morning by getting together to dis-cuss and map out the strategy for the day. I think thisis best because this way everybody understands wheredecisions come from. — Since you have many young employees, you obviously haveto train them. — Yes, the thing is that the people who work with me havevery good knowledge of the Russian market. However, theyhave no experience of work in the West. Therefore, they'vegot to attend seminars and study instruments that are notyet in operation in Russia, but which we can develop sometime later. I would like my staff members to expand theirknowledge and views, so that they don’t get stuck solelyon the specifics of the Russian REPO market, for exam-ple. I believe that training our employees and sharing myexpertise with them is one of my chief functions at Troi-ka's Treasury.

WE BEGINMORNINGBY GETTINGTOGETHERTO DISCUSSAND MAPOUT THESTRATEGYFOR THEDAY.I THINKTHIS IS BEST— THISWAY EVERY-BODY UN-DERSTANDSWHERE DE-CISIONSCOMEFROM


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uri Belonoschenko, head ofTroika Dialog's regional net-work and head of the Samara

office from 2004–2006, relates, “therewas an episode more like a funny sto-ry than reality we often recall whentalking about how it all started. Atthe height of the crisis in 1998, Mari-na Klimenko came to our city from theMoscow office. The situation on themarket was complicated, we had juststarted working on a new product,mutual funds, and the central officedelegated an experienced specialist tohelp us. I met Marina at the airport,

and we had not met before. I drove herto our office, and on the way Marinawas asking me about various curren-cy matters, the US dollar and theDeutschmark, and also asked if I knewthe exchange rate at the moment. Notonly did I know the rate (I was a jun-ior sales manager in the company atthat time), but seeing her anxietyabout anomalous differences in therate, I added my comment, “There'snothing to worry about. It is simplythat the dollar was in average dailyvolumes, while the mark is always ina small volume, and they aren’t com-

parable. So this kind of difference isquite understandable.” This was pret-ty ordinary for me then, part of my dai-ly work. But Marina was very im-pressed by my explanation. When shereturned to Moscow, people in thecentral office heard that even driversknew the market in the Samara office!So, thanks to Marina and because wedidn't have a staff driver at the time,the Samara office instantly strength-ened its position in the regional of-fices network!” Yuri laughed. This is how my discussion about theSamara Office of Troika Dialog withYuri Belonoshchenko began. This isthe office that has shown the best re-sults out of all the regional offices forthree years. And there is more. The story of this office is one of diffi-culties fought and success achieved.In March 1998, Troika, together withthe Gazinvest Company, a Vol-gapromgaz subsidiary, set up a jointventure in Samara. This was not thebest time for this kind business en-deavour. The world financial crisis

Town on the Volga“Oh cozy Samara town, I'm feeling restless again” — the lines froma popular Russian song that first occur to Russians at the mentionof this town on the Volga. Besides folklore, Samara is also knownas a successful business center. Troika's Samara office has recordedincredibly high results and has been number one among the com-pany's regional offices for three years. How have they achieved it?

Samara is a cityof contrasts. Theremaining Sovi-et architecturestands besidevery Europeanlooking streets.The Russian love

of driving fastmakes the Ams-terdam style ofriding bikes fit

in well

IN THELIMELIGHT

The story of Troika's Samara officeas told by participants

Samara


that broke out in October 1997 was atits height and Russian companies'equities were going downhill fast.“However, Ruben has always playedfor a long-term perspective and fromthis point of view, that was the rightdecision,” Belonoshchenko says. The initial period was the most diffi-cult. In the heat of the crisis the officehad to reduce personnel and cutsalaries, which resulted in that theyhad no driver on the staff, for instance.Yuri remembers, “There was only onecar, and only those who had driving li-censes could use it. I was one of thelucky ones.” In spite of the difficulties,the office carried on with its work,which was the energetic promotion ofthe company on the market and theprovision of services to the clients.“We were proud to work in such astrong company that could hold out atsuch a difficult time. The first thing wesaid when we called our clients was,“Troika Dialog calling!”, and we weresure that this name alone was enoughto see clients lining up to get to us.”Objective circumstances, however,are sometimes stronger than opera-tors' enthusiasm. The clients, dumb-founded by the crisis, were not pre-pared to return to the market. “Inorder to win, one has got to be able towait,” Belonoshchenko goes on. “At

