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Investment Recommendations

The historic Investment Recommendations on this page may materially differ from any previous Investment Recommendation for the same financial instrument or issuer by virtue of being provided in unique circumstances, by different authors to different market participants at differing times and differing conditions.

Name	Authors	Issuer	Asset class	ISIN	Directionality	Underlying price	Date	Medium used	Expected update frequency	Recommendation type	Job title	Target price	Underlying Benchmark and Relevant Metric	Validity period
NLMK, Hold, #47656	Dmitry Glushakov	NLMK	Equity	US67011E2046, NLMK LI	Hold	27.00	04/23/2019 17:17:00	E-mail	None Planned	Independent Research	Research Analyst	23.500000
Severstal, Buy, #47655	Dmitry Glushakov	Severstal	Equity	US8181503025, SVST LI	Buy	16.15	04/23/2019 14:59:00	E-mail	None Planned	Independent Research	Research Analyst	17.500000
RusAgro, Buy, #47593	Nikolay Kovalev	RusAgro	Equity	US7496552057, AGRO LI	Buy	11.28	04/22/2019 20:17:00	E-mail	None Planned	Independent Research	Research Analyst	14.500000
Acron, Hold, #47561	Elena Sakhnova	Acron	Equity	RU0009028674, AKRN RX	Hold	4,536	04/18/2019 15:48:00	E-mail	None Planned	Independent Research	Research Analyst	4400.000000
Etalon Group, U/R, #47535	Maria Kolbina	Etalon Group	Equity	US29760G1031, ETLN LI	U/R	1.70	04/17/2019 18:27:00	E-mail	None Planned	Independent Research	Research Analyst
MMK, Buy, #47502	Dmitry Glushakov	MMK	Equity	US5591892048, MMK LI	Buy	8.87	04/16/2019 12:25:00	E-mail	None Planned	Independent Research	Research Analyst	12.000000
Highland Gold, Sell, #47443	Dmitry Glushakov	Highland Gold	Equity	GB0032360173, HGM LN	Sell	186.6	04/15/2019 10:28:00	E-mail	None Planned	Independent Research	Research Analyst	150.000000
O'key, U/R, #47446	Maria Kolbina	O'key	Equity	US6708662019, OKEY LI	U/R	2.06	04/12/2019 20:39:00	E-mail	None Planned	Independent Research	Research Analyst	0.000000
Qiwi, Buy, #47344	Vladimir Bespalov	Qiwi	Equity	US74735M1080, QIWI US	Buy	13.99	04/12/2019 18:06:00	E-mail	None Planned	Independent Research	Research Analyst	25.000000
Severstal, Buy, #47441	Dmitry Glushakov	Severstal	Equity	US8181503025, SVST LI	Buy	15.88	04/12/2019 14:53:00	E-mail	None Planned	Independent Research	Research Analyst	17.000000
MDMG, Buy, #47332	Maria Kolbina	MDMG	Equity	US55279C2008, MDMG LI	Buy	4.86	04/09/2019 09:52:00	E-mail	None Planned	Independent Research	Research Analyst	8.000000
Sollers, Hold, #47232	Vladimir Bespalov	Sollers	Equity	RU0006914488, SVAV RX	Hold	360.5	04/03/2019 17:33:00	E-mail	None Planned	Independent Research	Research Analyst	400.000000
DP EURASIA NV, Buy, #47239	Maria Kolbina	DP EURASIA NV	Equity	NL0012328801, DPEU LN	Buy	84.20	04/03/2019 10:05:00	E-mail	None Planned	Independent Research	Research Analyst	120.000000
Lenta, U/R, #47236	Maria Kolbina	Lenta	Equity	US52634T2006, LNTA LI	U/R	3.38	04/02/2019 18:54:00	E-mail	None Planned	Independent Research	Research Analyst
Evraz Least Liked Stocks Inclusion	Ilya Piterskiy, Nikolay Mikheev, Duc Nguyen	Evraz	Equity	GB00B71N6K86	Include into the Least Liked Portfolio	4.35	03/30/2018 00:00:00	E-mail	None Planned	Independent Research	Strategist	N/A	RTS Index	Unlimited
Novatek Least Liked Portfolio Inclusion	Ilya Piterskiy, Nikolay Mikheev, Duc Nguyen	Novatek	Equity	US6698881090	Include into the Least Liked Portfolio	26.36	03/15/2017 00:00:00	E-mail	None Planned	Independent Research	Strategist	N/A	RTS Index	Unlimited
Severstal Most Liked Stocks Portfolio inclusion	Ilya Piterskiy, Nikolay Mikheev, Duc Nguyen	Severtal	Equity	RU0009046510	Include into the Most Liked Portfolio	1026	02/08/2019 00:00:00	E-mail	None Planned	Independent Research	Strategist	N/A	RTS Index	Unlimited
X5 Retail Group Most Liked Portfolio inclusion	Ilya Piterskiy, Nikolay Mikheev, Duc Nguyen	X5 Retail Group	Equity	US98387E2054	Include into the Most Liked Portfolio	26.36	02/01/2019 00:00:00	E-mail	None Planned	Independent Research	Strategist	N/A	RTS Index	Unlimited
Mail.ru Group Most Liked Portfolio inclusion	Ilya Piterskiy, Nikolay Mikheev, Duc Nguyen	Mail.ru Group	Equity	US5603172082	Include into the Most Liked Portfolio	24.68	02/01/2019 00:00:00	E-mail	None Planned	Independent Research	Strategist	N/A	RTS Index	Unlimited
Gazprom Neft Most Liked Stocks Portfolio inclusion	Ilya Piterskiy, Nikolay Mikheev, Duc Nguyen	Gazprom Neft	Equity	RU0009062467	Include into the Most Liked Portfolio	5.7	10/12/2018 00:00:00	E-mail	None Planned	Independent Research	Strategist	N/A	RTS Index	Unlimited
Norilsk Nickel Most Liked Stocks Portfolio inclusion	Alexey Zabotkin, Ilya Piterskiy, Nikolay Mikheev	Norilsk Nickel	Equity	RU0007288411	Include into the Most Liked Portfolio	11224	06/22/2018 00:00:00	E-mail	None Planned	Independent Research	Strategist	N/A	RTS Index	Unlimited
Inter RAO Most Liked Portfolio inclusion	Alexey Zabotkin, Ilya Piterskiy, Nikolay Mikheev	Inter RAO	Equity	RU000A0JPNM1	Include into the Most Liked Portfolio	3.77	03/23/2018 00:00:00	E-mail	None Planned	Independent Research	Strategist	N/A	RTS Index	Unlimited
