important disclosures begin on page 105 this research material is released by renaissance securities cyprus limited regulated the & exchange commission licence no kepey 053 04 russia 7 501 258 7777 sales 7700 uk 44 20 7367 us 1 212 824 1099 outlook 2006 russian equity goes global 2 december 2005 a year of high valuation and boradening markets 3 strategy in 4 financial revolution banking sector 8 backdrop risk deterioration 14 domestic themes performance recommendations 23 economics politics 26 economic indicators 32 fixed income 33 external debt 35 rouble liquidity 36 37 sectors oil gas telecoms 46 utilities 50 55 consumer media it 60 metals mining 66 autos transport 71 engineering 76 chemicals 81 valuations 86 disclosure table contents broadening looks set to be when moves more decisively into international arena will move centre stage internationally as host ipos gazprom