that point, we clearly understood thatour task was to work for futureprospects, to make Troika betterknown. We were living a day ahead,and, one might say, were putting overa strong image to our potential clients:you mention the stock market andimply Troika! When the crisis wasover, most of the clients didn't have togo guessing to choose where theyshould invest, for we had created theproper information space beforehand.This was the line of action of not on-ly our office, but the company overall.An ability to see things in perspectivewas already then part of our corporateculture, I can say in hindsight. Apartfrom working directly with clients,we actively analysed the prospects ofthe market. In one of the surveys atthat time there was an interestingpoint — a recommendation to buystocks in Norilsk Nickel. Those whoheeded our recommendations in 1998and acquired a share, let's say, worthjust $2,500 could sell it at a million to-day.” Indeed, the impact of the crisis grad-ually waned and business began togain strength. In 2001, Troika trans-formed the joint venture into its officeand began operating self-sufficiently.The first clients were mostly profes-sional market participants. Private

investors were in no hurry to arrivewith their money. As a matter of fact,neither did Troika show a great will-ingness to operate with private clientsat that time. “It was only in 2004 thatwe really understood the strength ofthe private investors' market. That is,we learned this from practice. For in-stance, we make contact with thelargest insurance company in Sama-ra which has an equity limit of $20000, and then along comes a privateclient who wants to open an accountfor $400 000. Signals of this kind in-dicated the trends in the various seg-ments of the client market.”It might be that the reason behindthis trend is the very character of thecity. In old times, Samara was alwaysa city of merchants. Its geographiclocation at a junction of trade routesallowed for the concentration of cap-ital there. But then Samara also had

Yuriy Belonoshchenko, director of Troika Dialog's regional office network,head of the Samara office from 2004–2006. In the background, the GrushinBard Song Festival at Zhiguli Hills

“THOSEWHOHEEDEDOUR REC-OMMEN-DATIONSIN 1998AND AC-QUIRED ASHARE INNORILSKNICKEL,LET’S SAY,WORTHJUST $2500COULDSELL IT AT AMILLIONTODAY”


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The general feel of the citySamara is a scenic city on the banks ofthe Volga. The best time is summer,when the city turns into a veritableresort. Legend has it that Catherine IIexiled 80 of her most beautiful ladies-in-waiting to Samara so that herfavourite potential husbands would notbe tempted to marry them. Since then,the population has increased manytimes over, but the girls are still as pret-ty as they always have been.

Best places for a strollMany people in Samara are fond of theZagorodniy Park and come here withthe whole family. This is my favoriteplace to go for a walk in, too. And if youwant to taste famous Zhigulyovskoyebeer and Volga lobsters you've got togo to Riverside.

What would you show the visitors inthe first place in the city?When we have visitors, I first of all sendthem for a two-hour boating cruise onthe Volga. Seeing views of the city fromthe helicopter pad is a real must. Thosewho want to see historic places can seeStalin's bunker.

What is your favorite restaurant?My favorite is the Marrakech, a hos-pitable Oriental-style place. There'snothing like settling down on a hot dayin a quaint gazebo by a fountain with asoft breeze blowing from the Volga.

What kind of souvenirs can one takeback from Samara?There is, of course, quite a great varietyof souvenirs in Samara, but it is consid-ered the greatest stroke of fortune tofind yourself a wife here.

(and still has) bad roads and ratherrough looking buildings. That is, thecity was not all impressive from thepoint of view of creating a good namefor itself. To make up for it, the peoplethere have always relied on their verystrong commercial talents.In 2004, Belonoshchenko (who leftTroika to work at Aton InvestmentBank for three years) returned to theSamara Office, this time as Director.From that moment on, the SamaraOffice entered a new stage on its wayto success. Firstly, they equipped the office withCRM software and began the meticu-lous process of calling the clients bywhat is known as the cold-call system.“This is very important,” Be-lonoshchenko explains. “You make100 phone calls, and 5 of them willdefinitely produce results. Do youknow Michael Jordan’s secret of suc-cess, the exceptionally successful bas-ketball player? Very simple: he used to