Sberbank Most Liked Portfolio inclusion	Alexey Zabotkin, Ilya Piterskiy, Anastasia Markina, Mikhail Rasstrigin	Sberbank	Equity	RU0009029540	Include into the Most Liked Portfolio	157	03/15/2017 00:00:00	E-mail	None Planned	Independent Research	Strategist	N/A	RTS Index	Unlimited
Transneft, Buy, #47151	Dmitry Loukashov	Transneft	Equity	RU0009091573, TRNFP RX	Buy	175,950	03/29/2019 09:11:00	E-mail	None Planned	Independent Research	Research Analyst	225000.000000
ELSWEDY ELECTRIC CO, Hold, #46476	Vladimir Sklyar	ELSWEDY ELECTRIC CO	Equity	EGS3G0Z1C014, SWDY EC	Hold	16.21	03/27/2019 11:59:00	E-mail	None Planned	Independent Research	Research Analyst	17.400000
Nostrum Oil&Gas, Hold, #47096	Alexander Donskoy	Nostrum Oil&Gas	Equity	GB00BGP6Q951, NOG LN	Hold	96.50	03/27/2019 09:06:00	E-mail	None Planned	Independent Research	Research Analyst	110.000000
Georgia Healthcare Group, Buy, #47090	Maria Kolbina	Georgia Healthcare Group	Equity	GB00BYSS4K11, GHG LN	Buy	196.3	03/26/2019 14:45:00	E-mail	None Planned	Independent Research	Research Analyst	260.000000
Global Ports, Buy, #47052	Elena Sakhnova	Global Ports	Equity	US37951Q2021, GLPR LI	Buy	2.28	03/25/2019 12:05:00	E-mail	None Planned	Independent Research	Research Analyst	5.000000
TMK, Buy, #47050	Ekaterina Rodina	TMK	Equity	US87260R2013, TMKS LI	Buy	2.94	03/25/2019 08:18:00	E-mail	None Planned	Independent Research	Research Analyst	4.900000
Polyus, Buy, #47027	Dmitry Glushakov	Polyus	Equity	US73181M1172, PLZL LI	Buy	41.30	03/21/2019 14:35:00	E-mail	None Planned	Independent Research	Research Analyst	52.000000
X5 Retail Group, Buy, #46999	Maria Kolbina	X5 Retail Group	Equity	US98387E2054, FIVE LI	Buy	24.58	03/20/2019 16:30:00	E-mail	None Planned	Independent Research	Research Analyst	34.000000
Halyk Bank, Buy, #46945	Mikhail Shlemov	Halyk Bank	Equity	US46627J3023, HSBK LI	Buy	12.10	03/20/2019 08:48:00	E-mail	None Planned	Independent Research	Research Analyst	22.000000
Enel Russia (OGK-5), Buy, #46920	Vladimir Sklyar	Enel Russia (OGK-5)	Equity	RU000A0F5UN3, ENRU RX	Buy	1.02	03/18/2019 19:11:00	E-mail	None Planned	Independent Research	Research Analyst	1.400000
Halyk Bank, Buy, #46890	Mikhail Shlemov	Halyk Bank	Equity	US46627J3023, HSBK LI	Buy	11.70	03/14/2019 19:58:00	E-mail	None Planned	Independent Research	Research Analyst	20.000000
Rushydro, Buy, #46855	Vladimir Sklyar	Rushydro	Equity	RU000A0JPKH7, HYDR RX	Buy	0.51	03/14/2019 19:20:00	E-mail	None Planned	Independent Research	Research Analyst	0.710000
TGK-1, Buy, #46817	Vladimir Sklyar	TGK-1	Equity	RU000A0JNUD0, TGKA RX	Buy	0.0085	03/14/2019 18:05:00	E-mail	None Planned	Independent Research	Research Analyst	0.013000
Alrosa, Buy, #46864	Dmitry Glushakov	Alrosa	Equity	RU0007252813, ALRS RX	Buy	94.11	03/13/2019 15:41:00	E-mail	None Planned	Independent Research	Research Analyst	130.000000
OGK-2, Buy, #46791	Vladimir Sklyar	OGK-2	Equity	RU000A0JNG55, OGKB RX	Buy	0.37	03/12/2019 18:14:00	E-mail	None Planned	Independent Research	Research Analyst	0.450000
E.On Russia, Buy, #46802	Vladimir Sklyar	E.On Russia	Equity	RU000A0JNGA5, UPRO RX	Buy	2.69	03/12/2019 16:52:00	E-mail	None Planned	Independent Research	Research Analyst	3.160000
Enel Russia (OGK-5), Buy, #46785	Vladimir Sklyar	Enel Russia (OGK-5)	Equity	RU000A0F5UN3, ENRU RX	Buy	1.01	03/12/2019 13:25:00	E-mail	None Planned	Independent Research	Research Analyst	1.400000
Mosenergo, Sell, #46787	Vladimir Sklyar	Mosenergo	Equity	RU0008958863, MSNG RX	Sell	2.15	03/11/2019 17:07:00	E-mail	None Planned	Independent Research	Research Analyst	1.550000
Rushydro, Buy, #46724	Vladimir Sklyar	Rushydro	Equity	RU000A0JPKH7, HYDR RX	Buy	0.49	03/07/2019 15:11:00	E-mail	None Planned	Independent Research	Research Analyst	0.710000
DP EURASIA NV, Buy, #46762	Maria Kolbina	DP EURASIA NV	Equity	NL0012328801, DPEU LN	Buy	93.00	03/07/2019 13:34:00	E-mail	None Planned	Independent Research	Research Analyst	130.000000
Moscow Exchange, Buy, #46763	Mikhail Shlemov	Moscow Exchange	Equity	RU000A0JR4A1, MOEX RX	Buy	92.38	03/07/2019 09:59:00	E-mail	None Planned	Independent Research	Research Analyst	120.000000
Qiwi, Buy, #46722	Vladimir Bespalov	Qiwi	Equity	US74735M1080, QIWI US	Buy	13.76	03/06/2019 19:38:00	E-mail	None Planned	Independent Research	Research Analyst	25.000000
Steppe Cement, Buy, #46752	Vladimir Bespalov	Steppe Cement	Equity	MYA004433001, STCM LN	Buy	33.00	03/06/2019 18:18:00	E-mail	None Planned	Independent Research	Research Analyst	40.000000
Lukoil, Hold, #46708	Dmitry Loukashov	Lukoil	Equity	RU0009024277, LKOH RX	Hold	83.44	03/05/2019 19:49:00	E-mail	None Planned	Independent Research	Research Analyst	86.000000
Inter RAO, Buy, #46705	Vladimir Sklyar	Inter RAO	Equity	RU000A0JPNM1, IRAO RX	Buy	3.94	03/05/2019 12:13:00	E-mail	None Planned	Independent Research	Research Analyst	8.400000
E.On Russia, Buy, #46633	Vladimir Sklyar	E.On Russia	Equity	RU000A0JNGA5, UPRO RX	Buy	2.71	03/05/2019 08:13:00	E-mail	None Planned	Independent Research	Research Analyst	3.160000
Moscow Exchange, Buy, #46697	Mikhail Shlemov	Moscow Exchange	Equity	RU000A0JR4A1, MOEX RX	Buy	91.57	03/04/2019 15:49:00	E-mail	None Planned	Independent Research	Research Analyst	116.000000
TMK, Buy, #46667	Ekaterina Rodina	TMK	Equity	US87260R2013, TMKS LI	Buy	2.90	03/01/2019 19:15:00	E-mail	None Planned	Independent Research	Research Analyst	4.000000
Anadolu Efes, Buy, #46670	Nikolay Kovalev	Anadolu Efes	Equity	TRAAEFES91A9, AEFES TI	Buy	20.06	03/01/2019 19:04:00	E-mail	None Planned	Independent Research	Research Analyst	25.000000
Detskiy mir, Buy, #46665	Maria Kolbina	Detskiy mir	Equity	RU000A0JSQ90, DSKY RX	Buy	88.92	03/01/2019 18:18:00	E-mail	None Planned	Independent Research	Research Analyst	120.000000
Lukoil, U/R, #46662	Dmitry Loukashov	Lukoil	Equity	RU0009024277, LKOH RX	U/R	83.39	03/01/2019 13:13:00	E-mail	None Planned	Independent Research	Research Analyst
OGK-2, Buy, #46599	Vladimir Sklyar	OGK-2	Equity	RU000A0JNG55, OGKB RX	Buy	0.36	02/28/2019 18:38:00	E-mail	None Planned	Independent Research	Research Analyst	0.450000
TGK-1, Buy, #46600	Vladimir Sklyar	TGK-1	Equity	RU000A0JNUD0, TGKA RX	Buy	0.0086	02/28/2019 17:59:00	E-mail	None Planned	Independent Research	Research Analyst	0.013000
Mosenergo, Sell, #46598	Vladimir Sklyar	Mosenergo	Equity	RU0008958863, MSNG RX	Sell	2.12	02/28/2019 17:30:00	E-mail	None Planned	Independent Research	Research Analyst	1.550000
Phosagro, Hold, #46575	Elena Sakhnova	Phosagro	Equity	US71922G2093, PHOR LI	Hold	13.51	02/28/2019 16:09:00	E-mail	None Planned	Independent Research	Research Analyst	15.000000
TMK, Buy, #46536	Ekaterina Rodina	TMK	Equity	US87260R2013, TMKS LI	Buy	2.92	02/26/2019 18:23:00	E-mail	None Planned	Independent Research	Research Analyst	5.400000
Etalon Group, U/R, #46401	Maria Kolbina	Etalon Group	Equity	US29760G1031, ETLN LI	U/R	1.98	02/19/2019 15:56:00	E-mail	None Planned	Independent Research	Research Analyst
Turkiye Halk Bankasi AS, Hold, #45753	Akin Tuzun	Turkiye Halk Bankasi AS	Equity	TRETHAL00019, HALKB TI	Hold	7.21	02/19/2019 13:11:00	E-mail	None Planned	Independent Research	Research Analyst	8.00
Turkiye Is Bankasi, Hold, #45753	Akin Tuzun	Turkiye Is Bankasi	Equity	TRAISCTR91N2, ISCTR TI	Hold	5.79	02/19/2019 13:11:00	E-mail	None Planned	Independent Research	Research Analyst	6.30
Turkiye Garanti Bankasi, Hold, #45753	Akin Tuzun	Turkiye Garanti Bankasi	Equity	TRAGARAN91N1, GARAN TI	Hold	8.87	02/19/2019 13:11:00	E-mail	None Planned	Independent Research	Research Analyst	9.20
Akbank, Hold, #45753	Akin Tuzun	Akbank	Equity	TRAAKBNK91N6, AKBNK TI	Hold	6.72	02/19/2019 13:11:00	E-mail	None Planned	Independent Research	Research Analyst	7.00
TBC Group, Buy, #46386	Mikhail Shlemov	TBC Group	Equity	GB00BYT18307, TBCG LN	Buy	1,316	02/18/2019 19:42:00	E-mail	None Planned	Independent Research	Research Analyst	1,800
EPAM, Sell, #46335	Vladimir Bespalov	EPAM	Equity	US29414B1044, EPAM US	Sell	154.1	02/15/2019 12:42:00	E-mail	None Planned	Independent Research	Research Analyst	145.0
Anadolu Efes, Hold, #46267	Nikolay Kovalev	Anadolu Efes	Equity	TRAAEFES91A9, AEFES TI	Hold	22.20	02/12/2019 09:00:00	E-mail	None Planned	Independent Research	Research Analyst	25.00
Eurocash, Sell, #46147	Maria Kolbina	Eurocash	Equity	PLEURCH00011, EUR PW	Sell	19.49	02/06/2019 16:13:00	E-mail	None Planned	Independent Research	Research Analyst	15.00		N/A
Severstal, Buy, #46123	Dmitry Glushakov	Severstal	Equity	US8181503025, SVST LI	Buy	15.44	02/04/2019 19:22:00	E-mail	None Planned	Independent Research	Research Analyst	17.00		N/A
Mail.ru Group, Buy, #45856	Vladimir Bespalov	Mail.ru Group	Equity	US5603172082, MAIL LI	Buy	23.44	01/30/2019 18:18:00	E-mail	None Planned	Independent Research	Research Analyst	32.00		N/A
Polymetal International, Hold, #45995	Dmitry Glushakov	Polymetal International	Equity	JE00B6T5S470, POLY LN	Hold	840.0	01/29/2019 09:01:00	E-mail	None Planned	Independent Research	Research Analyst	960.0		N/A
PKN SHORT	Tomas Gatek	PKN	Equity	PLPKN0000018	Sell	29.22	01/10/2019 15:43:13	E-mail	None Planned	Short-term Sales & Trading Idea	Equity Sales	25		N/A
Alrosa buy	Tomas Gatek	ALRS RX	Equity	RU0007252813	Buy	98.65	01/08/2019 10:59:57	E-mail	Daily	Short-term Sales & Trading Idea	Equity Sales	110		N/A
SGL SJ BUY	Tomas Gatek	SGL	Equity	ZAE000173951	Buy	0.75	01/10/2019 10:58:41	E-mail	None Planned	Short-term Sales & Trading Idea	Equity Sales	1.0		N/A
Evraz SELL	Tomas Gatek	Evraz	Equity	GB00B71N6K86	Buy	4.75	01/08/2019 10:57:21	E-mail	None Planned	Short-term Sales & Trading Idea	Equity Sales	4.5		N/A
NLMK sell	Tomas Gatek	NLMK	Equity	US67011E2046	Sell	22.3	01/08/2019 10:55:46	E-mail	None Planned	Short-term Sales & Trading Idea	Equity Sales	20		N/A
Severstal BUY	Tomas Gatek	Severstal	Equity	US8181503025	Buy	14.4	01/09/2019 14:41:15	E-mail	None Planned	Short-term Sales & Trading Idea	Equity Sales	16		N/A
Sberbank BUY	Tomas Gatek	Sberbank	Equity	US80585Y3080	Buy	11.6	01/09/2019 14:39:38	E-mail	None Planned	Short-term Sales & Trading Idea	Equity Sales	12.5		N/A
Garanti Buy	Tomas Gatek	Garanti	Equity	TRAGARAN91N1	Buy	1.44	01/09/2019 14:34:34	E-mail	None Planned	Short-term Sales & Trading Idea	Equity Sales	1.7		N/A
Luxoft Holding, Hold, #45768	Vladimir Bespalov	Luxoft Holding	Equity	VGG572791041, LXFT US	Hold	57.32	01/09/2019 16:34:00	E-mail	None Planned	Independent Research	Research Analyst	59.00		N/A
ALRSRU 20, hold	Stanislav Bozhenko, Igor Rapokhin	Alrosa	Bond	XS0555493203	Hold	105.73	12/20/2018 11:40:00	E-mail	None Planned	Independent Research	Fixed Income Analyst	NA		N/A
VIP 21 3.95, hold	Stanislav Bozhenko, Igor Rapokhin	VEON	Bond	XS1625994022	Hold	97.3	12/20/2018 11:40:00	E-mail	None Planned	Independent Research	Fixed Income Analyst	NA		N/A
ALRSRU 20, sell	Stanislav Bozhenko, Igor Rapokhin	Alrosa	Bond	XS0555493203	Sell	106.35	11/12/2018 11:40:00	E-mail	None Planned	Independent Research	Fixed income analyst	NA		N/A
VIP 21 3.95, buy	Stanislav Bozhenko, Igor Rapokhin	VEON	Bond	XS1625994022	Buy	96.74	11/12/2018 11:40:00	E-mail	None Planned	Independent Research	Fixed income analyst	NA		N/A
Gazprom Neft, Sell, #45695	Dmitry Loukashov	Gazprom Neft	Equity	RU0009062467, SIBN RX	Sell	5.20	12/21/2018 10:32:00	E-mail	None Planned	Independent Research	Research Analyst	4.70		N/A
Surgutneftegas, Sell, #45695	Dmitry Loukashov	Surgutneftegas	Equity	RU0008926258, SNGS RX	Sell	0.41	12/21/2018 10:32:00	E-mail	None Planned	Independent Research	Research Analyst	0.36		N/A
Gazprom, Hold, #45695	Dmitry Loukashov	Gazprom	Equity	RU0007661625, GAZP RX	Hold	2.27	12/21/2018 10:32:00	E-mail	None Planned	Independent Research	Research Analyst	2.30		N/A
LUKOIL 23, hold	Maxim Korovin	Lukoil	Bond	XS0919504562	Hold	98.5	12/14/2018 07:38:54	E-mail	None Planned	Independent Research	Strategist	98.5		N/A
GRAIL 22, buy	Stanislav Bozhenko	Georgian Railways	Bond	XS0800346362	Buy	104	12/13/2018 11:21:53	E-mail	None Planned	Independent Research	Credit Analyst	105		N/A
LUKOIL 23, buy	Stanislav Bozhenko	Lukoil	Bond	XS0919504562	Buy	97.3	12/04/2018 11:35:11	E-mail	None Planned	Independent Research	Credit Analyst	98.5		N/A
ALFARU Perp with call in 2022 buy	Maxim Korovin	Alfa Bank	Bond	XS1513741311	Buy	93.2	08/29/2018 11:30:00	E-mail	None Planned	Independent Research	Strategist	100		N/A
KZOKZ 22 fair	Maxim Korovin	KMG	Bond	XS1595713279	Fair	N/A	11/28/2018 11:32:00	E-mail	None Planned	Independent Research	Strategist	N/A		N/A
GAZPRU 22 fair	Maxim Korovin	Gazprom	Bond	XS0805570354	Fair	N/A	11/28/2018 11:32:00	E-mail	None Planned	Independent Research	Strategist	N/A		N/A
KZOKZ 22 sell	Maxim Korovin	KMG	Bond	XS1595713279	Overvalued	N/A	09/26/2018 11:29:00	E-mail	None Planned	Independent Research	Strategist	N/A		N/A
GAZPRU 22 buy	Maxim Korovin	Gazprom	Bond	XS0805570354	Undervalued	N/A	09/26/2018 11:29:00	E-mail	None Planned	Independent Research	Strategist	N/A		N/A
Buy SBERRU 24	Tatiana Chernyavskaya,	Sberbank	Bond	XS1032750165	Buy	100	11/09/2018 16:58:00	E-mail	None Planned	Independent Research	Credit analys/Strategist	104		N/A
RV: switch from VIP 23 7.25 to MOBTEL 23	Stanislav Bozhenko	MTS, VEON	Bond	XS0921331509, XS1400710726	Credit Cheap	N/A	11/26/2018 11:35:00	E-mail	None Planned	Independent Research	Credit analyst	N/A		N/A
ELSWEDY ELECTRIC CO, Hold, #45260	Vladimir Sklyar	ELSWEDY ELECTRIC CO	Equity	EGS3G0Z1C014, SWDY EC	Hold	16.45	11/26/2018 17:43:00	E-mail	None Planned	Independent Research	Research Analyst	18.50		N/A
Luxoft Holding, Buy, #45227	Vladimir Bespalov	Luxoft Holding	Equity	VGG572791041, LXFT US	Buy	33.30	11/16/2018 11:54:00	E-mail	None Planned	Independent Research	Research Analyst	50.00		N/A
Gazprom Neft, Hold, #45159	Dmitry Loukashov	Gazprom Neft	Equity	RU0009062467, SIBN RX	Hold	5.55	11/13/2018 09:27:00	E-mail	None Planned	Independent Research	Research Analyst	6.1		N/A
Tatneft, Sell, #45159	Dmitry Loukashov	Tatneft	Equity	RU0009033591, TATN RX	Sell	11.97	11/13/2018 09:27:00	E-mail	None Planned	Independent Research	Research Analyst	11		N/A
Lukoil, Hold, #45159	Dmitry Loukashov	Lukoil	Equity	RU0009024277, LKOH RX	Hold	74.97	11/13/2018 09:27:00	E-mail	None Planned	Independent Research	Research Analyst	85		N/A
Mosenergo, Sell, #45057	Vladimir Sklyar	Mosenergo	Equity	RU0008958863, MSNG RX	Sell	1.87	11/13/2018 08:12:00	E-mail	None Planned	Independent Research	Research Analyst	1.55		N/A
OTP Bank, Buy, #45120	Mikhail Shlemov	OTP Bank	Equity	HU0000061726, OTP HB	Buy	11100	11/12/2018 08:58:00	E-mail	None Planned	Independent Research	Research Analyst	13200		N/A
Aeroflot	Tomas Gatek	Aeroflot	Equity	RU0009062285	Buy	94.05	10/29/2018 08:57:30	E-mail	None Planned	Short-term Sales & Trading Idea	Equity Sales	110		N/A
Aeroflot, Buy, #45002	Elena Sakhnova	Aeroflot	Equity	RU0009062285, AFLT RX	Buy	97.25	11/06/2018 12:33:00	E-mail	None Planned	Independent Research	Research Analyst	130		N/A
Ford Otomotiv Sanayi AS, Buy, #44979	Vladimir Bespalov	Ford Otomotiv Sanayi AS	Equity	TRAOTOSN91H6, FROTO TI	Buy	55.9	10/31/2018 16:09:00	E-mail	None Planned	Independent Research	Research Analyst	70		N/A
Ferrexpo, Hold, #44961	Dmitry Glushakov	Ferrexpo	Equity	GB00B1XH2C03, FXPO LN	Hold	216.2	10/31/2018 10:57:00	E-mail	None Planned	Independent Research	Research Analyst	220		N/A
Yandex, U/R, #44914	Vladimir Bespalov	Yandex	Equity	NL0009805522, YNDX US	U/R	27	10/26/2018 19:37:00	E-mail	None Planned	Independent Research	Research Analyst			N/A
DOGUS OTOMOTIV SERVIS VE TIC, Hold, #44671	Vladimir Bespalov	DOGUS OTOMOTIV SERVIS VE TIC	Equity	TREDOTO00013, DOAS TI	Hold	4.79	10/22/2018 19:05:00	E-mail	None Planned	Independent Research	Research Analyst	5.5		N/A
Severstal, Hold, #44660	Dmitry Glushakov	Severstal	Equity	US8181503025, SVST LI	Hold	16.23	10/11/2018 15:07:00	E-mail	None Planned	Independent Research	Research Analyst	17		N/A
O'key, Buy, #44452	Maria Kolbina	O'key	Equity	US6708662019, OKEY LI	Buy	1.53	10/08/2018 19:48:00	E-mail	None Planned	Independent Research	Research Analyst	2.1		N/A
Surgutneftegas, Hold, #44337	Dmitry Loukashov	Surgutneftegas	Equity	RU0008926258, SNGS RX	Hold	0.41	10/08/2018 10:40:00	E-mail	None Planned	Independent Research	Research Analyst	0.47		N/A
Gazprom Neft, Buy, #44258	Dmitry Loukashov	Gazprom Neft	Equity	RU0009062467, SIBN RX	Buy	5.79	10/08/2018 10:38:00	E-mail	None Planned	Independent Research	Research Analyst	7.5		N/A
HMS, Hold, #44559	Vladimir Bespalov	HMS	Equity	US40425X2099, HMSG LI	Hold	10.3	10/04/2018 12:32:00	E-mail	None Planned	Independent Research	Research Analyst	11		N/A
Powszechna Kasa Oszczednosci Bank Polski, Hold, #43371	Mikhail Shlemov	Powszechna Kasa Oszczednosci Bank Polski	Equity	PLPKO0000016, PKO PW	Hold	41.02	09/17/2018 20:58:00	E-mail	None Planned	Independent Research	Research Analyst	43		N/A
Bank Zachodni, Hold, #43371	Mikhail Shlemov	Bank Zachodni	Equity	PLBZ00000044, SPL PW	Hold	373.4	09/17/2018 20:58:00	E-mail	None Planned	Independent Research	Research Analyst	380		N/A
Alior Bank SA, Buy, #43371	Mikhail Shlemov	Alior Bank SA	Equity	PLALIOR00045, ALR PW	Buy	63	09/17/2018 20:58:00	E-mail	None Planned	Independent Research	Research Analyst	80		N/A
OTP Bank, Hold, #43371	Mikhail Shlemov	OTP Bank	Equity	HU0000061726, OTP HB	Hold	10040	09/17/2018 20:58:00	E-mail	None Planned	Independent Research	Research Analyst	11000		N/A
KOMERCNI BANKA, Hold, #43371	Mikhail Shlemov	KOMERCNI BANKA	Equity	CZ0008019106, KOMB CK	Hold	900	09/17/2018 20:58:00	E-mail	None Planned	Independent Research	Research Analyst	1000		N/A
Luxoft Holding, Hold, #44317	Vladimir Bespalov	Luxoft Holding	Equity	VGG572791041, LXFT US	Hold	46.9	09/13/2018 15:25:00	E-mail	None Planned	Independent Research	Research Analyst	50		N/A
DP EURASIA NV, Hold, #44293	Maria Kolbina	DP EURASIA NV	Equity	NL0012328801, DPEU LN	Hold	85	09/11/2018 18:51:00	E-mail	None Planned	Independent Research	Research Analyst	100		N/A
PIK Group, Hold, #44159	Maria Kolbina	PIK Group	Equity	RU000A0JP7J7, PIKK RX	Hold	360.7	08/30/2018 14:04:00	E-mail	None Planned	Independent Research	Research Analyst	400		N/A
Lenta, Buy, #44138	Maria Kolbina	Lenta	Equity	US52634T2006, LNTA LI	Buy	4.26	08/29/2018 17:57:00	E-mail	None Planned	Independent Research	Research Analyst	6		N/A
FSK, Buy, #43953	Vladimir Sklyar	FSK	Equity	RU000A0JPNN9, FEES RX	Buy	0.16	08/23/2018 19:48:00	E-mail	None Planned	Independent Research	Research Analyst	0.19		N/A
TBC Group, Hold, #43890	Mikhail Shlemov	TBC Group	Equity	US87217U2087, TBCG LN	Hold	1604	08/14/2018 18:59:00	E-mail	None Planned	Independent Research	Research Analyst	1700		N/A
Halyk Bank, Buy, #43890	Mikhail Shlemov	Halyk Bank	Equity	US46627J3023, HSBK LI	Buy	10.7	08/14/2018 18:59:00	E-mail	None Planned	Independent Research	Research Analyst	20		N/A
BGEO Group PLC, Buy, #43890	Mikhail Shlemov	BGEO Group PLC	Equity	GB00B759CR16, BGEO LN	Buy	1593	08/14/2018 18:59:00	E-mail	None Planned	Independent Research	Research Analyst	2000		N/A
Akcansa Cimento, Hold, #43888	Vladimir Bespalov	Akcansa Cimento	Equity	TRAAKCNS91F3, AKCNS TI	Hold	8.97	08/14/2018 10:31:00	E-mail	None Planned	Independent Research	Research Analyst	9		N/A
TurkTelekom, Sell, #43887	Ivan Kim	TurkTelekom	Equity	TRETTLK00013, TTKOM TI	Sell	4.11	08/14/2018 10:27:00	E-mail	None Planned	Independent Research	Research Analyst	3.3		N/A
Cimsa Cimento Sanayi, Hold, #43868	Vladimir Bespalov	Cimsa Cimento Sanayi	Equity	TRACIMSA91F9, CIMSA TI	Hold	9.25	08/13/2018 11:36:00	E-mail	None Planned	Independent Research	Research Analyst	10		N/A
Evraz, Sell, #43837	Dmitry Glushakov	Evraz	Equity	GB00B71N6K86, EVR LN	Sell	556.6	08/10/2018 09:59:00	E-mail	None Planned	Independent Research	Research Analyst	450		N/A
Bank Pekao, Buy, #43824	Mikhail Shlemov	Bank Pekao	Equity	PLPEKAO00016, PEO PW	Buy	110.1	08/08/2018 20:20:00	E-mail	None Planned	Independent Research	Research Analyst	150		N/A
Evraz, U/R, #43747	Dmitry Glushakov	Evraz	Equity	GB00B71N6K86, EVR LN	U/R	550.4	08/03/2018 09:50:00	E-mail	None Planned	Independent Research	Research Analyst			N/A
Aeroflot, Hold, #42907	Elena Sakhnova	Aeroflot	Equity	RU0009062285, AFLT RX	Hold	116	08/03/2018 09:42:00	E-mail	None Planned	Independent Research	Research Analyst	132		N/A
Ferrexpo, Buy, #43729	Dmitry Glushakov	Ferrexpo	Equity	GB00B1XH2C03, FXPO LN	Buy	202	08/02/2018 14:41:00	E-mail	None Planned	Independent Research	Research Analyst	220		N/A
Polyus, Buy, #42079	Dmitry Glushakov	Polyus	Equity	US6781291074, PLZL LI	Buy	35	07/30/2018 10:19:00	E-mail	None Planned	Independent Research	Research Analyst	52		N/A
Polymetal International, Buy, #42079	Dmitry Glushakov	Polymetal International	Equity	JE00B6T5S470, POLY LN	Buy	679.6	07/30/2018 10:19:00	E-mail	None Planned	Independent Research	Research Analyst	840		N/A
Highland Gold, Hold, #42079	Dmitry Glushakov	Highland Gold	Equity	GB0032360173, HGM LN	Hold	140	07/30/2018 10:19:00	E-mail	None Planned	Independent Research	Research Analyst	150		N/A
Turkiye Vakiflar Bankasi Tao, Buy, #43226	Akin Tuzun	Turkiye Vakiflar Bankasi Tao	Equity	TREVKFB00019, VAKBN TI	Buy	3.97	07/25/2018 18:34:00	E-mail	None Planned	Independent Research	Research Analyst	5.3		N/A
Turkiye Halk Bankasi AS, Buy, #43226	Akin Tuzun	Turkiye Halk Bankasi AS	Equity	TRETHAL00019, HALKB TI	Buy	6.35	07/25/2018 18:34:00	E-mail	None Planned	Independent Research	Research Analyst	8.5		N/A
Yapi ve Kredi Bankasi, Buy, #43226	Akin Tuzun	Yapi ve Kredi Bankasi	Equity	TRAYKBNK91N6, YKBNK TI	Buy	2.05	07/25/2018 18:34:00	E-mail	None Planned	Independent Research	Research Analyst	2.7		N/A
Turkiye Is Bankasi, Buy, #43226	Akin Tuzun	Turkiye Is Bankasi	Equity	TRAISCTR91N2, ISCTR TI	Buy	4.78	07/25/2018 18:34:00	E-mail	None Planned	Independent Research	Research Analyst	6.2		N/A
Turkiye Garanti Bankasi, Buy, #43226	Akin Tuzun	Turkiye Garanti Bankasi	Equity	TRAGARAN91N1, GARAN TI	Buy	6.64	07/25/2018 18:34:00	E-mail	None Planned	Independent Research	Research Analyst	9		N/A
Akbank, Buy, #43226	Akin Tuzun	Akbank	Equity	TRAAKBNK91N6, AKBNK TI	Buy	6.53	07/25/2018 18:34:00	E-mail	None Planned	Independent Research	Research Analyst	8.6		N/A
HMS, Buy, #42484	Vladimir Bespalov	HMS	Equity	US40425X2099, HMSG LI	Buy	10	05/11/2018 11:01:00	E-mail	None Planned	Independent Research	Research Analyst	12		N/A
Rosseti (MRSK Holding), Sell, #42094	Vladimir Sklyar	Rosseti (MRSK Holding)	Equity	RU000A0JPVJ0, RSTI RX	Sell	0.83	05/23/2018 08:29:00	E-mail	None Planned	Independent Research	Research Analyst	0.08		N/A
MTS, Buy, #42552	Ivan Kim	MTS	Equity	US6074091090, MBT US	Buy	10.04	05/17/2018 11:50:00	E-mail	None Planned	Independent Research	Research Analyst	12.5		N/A
Lenta, Hold, #43570	Maria Kolbina	Lenta	Equity	US52634T2006, LNTA LI	Hold	5.2	07/24/2018 18:02:00	E-mail	None Planned	Independent Research	Research Analyst	6		N/A
Orange Polska SA, Buy, #43440	Ivan Kim	Orange Polska SA	Equity	PLTLKPL00017, OPL PW	Buy	4.54	07/18/2018 15:38:00	E-mail	None Planned	Independent Research	Research Analyst	5.5		N/A
ROSNEFT Short	Tomas Gatek	ROSNEF	Equity	US67812M2070	Sell	6.4	07/17/2018 08:01:00	E-mail	None Planned	Short-term Sales & Trading Idea	Equity Sales	6		n/a
RusAgro, Buy, #43074	Nikolay Kovalev	RusAgro	Equity	US7496552057, AGRO LI	Buy	10.84	07/06/2018 18:42:00	E-mail	None Planned	Independent Research	Research Analyst	13.5		N/A
Kernel Holding, Buy, #43074	Nikolay Kovalev	Kernel Holding	Equity	LU0327357389, KER PW	Buy	48.75	07/06/2018 18:42:00	E-mail	None Planned	Independent Research	Research Analyst	70		N/A
Sell Rosseti	Tomas Gatek	Rosseti	Equity	RU000A0JPVJ0	Sell	0.8	06/28/2018 11:22:00	E-mail	None Planned	Independent Research	Equity Sales	0.5		N/A
BUY Inter Rao	Tomas Gatek	Inter Rao	Equity	RU000A0JPNM1	Buy	4.06	06/28/2018 11:22:23	E-mail	None Planned	Independent Research	Equity Sales	5		N/A
FSK, Hold, #42219	Vladimir Sklyar	FSK	Equity	RU000A0JPNN9, FEES RX	Hold	0.18	06/26/2018 15:22:00	E-mail	None Planned	Independent Research	Research Analyst	0.19		N/A
Switch from the Gazprom curve into the Lukoil one. In particular, GAZ21’s spread to LUKOIL20 is at the lowest in 52 weeks, trading below 15bp (it was 35bp a month ago)	Maxim Korovin, Evgeny Dorofeev	LUKOIL	Bond	XS0554659671	Credit Cheap	15	01/10/2018 17:58:00	E-mail	None Planned	Independent Research	Fixed Income Strategy	35		N/A
GAZ21 gives a 20bp pickup in yield vs. NVTKRM21. Target spread - flat.	Maxim Korovin, Evgeny Dorofeev	LUKOIL, GAZPRU	Bond	XS1038646078	Credit Cheap	20	11/01/2017 15:51:00	E-mail	None Planned	Independent Research	Fixed Income Strategy	0		N/A
Bank St Petersburg, Buy, #42724	Mikhail Shlemov	Bank St Petersburg	Equity	RU0009100945, BSPB RX	Buy	51.55	05/31/2018 19:22:00	E-mail	None Planned	Independent Research	Research Analyst	69		N/A
DP EURASIA NV, Buy, #42071	Maria Kolbina	DP EURASIA NV	Equity	NL0012328801, DPEU LN	Buy	162	05/31/2018 09:18:00	E-mail	None Planned	Independent Research	Research Analyst	220		N/A
Ford Otomotiv Sanayi AS, Hold, #42640	Vladimir Bespalov	Ford Otomotiv Sanayi AS	Equity	TRAOTOSN91H6, FROTO TI	Hold	60.8	05/23/2018 13:42:00	E-mail	None Planned	Independent Research	Research Analyst	62		N/A
Aeroflot, U/R, #42727	Elena Sakhnova	Aeroflot	Equity	RU0009062285, AFLT RX	U/R	131.6	05/30/2018 10:07:00	E-mail	None Planned	Independent Research	Research Analyst			N/A
MHP, Buy, #42638	Nikolay Kovalev	MHP	Equity	US55302T2042, MHPC LI	Buy	13.7	05/23/2018 09:39:00	E-mail	None Planned	Independent Research	Research Analyst	18
DOGUS OTOMOTIV SERVIS VE TIC, Buy, #42462	Vladimir Bespalov	DOGUS OTOMOTIV SERVIS VE TIC	Equity	TREDOTO00013, DOAS TI	Buy	7.69	05/11/2018 16:36:00	E-mail	None Planned	Independent Research	Research Analyst	10
RusAgro, Hold, #42499	Nikolay Kovalev	RusAgro	Equity	US7496552057, AGRO LI	Hold	11.3	05/14/2018 14:47:00	E-mail	None Planned	Independent Research	Research Analyst	12.5
TGK-1, Buy, #42435	Vladimir Sklyar	TGK-1	Equity	RU000A0JNUD0, TGKA RX	Buy	0.011	05/10/2018 18:03:00	E-mail	None Planned	Independent Research	Research Analyst	0.013
Mosenergo, Hold, #42434	Vladimir Sklyar	Mosenergo	Equity	RU0008958863, MSNG RX	Hold	2.56	05/08/2018 19:30:00	E-mail	None Planned	Independent Research	Research Analyst	2.5
Turkish Airlines	Tomas Gatek	Turkish airlines	Equity	TRATHYAO91M5	Sell	16.98	05/03/2018 15:00:00	bloomberg	None Planned	Short-term Sales & Trading Idea	Equity Sales	15		3 months
Yapi Kredi Buy	Tomas Gatek	YKBNK	Equity	TRAYKBNK91N6	Buy	4.14	05/03/2018 14:10:00	bloomberg	Daily	Short-term Sales & Trading Idea	Equity Sales	5		3 months
Buy Garanti	Tomas Gatek	Garanti	Equity	TRAGARAN91N1	Buy	9.19	05/03/2018 14:10:00	bloomberg	Daily	Short-term Sales & Trading Idea	Equity Sales	10.5		3 months
Ford Otomotiv Sanayi AS, Buy, #42370	Vladimir Bespalov	Ford Otomotiv Sanayi AS	Equity	TRAOTOSN91H6, FROTO TI	Buy	54.3	04/27/2018 10:20:00	E-mail	None Planned	Independent Research	Research Analyst	62
Moscow Exchange, Buy, #42301	Mikhail Shlemov	Moscow Exchange	Equity	RU000A0JR4A1, MOEX RX	Buy	116	04/25/2018 09:15:00	E-mail	None Planned	Independent Research	Research Analyst	140
HMS, U/R, #42319	Vladimir Bespalov	HMS	Equity	US40425X2099, HMSG LI	U/R	10.4	04/25/2018 12:30:00	E-mail	None Planned	Independent Research	Research Analyst	10
Tupras, Buy, #41999	Ekaterina Rodina	Tupras	Equity	TRATUPRS91E8, TUPRS TI	Buy	111.4	04/11/2018 18:02:00	E-mail	None Planned	Independent Research	Research Analyst	132
Alrosa, Buy, #42115	Dmitry Glushakov	Alrosa	Equity	RU0007252813, ALRS RX	Buy	83	04/11/2018 09:37:00	E-mail	None Planned	Independent Research	Research Analyst	130
Severstal, Buy, #42119	Dmitry Glushakov	Severstal	Equity	US8181503025, SVST LI	Buy	14	04/10/2018 14:43:00	E-mail	None Planned	Independent Research	Research Analyst	16
RusAgro, Buy, #41961	Nikolay Kovalev	RusAgro	Equity	US7496552057, AGRO LI	Buy	10.2	03/28/2018 14:57:00	E-mail	None Planned	Independent Research	Research Analyst	12.5
Acron, Hold, #41967	Elena Sakhnova	Acron	Equity	RU0009028674, AKRN RX	Hold	4235	03/29/2018 18:56:00	E-mail	None Planned	Independent Research	Research Analyst	4400
Tatneft, Hold, #41991	Dmitry Loukashov	Tatneft	Equity	RU0009033591, TATN RX	Hold	10.46	03/30/2018 10:26:00	E-mail	None Planned	Independent Research	Research Analyst	10.4
Luxoft Holding, Buy, #42028	Vladimir Bespalov	Luxoft Holding	Equity	VGG572791041, LXFT US	Buy	40	04/03/2018 17:35:00	E-mail	None Planned	Independent Research	Research Analyst	50
O'key, Hold, #42044	Maria Kolbina	O'key	Equity	US6708662019, OKEY LI	Hold	2	04/04/2018 11:54:00	E-mail	None Planned	Independent Research	Research Analyst	2.15
Inter RAO, Buy, #41735	Vladimir Sklyar	Inter RAO	Equity	RU000A0JPNM1, IRAO RX	Buy	3.89	04/09/2018 12:19:00	E-mail	None Planned	Independent Research	Research Analyst	7.8
Rushydro, Buy, #41735	Vladimir Sklyar	Rushydro	Equity	RU000A0JPKH7, HYDR RX	Buy	0.75	04/09/2018 12:19:00	E-mail	None Planned	Independent Research	Research Analyst	1.08
TGK-1, Hold, #41735	Vladimir Sklyar	TGK-1	Equity	RU000A0JNUD0, TGKA RX	Hold	0.011	04/09/2018 12:19:00	E-mail	None Planned	Independent Research	Research Analyst	0.013
E.On Russia, Buy, #41735	Vladimir Sklyar	E.On Russia	Equity	RU000A0JNGA5, UPRO RX	Buy	2.9	04/09/2018 12:19:00	E-mail	None Planned	Independent Research	Research Analyst	3.46
OGK-2, Buy, #41735	Vladimir Sklyar	OGK-2	Equity	RU000A0JNG55, OGKB RX	Buy	0.46	04/09/2018 12:19:00	E-mail	None Planned	Independent Research	Research Analyst	0.64
Enel Russia (OGK-5), Buy, #41735	Vladimir Sklyar	Enel Russia (OGK-5)	Equity	RU000A0F5UN3, ENRU RX	Buy	1.51	04/09/2018 12:19:00	E-mail	None Planned	Independent Research	Research Analyst	2.1
Mosenergo, Sell, #41735	Vladimir Sklyar	Mosenergo	Equity	RU0008958863, MSNG RX	Sell	2.89	04/09/2018 12:19:00	E-mail	None Planned	Independent Research	Research Analyst	2.5
Ferrexpo, Hold, #41051	Dmitry Glushakov	Ferrexpo	Equity	GB00B1XH2C03, FXPO LN	Hold	238.3	04/09/2018 12:30:00	E-mail	None Planned	Independent Research	Research Analyst	240
Etalon Group, Buy, #42106	Maria Kolbina	Etalon Group	Equity	US29760G1031, ETLN LI	Buy	3.02	04/09/2018 19:16:00	E-mail	None Planned	Independent Research	Research Analyst	3.5
Rushydro, Buy, #41897	Vladimir Sklyar	Rushydro	Equity	RU000A0JPKH7, HYDR RX	Buy	0.73	03/26/2018 20:39:00	E-mail	None Planned	Independent Research	Research Analyst	1.33
Nostrum Oil&Gas, Hold, #41951	Alexander Donskoy	Nostrum Oil&Gas	Equity	GB00BGP6Q951, NOG LN	Hold	307	03/28/2018 10:25:00	E-mail	None Planned	Independent Research	Research Analyst	344
Phosagro, Buy, #41902	Elena Sakhnova	Phosagro	Equity	US71922G2093, PHOR LI	Buy	14.29	03/23/2018 15:31:00	E-mail	None Planned	Independent Research	Research Analyst	17
M.Video, U/R, #41898	Maria Kolbina	M.Video	Equity	RU000A0JPGA0, MVID RX	U/R	405.9	03/22/2018 18:42:00	E-mail	None Planned	Independent Research	Research Analyst
MTS, Hold, #41835	Ivan Kim	MTS	Equity	US6074091090, MBT US	Hold	11.73	03/20/2018 14:58:00	E-mail	None Planned	Independent Research	Research Analyst	12.5
Ferrexpo, U/R, #41826	Dmitry Glushakov	Ferrexpo	Equity	GB00B1XH2C03, FXPO LN	U/R	313	03/20/2018 08:55:00	E-mail	None Planned	Independent Research	Research Analyst
Polymetal International, U/R, #41716	Dmitry Glushakov	Polymetal International	Equity	JE00B6T5S470, POLY LN	U/R	785	03/12/2018 15:19:00	E-mail	None Planned	Independent Research	Research Analyst
Severstal, Hold, #41656	Dmitry Glushakov	Severstal	Equity	US8181503025, SVST LI	Hold	15.4	03/12/2018 17:33:00	E-mail	None Planned	Independent Research	Research Analyst	16
NLMK, Hold, #41656	Dmitry Glushakov	NLMK	Equity	US67011E2046, NLMK LI	Hold	25.35	03/12/2018 17:33:00	E-mail	None Planned	Independent Research	Research Analyst	23
MMK, Buy, #41656	Dmitry Glushakov	MMK	Equity	US5591892048, MMK LI	Buy	10.52	03/12/2018 17:33:00	E-mail	None Planned	Independent Research	Research Analyst	12
Evraz, Hold, #41656	Dmitry Glushakov	Evraz	Equity	GB00B71N6K86, EVR LN	Hold	439.5	03/12/2018 17:33:00	E-mail	None Planned	Independent Research	Research Analyst	420
Sollers, Hold, #41673	Vladimir Bespalov	Sollers	Equity	RU0006914488, SVAV RX	Hold	630	03/07/2018 11:30:00	E-mail	None Planned	Independent Research	Research Analyst	720
Evraz, U/R, #41595	Dmitry Glushakov	Evraz	Equity	GB00B71N6K86, EVR LN	U/R	438	02/28/2018 16:23:00	E-mail	None Planned	Independent Research	Research Analyst
Eurocash, Buy, #41594	Maria Kolbina	Eurocash	Equity	PLEURCH00011, EUR PW	Buy	23.34	02/28/2018 16:07:00	E-mail	None Planned	Independent Research	Research Analyst	30
Enel Russia (OGK-5), Buy, #41237	Vladimir Sklyar	Enel Russia (OGK-5)	Equity	RU000A0F5UN3, ENRU RX	Buy	1.56	02/28/2018 08:52:00	E-mail	None Planned	Independent Research	Research Analyst	2
E.On Russia, Buy, #41185	Vladimir Sklyar	E.On Russia	Equity	RU000A0JNGA5, UPRO RX	Buy	2.68	02/28/2018 08:57:00	E-mail	None Planned	Independent Research	Research Analyst	3.45
TGK-1, Hold, #41320	Vladimir Sklyar	TGK-1	Equity	RU000A0JNUD0, TGKA RX	Hold	0.012	02/28/2018 09:07:00	E-mail	None Planned	Independent Research	Research Analyst	0.014
OGK-2, Buy, #41320	Vladimir Sklyar	OGK-2	Equity	RU000A0JNG55, OGKB RX	Buy	0.48	02/28/2018 09:07:00	E-mail	None Planned	Independent Research	Research Analyst	0.66
Mosenergo, Hold, #41320	Vladimir Sklyar	Mosenergo	Equity	RU0008958863, MSNG RX	Hold	2.69	02/28/2018 09:07:00	E-mail	None Planned	Independent Research	Research Analyst	2.82
NLMK, U/R, #41487	Dmitry Glushakov	NLMK	Equity	US67011E2046, NLMK LI	U/R	26.67	02/21/2018 08:41:00	E-mail	None Planned	Independent Research	Research Analyst
Rushydro, Buy, #41066	Vladimir Sklyar	Rushydro	Equity	RU000A0JPKH7, HYDR RX	Buy	0.77	02/22/2018 08:54:00	E-mail	None Planned	Independent Research	Research Analyst	1.33
Inter RAO, Buy, #41280	Vladimir Sklyar	Inter RAO	Equity	RU000A0JPNM1, IRAO RX	Buy	3.72	02/22/2018 08:55:00	E-mail	None Planned	Independent Research	Research Analyst	7.6
Luxoft Holding, Hold, #41423	Vladimir Bespalov	Luxoft Holding	Equity	VGG572791041, LXFT US	Hold	46.25	02/15/2018 16:22:00	E-mail	None Planned	Independent Research	Research Analyst	50
TMK, Buy, #40696	Dmitry Loukashov	TMK	Equity	US87260R2013, TMKS LI	Buy	5.62	02/19/2018 08:18:00	E-mail	None Planned	Independent Research	Research Analyst	6.9
Novatek, Sell, #40696	Dmitry Loukashov	Novatek	Equity	US6698881090, NVTK LI	Sell	136.3	02/19/2018 08:18:00	E-mail	None Planned	Independent Research	Research Analyst	100
Rosneft, U/R, #40696	Dmitry Loukashov	Rosneft	Equity	RU000A0J2Q06, ROSN RX	U/R	5.75	02/19/2018 08:18:00	E-mail	None Planned	Independent Research	Research Analyst
Transneft, Buy, #40696	Dmitry Loukashov	Transneft	Equity	RU0009091573, TRNFP RX	Buy	180400	02/19/2018 08:18:00	E-mail	None Planned	Independent Research	Research Analyst	218000
Gazprom Neft, Hold, #40696	Dmitry Loukashov	Gazprom Neft	Equity	RU0009062467, SIBN RX	Hold	4.94	02/19/2018 08:18:00	E-mail	None Planned	Independent Research	Research Analyst	5.1
Tatneft, Hold, #40696	Dmitry Loukashov	Tatneft	Equity	RU0009033591, TATN RX	Hold	9.77	02/19/2018 08:18:00	E-mail	None Planned	Independent Research	Research Analyst	9.6
Lukoil, Buy, #40696	Dmitry Loukashov	Lukoil	Equity	RU0009024277, LKOH RX	Buy	65.38	02/19/2018 08:18:00	E-mail	None Planned	Independent Research	Research Analyst	80
Surgutneftegas, Sell, #40696	Dmitry Loukashov	Surgutneftegas	Equity	RU0008926258, SNGS RX	Sell	0.5	02/19/2018 08:18:00	E-mail	None Planned	Independent Research	Research Analyst	0.44
Gazprom, Buy, #40696	Dmitry Loukashov	Gazprom	Equity	RU0007661625, GAZP RX	Buy	2.45	02/19/2018 08:18:00	E-mail	None Planned	Independent Research	Research Analyst	2.9
Turkiye Vakiflar Bankasi Tao, Sell, #41046	Akin Tuzun	Turkiye Vakiflar Bankasi Tao	Equity	TREVKFB00019, VAKBN TI	Sell	7.28	02/19/2018 14:22:00	E-mail	None Planned	Independent Research	Research Analyst	7
Turkiye Halk Bankasi AS, Sell, #41046	Akin Tuzun	Turkiye Halk Bankasi AS	Equity	TRETHAL00019, HALKB TI	Sell	9.85	02/19/2018 14:22:00	E-mail	None Planned	Independent Research	Research Analyst	9
Yapi ve Kredi Bankasi, Hold, #41046	Akin Tuzun	Yapi ve Kredi Bankasi	Equity	TRAYKBNK91N6, YKBNK TI	Hold	4.81	02/19/2018 14:22:00	E-mail	None Planned	Independent Research	Research Analyst	5.2
Turkiye Is Bankasi, Sell, #41046	Akin Tuzun	Turkiye Is Bankasi	Equity	TRAISCTR91N2, ISCTR TI	Sell	7.6	02/19/2018 14:22:00	E-mail	None Planned	Independent Research	Research Analyst	6.8
Turkiye Garanti Bankasi, