BUY-SIDE - PERCEPTION STUDY

Welcome to our survey! It is absolutely anonymous!

PROSPECTS OF RUSSIAN IPO’S

1.Why Russian companies and foreign companies with assets in Russia rarely go to IPO? Please name the three key reasons:

Second

Third

2. Did you have an experience of participation in the IPO’s of Russian companies during the past year?

YES

NO (could you state why? For example: Prohibited by invest declaration;Too high valuation; No interesting stories)

3. Are you ready to participate in the upcoming deals?

YES

NO (could you specify, why?)

4. If you ever were invited for the deals, what could you name as a inappropriate approach in terms of IPO organization (talking about the communications between IB’s and investors, between investors and the issuers)?

5. Could you evaluate the pricing process (valuation of the issuers) during IPO’s at last 2 years, relative to their fair value?

	very high prices	fair value	very attractive valuation
Valuation

6. Talking about the IR department within the company that did the IPO – what issuers showed themselves from the best-side and what from the bad-side? Can you tell us some real examples?

HOW THE INSTABILITY OF GLOBAL CAPITAL MARKETS COULD AFFECT ON PERSPECTIVES OF RUSSIAN SECURITIES MARKET

7. Evaluate the prospects of the IPO of Russian companies to the end of this year. What exchanges will be more often used for the placements - Russian or Western? Can you name three key advantages and disadvantages of an IPO in Russia and abroad, in the current situation?