make a thousand shots at each train-ing session. In other words, make athousand calls each time and you’llachieve the same kind of success asMichael Jordan! People will come andopen accounts. After a while, theywill bring their acquaintances. Rec-ommendations are our main channelto attract clients. This is our best ad-vert.”Oleg Puntusov from equities salesagrees, “Sales on recommendation area powerful lever in any business. Ifound my key client, owner of a spareparts plant, with the help of AnnaMatveyeva (senior debt securities an-alyst, Moscow Office). Anna was par-ticipating in an investment confer-ence in Izhevsk, exchanged businesscards with the head manager of theplant in Togliatti, and handed over thecontact to me. The result was that theclient opened an account for himselfand his entire family, and practicallyall his colleagues and acquaintances

OUR PEOPLEIN... Alexei Vereshchagin, director of

the Troika Dialog Samara Office,recommends

Samara Guide

“RECOM-MENDA-TIONS AREOUR MAINCHANNELFOR AT-TRACTINGCLIENTS.THIS ISOUR BESTADVERT”

Above:

residents ofSamara adore

trips on the Vol-ga. Some evenbuy their own

boats

Below:

Stalin’s legendarybunker and the

Grushinskiy festi-val are definitestops on a tour


opened their own accounts. The totalassets in their accounts today amountto some 20 million dollars.” Thanks to this kind of thoroughlythought-out business policy, theSamara Office took the number onespot in 2005. “Of course, one mightthink that Samara is a concentrationof people willing to invest in stockmarket products, and we simply man-aged to attract these ready clients.But this opinion, I think, does not ex-press the real reason for the successof our office. What is important is theteam,” Alexei Vereshchagin, directorof the office, says. “Success does notcome all by itself to people who are notunited by a common goal, even if theyare gifted with talent, luck, knowl-edge and perseverance. We do notsettle for second place. This is a strongteam in which each member is a pow-erful individual, but we all have acommon goal — to be at the top.”According to the 2007 ratings, Sama-ra won first place among Troika'sRussian branches for the third time ina row, and by a wide margin at that.The interesting thing is that in Sama-ra they watch their rivals in the re-gional network very closely. For in-stance, in the words ofBelonoshchenko, other offices arevery interested in the rankings of re-gional offices but they are not reallyupset with their defeat. Whereas theSamarans, even when they know thatthey are ahead of everybody, and by a

wide margin into the bargain, con-tinue to compare the figures everyday. “It's hard to become number one,but it is still harder to stay at the topand not to become lax. You can comethrough hell and high water, but noteveryone can hold on to that edge.This is all psychological, but it seemsthe guys in the Samara Office are verysuccessful at this and never take theirfoot off the throttle.”As Alexei Vereshchagin sums up,“With regard to the results of the 2007fiscal year, we must say that it washighly successful for the Samara Of-fice. Overall, we are 33% above theplan for the revenues. And over 3years, our revenues have increased bymore than 10 times. The number ofdeals with the Fixed Income Desk hasgrown rapidly, and the revenues inthis area went up by 2.5 times. We al-so have good indicators in the Internettrading system (a 2.5 increase in therevenues). This achievement, in myopinion, is due to the expansion ofclients’ assets and expert work withthe clients. Success comes when newaccounts are opened on the recom-mendations of our current clients.We can objectively enjoy this confi-

dence.”Success is an accomplishment thatcalls for a celebration. People fromSamara would never miss any occa-sion of this kind. “We always mark ouraccomplishments — be it a particu-larly successful month, or fulfillment

of the annual program,” Vereshchaginsays. “Work hard, play hard.” The up-shot is that employees at the Samaraoffice have become well-known cus-tomers at one of Samara's best restau-rants, “Palych’s”. There are plenty ofreasons to gather there. OxanaOvchinnikova, Samara 3D director,says “We are a very closely-knit team,and we celebrate all holidays and allbirthdays together.”How do they really achieve it all?Healthy ambitions, professionalism,perseverance and working for thecommon goal — all combined is, asSamarans hold, a sufficiently simplerecipe for success. It is with this ap-proach to business that the Samara Of-fice retains first place in its perform-ance in the company.Another small detail to conclude: theFord Focus from the Samara officegarage has the license plate number“003”. Since Troika means “3” inRussian, this is surely no coinci-dence…

Roman Belyayev, bonds sales, and Goulnaz Musina,junior equities sales

Both teams of the Investment Company and 3D together (The Samara branchof Troika Dialog and the office of Asset Management in Samara)

Nikolay Ivaschenko,Equity SalesIT’S HARD

TO BE-COMENUMBERONE, BUTIT IS EVENHARDERTO STAY ATTHE TOPAND NOTTO BE-COME LAX.YOU CANCOMETHROUGHHELL ANDHIGH WA-TER, BUTNOTEVERYONECAN HOLDON TOTHAT EDGE

5. Touring Englandor France for a weekby car with my wife& children.

6. To own my smallisland in the Pacificocean.

4. “Traders, Guns &Money” fromSatyajit Das. It isreally hilarious,descriptive and, inshort, excellent.

4. “Rare worlds” and “Barbarians at thegate”.


TROIKERS

We are proud to introduce the finest professionalsof the financial world who have joined us this year

Key appointments

1. Because Troika is a combination of a fineteam, prestige and exciting job.

5. Skiing with my family.

6. To live in a civil society and lawfulcountry.

Managing Directorof Troika Dialog GroupTop clients, GR, development of the stock mar-ket’s infrastructure, separate deals and businesslines, company strategies

2. The rate ofglobal warming.

1. Because it is the best in the market and adelightful entrepreneurial place to work.

2. How ill informedsome major clientsare about the powerof the changesgoing on in Russia.

5. Climbing through the mountains with mychildren.

6. My dream is to see a prosperous Russia inharmony with Europe.

4. “Love overScotland” byAlexanderMcCallSmith.

Chief StrategistManaging Director, LondonMy job is to help investors identify the most at-tractive themes and stocks in the Russian market

3. Julienne.

1. After more than 16 years working forING in Europe and Russia I decided that Iwanted to further continue my career inRussia given the exciting developmentsand opportunities. Troika fits exactly theprofile and opportunity I was looking for.

2. On the positive side: The people work-ing for Troika! On the negative side: Howhopeless Lotus Notes actually is...

Head of Treasury,Structured Products & FI TradingThe main theme is raising the cheapest possiblefunding and monitoring the safety of the fund-ing. In the structuring area, working on newproducts to enhance and drive Troika's innova-tion in a profitable but responsible way

3. Deliciousfood.

3. Fruits. And my“home-made” kefirwhich I have beenmaking for over 20years. Add some fruityoghurt and lots ofmuesli. Yummi!

6. I will open a grammar school inFrance with friends.

4. “501 Russian Verbs”(I'm still on the pro-logue).


1. Why Troika?2. What was the last thing that

amazed you?3. Your favourite dish?

4. What are you reading now?5. Finish off the phrase: My

favourite holiday would be…6. What is your dream?

1. More like, “what took you so long to joinTroika”?

5. A trip across Europe in acabriolet with my family.

Advisor / Managing Director of TroikaDialog GroupTop clients, private equity in the real estate mar-ket and financial institutions, the CIS markets,special projects

3. Doyou liketolma?

4. “EnglishConstitution” byWalter Bagehot. 6. To take my parents around

the world.

1. For 3 reasons: Because I wanted, at thisperiod of my life, to enter a real new chal-lenge (coming to Russia when you do notspeak Russian); Because Troika is the num-ber 1 in one of the most promising marketsin the world; because Troika's Managementhas introduced values of probity and fair-ness that I am close to.

2. That Troika has been able to maintaina family type of approach with 1200employees.

3. The dish that my younger son is preparing.

4. I am reading for the sec-ond time an essay called“l'Opium des intellectuels”from Raymond Aron,maybe the greatest Frenchanalyst of the previous cen-tury. The book dissects therelationship between theEuropean intellectuals andthe communist ideologyand practises.

5. .....a longholiday.

Head of International NetworkTo enhance, with the support of the businessunits, the distribution of Russian productsthrough the existing and future internationalnetwork; to organize the expansion of the suc-cessful Troika's domestic model to key CIS coun-tries (Ukraine, Kazakhstan)

1. Young, dynamic com-pany that has the plat-form to develop as thepre-eminent InvestmentBank in the CIS which, asa region, will become oneof the largest capital mar-kets in the world. To bepart of such a companyand its strong culture isvery rewarding.

2. The cost of living inMoscow!

Head of ResearchManage the Research team andproducts issued

3. Pasta (hardly sus-prising for a half-Italian).

5. Where there is sun, sea, fewpeople, lovely food & drink withsome cultural activities toexplore.

6. “You may sayI'm a dreamer,but I'm not theonly one. I hopesome day youwill join us, andthe world willlive as one.”

2. That Tbilisi is a very beautiful city, butnot everything was built by Armenians :).

3. FettucineAlfredo.

5. A journeyto a newcountry, def-initely withmy son.

4. “Absolute Friends” byJohn le Carre. I love therichness of the languageand plots.


TROIKERS

We are proud to introduce the finest professionals ofthe financial world who have joined us this year

Key appointments

Chief Financial OfficerI hope to build up and strengthen the team, andalso to implement it better with the business

1. I just think that Troika has a brilliant future.

2. My 6-year oldson’s explanationof what a zombieis. It’s someonein grey shortswith purls!

3. Borshmade by mywife.Especially atour dacha inthe fresh air!

6. I have a lot of dreams — there isn’t enoughspace to write them all! :)

General Manager Cyprus officeFour EyesMaking sure we comply with our Regulatory ob-ligations and also the smooth running of theCyprus office

1. Because it has a reputa-tion of being a very profes-sional and yet very sociableInvestment Bank. I am gladto add that, so far, my expe-rience is that this reputationis justified.

4. “I Married ACommunist”, byPhilip Roth.

CEO, Troika Dialog USA, New YorkTo develop and grow TD's brand name and busi-ness in the USA

1. This is my second time at Troika. I amvery comfortable with the Managementof Troika, as I knew them before. AtTroika, we can be serious about ourbusiness but still preserve the cultureTroika had when it was much smaller.

2. My 4 year old son. He told me thatMondrian does not use organic shapesin his paintings.

5. Brazil, vast,latin, beautifulnature, exotic.

2. Pleasantly, the Grand Party of Troika. Unpleasantlya Moscow restaurant bill!

4. No time to read abook. I am reading thenew Capital AdequacyDirective (Basel II) andMiFID!

3. Coming from Cyprus, it has to beSouvla — chunks of lamb or porkcooked for about 2 hours on a barbecue.

6. To travel into space, but as I am a realist, togo into a NASA simulator machine and experi-ence life as an astronaut.

5. Skiing inCalifornia.

6. To have a careerin music when I amfinished with thiscareer.

4. I like fantasybooks, I managed tofinish off “Chistovik”by Lukyanenko atthe weekend.

3. Fresh arti-chokes.

4. I’m a great fan of detective fic-tion and have recently discovereda new author. I am currently read-ing “Ragtime in Simla” by BarbaraCleverly — it’s hugely absorbing!

3. Like a lot of British people,my favourite dish is not ofBritish but Indian origin. There’s nothing like a goodrogan ghosh with some gen-uine Kingfisher beer.

1. I am attracted to a long term business struc-ture and corporate culture, which is aimed atcompetitive growth.


1. I liked the teamand share the samebusiness ethics.

2. Human folly.

CEO of Troika Dialog UkraineTo build up and develop business in theUkraine, attract and develop relations withnew clients, working out new products forUkrainian clients, operative management

3. Traditional Ukrainian cuisine, but Ilike pelmeni too.

5. A holiday withmy family andfriends.

4. A client’s presentation on aprimary placement!

Director of Investment BankingTroika Dialog UkraineBuilding up of a leading, sel-sufficient invest-ment banking structure in the Ukraine, whichappertain to new standards of relations and op-portunities for leading Ukrainian companies

2. I am not amazed atmany things anymore. 6. I have one, but if I tell

you, it won’t come true!

1. Troika is recognised as apowerful brand for Russianand CIS research. Troika’shigh ethical standards alsoattracted me — I feel mostcomfortable working in anorganisation which respectsthe interests of its clientsand employees.

5. The best holiday for me comesimmediately after the rush ofChristmas and is two weeks inAustralia where the sun shinesfrom morning to evening andyou know your fellow citizensare shivering at home!

Head of ResearchTroika Dialog Ukraine To lead and manage the team of analysts inUkraine and our collective objective is to be-come number 1 ranked for Ukrainian equity re-search in all the public surveys

2. How the climate is changing! Lastyear I planted a palm tree in my gar-den in Edinburgh and it survived thewinter and is thriving.

6. Since childhood, Ihave spent a lot of timemountaineering. I’d loveto climb Mount Everest.

1. Why Troika?2. What was the last thing that

amazed you?3. Your favourite dish?

4. What are you reading now?5. Finish off the phrase: My

favourite holiday would be…6. What is your dream?

5. The opportunityto use it.

6. I don’t think I have any,or perhaps very many.

TROIKAAROUND

THE GLOBE

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To bull ornot to bull…

The New York Stock Exchange,or the Big Board, as they call it,is not the most popular tourist

attraction in the city, but it deservesno less attention than Broadway the-atres or the Museum of Modern Art. The history of the Stock Exchange be-gan in 1792 but the very well-knownbuilding at 18 Broad Street only ap-peared over a century later, in 1903. Five leading New York architects ofthe time took part in the tender to de-

sign it. Those at the stock exchangeasked them to create a building thatwould have a spacious, well-lit andcomfortable trading hall. A neoclassical project by architectGeorge Post was chosen for con-struction in 1901, and by 22 April1903 the new building was commis-sioned. It is just as impressive today,too, but in those times it was the epit-ome of technological progress. TheNYSE became one of the first build-

Amid the splendour of the Wall Street sky-scrapers, the edifice ofthe New York Stock Exchange least of all looks like a business andfinancial center: its architectural style could better fit the profile ofa theatre or a fine arts museum. However, it is this building thatsymbolises America's financial might and accommodates theworld's largest stock exchange with a huge turnover of moneyevery day.

The stock exchange at Wall Street isthe power house for all of theworld's capital

New York

If one were to re-move all of the

monitors, the in-terior would lookexactly like it didat the beginningof the XIXth cen-

tury: the samewooden galleries,the dome-shapedceilings and the

din of the brokers’voices which isbroken twice a

day by probablythe most impor-tant chime in thefinancial world


PHO

TO S. A

., RPG/CO

RBIS

ings in the world to be equipped withan air conditioning system. Here, too,for the first time ever in the history ofthe world they arranged separate din-ing rooms for smokers and non-smok-ers. The number of telephones andelectric lights, it would seem, wasgreater than in all of Europe at thetime. One of the main traditions establishedat the stock exchange was the use ofthe bell which tolls at the beginning(09:30) and end (16:00) of the tradingday. In the early days, the stockbrokersused a Chinese gong, but then the G.S. Edwards Company in Norfolk casta bell with such a deep and all-pene-trating sound that it drowned the loudvoices of thousands of brokers. In thecourse of two centuries, this tradi-tion grew into a veritable ceremony.Various renowned people have beeninvited to give the signal for the be-ginning of trading — New York May-or Michael Bloomberg, actress SarahJessica Parker, head of Apple StevenJobs, heads of the companies that have

just placed their shares at the NYSE orcompanies celebrating their jubilees.Russians have at various times alsotaken part in the ceremony. On 15 No-vember 2006, VympelKom GeneralDirector Alexander Izosimov struckthe bell marking the 10th anniver-sary of the company's listing at NYSE.This was the first Russian companywhich registered on the NYSE. Vym-pelKom was followed by MTS, Wimm-Bill-Dunn, Rostelecom, Mechel, STSMedia, Tatneft and other Russiancompanies. Tatneft actually left in2006 to shift its operations to the Lon-don Stock Exchange. It should be added that this is not theonly Russian connection in the histo-ry of the New York Stock Exchange. Inthe room where the NYSE board holdsits meetings there is a tall silver-dec-orated Faberge vase that they proud-ly show to VIPs from Russia. The vasewas presented to the NYSE, on behalfof Emperor Nicholas II, by Russian Fi-nance Minister Sergey Witte in 1903.The gift was a sign of the tsar's grati-

tude for the successful placement ofRussian Trans-Siberian Railwaybonds. There have been so many suc-cessful sales of this kind in the histo-ry of the stock exchange that theycould fill a three-volume publication.Today, the NYSE is the world's largeststock exchange with a capital of $21trillion, of which $7 trillion is re-sources from foreign companies. Thecorporation is owned by 1,336 mem-bers, their number remaining un-changed since 1953. Licenses are sold

Troika's participation inRussian companies' listingsat NYSE

• The Russian lead manager and globalco-organiser of the IPO of theMechel Steel Group's equities in2004

• Co-organiser of the initial placementof Wimm-Bill-Dunn's equities in 2002

• Financial consultant in the placementof VympelKom's convertible bonds in2000

TROIKAAROUND

THE GLOBE

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1), F

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Troika broadens horizons on thestock marketFrom 4 to 5 October 2007, Troika Dialog's 6th AnnualConference “Expanding the Horizons of the Russian StockMarket” was held in New York, devoted to investment oppor-tunities in Russia. For a sixth year running, this conferencecomes as one of the most significant events for New York'sfinancial community. This year, it brought together more than230 participants, 120 of them foreign investors. Representatives of major Russian and foreign companies tookpart in the work of the conference. Thus, the financial sectorwas represented by the European Bank for Reconstruction andDevelopment, OTR Bank, Vnesheconombank, VTB, URSA Bank,Vozrozhdeniye Bank, RTS and the Fitch Ratings internationalagency. The session devoted to the fuel and energy sector wasattended by experts from Platts and Cambridge EnergyResearch Associates (CERA), and also representatives of thelarge companies Uranium One, Gazprom and NOVATEK.Roger Lowenstein, a financial commentator and author of theworld-famous bestseller When Genius Fails, was a guest speak-er at the conference. He conducted a special seminar on deriv-ative financial products.The greatest interest among the numerous members ofRussian and international media covering the conference wasevoked by the address of Sergey Karaganov, Chairman of theForeign and Defense Policy Council, who spoke about a possi-bility of a second wave of privatisation of natural resources inRussia in the coming few years.While elaborating on this theme, Troika chief economistEvgeniy Gavrilenkov remarked that a fall of oil prices hasalready more than once led to the Russian economy becomingmore liberal, while rises in price resulted in strengthening posi-tions of the state. However, he pointed out, this time a newwave of privatisation could start earlier following shrinkage ofthe balance of payments.As Andrei Sharonov, managing director of the Troika DialogGroup, put it, the government had already declared that itwould in due course be withdrawing from state corporationsthat are being set up at present.The second day of the Sixth New York Conference was devotedentirely to meetings and negotiations between potentialinvestors and representatives of major Russian companies.

for quite considerable amounts ofmoney and the current record wasset in December 2005, when $4 mil-lion was paid for NYSE membership.The record number of shares on thetrading floor was registered this yearon 16 August, with 5,799,792,281shares in turnover. For all the absolutely astronomicaltrading indices, the stock exchange re-mains quite a hospitable place. Thiskingdom of world capital is easily ac-cessible (not with shorts or tatteredjeans on, of course). One may relax ina cafe by the trading rooms and watchhow the traders drink their coffee

with their eyes fixed on roll captionsunder the ceiling. You can join themover a muffin or other and then go outinto the street again to examine inevery detail the famous bronze bull onWall Street. The sculpture by Arturodi Modica symbolises aggressive fi-nancial optimism and prosperity. Andwhile by the looks of it there is notmuch likeness to the white collars inthe cafe, the bronze monster, never-theless, reflects appropriately the es-sential state of affairs here: the mightyof this world, fenced off behind ele-gant Corinthian columns, manage gi-gantic riches at Wall Street.

The sixth Troika conferencein the Big Apple

New York

Above:

Legend has it thatthe bull, which

represents tradingon a rising market,first appeared in afable by the Scots-man, John Arbuth-not, in the XVIIIthcentury. He creat-ed the characterand prosperousmerchant by the

name of John Bull

Right

MichaelBloomberg, New

York's mayor,opening trading


Welcome to Dreamland!

“It was more than just a party. It is theteam spirit that forges such friendly rela-tions and stimulates us to work even better— onwards and upwards”

“I have never seen such a show!It was like “Alice in Wonderland”— air castles, incredible angels onthe domes, mimes, butterflyclowns, giraffes, drummers,robots…”

TROIKER’SLIFE The event of the year! The party that

people will remember with excitementand gratefulness for a long time

The Grand party

Worldly Moscow has never seen thelikes. The celebration that Ruben puton for Troikers will be remembered fora long time by everyone who wasthere.Troika employees and company guestswere whisked off to another world —to a country of fairytales and child-hood fantasies, the capital of which —Dreamland — was specially set up onthe banks of the Moscow river. All em-ployees followed the dress-code andcame dressed in white. And howsplendid it looked!The whole party was a chain of unex-pected surprises. The great and en-chanting Slava Polunin came toMoscow and brought his world fa-mous “Snow Show” with him. Al-though Slava never takes part in cor-porate parties, he gladly helped Rubengive the employees this unforgettablepresent.Tears of joy and excited looks —Ruben’s speech and the video of hismomentous sky-dive which followedleft nobody untouched. The Troikerswere also first to see the world famousrock star, Prince, who flew to Moscowto give a live concert especially forthe Troikers. The princess of the Russ-ian rock scene, Zemfira, performedunheard songs from her new album,“Thank you”, three days before its re-lease.The guests left well after midnightwith their eyes gleaming with happi-ness, thanks and pride at the fact thatthey work at Troika Dialog.

The great party which Troika had been awaiting for three years took place on 29 September in Kolomenskoe Park. Un-equalled in scale with unbelievable beauty and atmosphere, this party was certainly breathtaking. Not even that wordcan reflect what the whole event was really like.


“It was splendid to see formercolleagues I hadn’t seen for

ages! I really enjoyed exchang-ing questions like "Hi, how are

you? What are you up to thesedays?”

“It didn’t happen at all as I expected orwanted. It happened a lot better! I couldn’tbelieve my eyes at first. I am just about tosee something I have always wanted — SlavaPolunin live!”

“Polunin is undoubtedly just agenius… His show brought out so

many different emotions!!!”


TROIKER’SLIFE

“I was very glad to meet up with great peo-ple from the company who will always beclose and dear to me. If there ever opensa Troika fan club, I’ll consider it an honourto join”

“My thanks to EVERYONE who made thiswonderful event possible. It’s hard to imag-

ine the resources that were used. Everythingwas excellently organised!”Kolomenskoe never looked so great

The Grand party


“The budget also made an im-pression — it went around theplace in whispers. It was wellover a million dollars”

“Ruben, the party was breathtaking! The cul-mination was undoubtedly the video of your

sky-dive! Everyone at Kolomenskoe sharedyour fear and took the jump with you.

We are all together!”


TROIKER’SLIFE

“The big intrigue of the eveningwhich was announced just beforeit happened was a performance bya singer who is very famousabroad but doesn’t do concerts inRussia. Then I heard “My name isPrince!” from the stage. That wasamazing!”

“I don’t think it was just the best party in Moscow. Par-ties in Moscow are the best in the world, aren’t they, so

that makes ours the greatest party in the world!”

“Everything was brilliantly organised! Somuch creativity, delicious food, indescribablelighting. And the video of Ruben’s jump! Afterthat it wouldn’t have mattered who was per-forming: Prince or Jennifer Lopez, Shakira orZemfira. In short, out of 10, it was an 11!”

…was the talk of Moscow!

The Grand party

Troika Dialog has become the winner of the “HR-brand of the year” prize,

as the best employer in the financial industry for achieving

the highest success at the building and development

of a corporate culture

best HR-brand of the year

the magazine who wish to dreams -...

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