Kompaniya (Moscow) - April 28, 2008

This was the central topic for discussions during the press briefing that preceded the official ceremony of the national award Finansovy Olimp 2007. The event, which was organized by RBC, took place on April 16 at Zurab Tsereteli’s Art Gallery and brought together the most prominent representatives of the Russian financial market. About 80 journalists received accreditation to provide media coverage of the venue. “We are pleased to see that the briefing and the award ceremony of the best companies working in the financial sector have become venues that stir public interest,” said RBC General Director Yury Rovensky. “We have managed to find a communication format that allowed us to bring together businesses and society to talk about the most acute problems, as well as to unite professional players of the Russian financial market.”

Keeping with tradition, the ceremony kicked off with a press briefing during which representatives of various financial institutions in the country summed up the results of the previous year and discussed the Russian financial market’s prospects for 2008.

Existing problems of national banks, the current situation on the global financial markets, a decrease in VAT, and the development of the country’s real economy – these were the matters that fueled the most heated discussions by experts participating in the briefing. Among the evening’s speakers were Deputy Finance Minister Sergei Shatalov, First Deputy Chairman of the Bank of Russia Gennady Melikyan, Deputy Head of the Federal Financial Markets Service Alexander Sinenko, member of the Russian State Duma financial markets committee Pavel Medvedev, President of the Association of Russian Banks Garegin Tosunian, First Executive Vice President of the Russian Union of Industrialists and Entrepreneurs Alexander Murychev, Managing Director of Troika Dialog group of companies Pavel Teplukhin, General Director of Otkritie Financial Corporation Vadim Belyayev, President of Micex Alexander Potyomkin, President of RTS Roman Goryunov, and Ernst & Young Partner Marchello Gelashvili.

“We cannot stay calm when looking at the situation in the U.S., but our financial institutions are in control of the situation; they are very cautious and it is impossible to take them by surprise,” President of the Association of Russian Banks Garegin Tosunian assured the public. “Certainly, our companies are currently facing difficulties, especially in terms of borrowing money abroad, as it has become substantially more expensive. However, isn’t this a sign that we should start using the inner financial resources more actively, including the Pension Fund and budget resources that should be working on the domestic market anyhow? Despite the difficulties, Russian companies have not stopped applying for the required funds from foreign creditors. Corporate debt of all Russian companies amounted to $7bn in the first quarter of 2008, having climbed 14 times. We can say that these funds have prompted the development of the Russian credit and financial institutions: the banks have seen a jump in capitals, the amount of loans, assets and deposits. At the same time, such actions were accompanied by positive infrastructural changes, such as the introduction of automated processes, improvement of corporate management and regulations of risk management and inner control within credit and financial institutions.”

“Our banking system is stronger than ever! We can withstand any turbulence and all disturbances that are prone to hit us from abroad.” This optimistic statement by First Deputy Chairman of the Bank of Russia Gennady Melikyan left no room for skepticism. In general, participants of the briefing were in high spirits regarding the future of the banking system. General Director of Otkritie Financial Corporation Vadim Belyayev promised to teach private investors to make a profit even on the sinking market. Meanwhile, President of Micex Alexander Potyomking pointed out that the number of IPOs on the Russian market was expected to increase significantly in the near future, adding that the rise in offerings of ruble bonds was a good sign of the strengthening of the domestic financial market. Moreover, President of RTS Roman Goryunov observed that up until recently, “conditions for the development of companies were overprotective, so the financial crisis has actually brought about something positive, as it demonstrated to market participants that they need to take a more unbiased look at their abilities, improve their performance and start using new financial instruments.”

Following the briefing’s close, the official part of the ceremony began – the presentation of awards to the winners of the national award in the sphere of finances – Finansovy Olimp 2007. A total of 43 companies operating on the financial market were rated best for the year 2007. People whose contribution to the development of the Russian financial market was the most significant received their awards first. Among them was Managing Director of Troika Dialog Asset Management Pavel Teplukhin (“For contribution to the development of the Wealth Management industry in Russia”), Head of Private Banking at Deutsche Bank Russia Vladimir Pakhomov (“For contribution to the development of the private banking business on the Russian financial market”), Chief Executive Officer of Blagosostoyanie Non-State Pension Fund Elena Sukhorukova (“For active assistance in the development of non-state retirement insurance”), Al Breach (for “Best Stock Market Analyst”), Alfa Capital Metals & Mining manager Andrei Kilin (for “Best Mutual Fund Manager). After that, the best companies – leaders in the National Financial Rating for the year 2007 - were announced and received the professional Finansovy Olimp 2007 award. Once all the winners were announced, the guests enjoyed themselves in a friendly atmosphere created by the Oleg Lundstrem Orchestra.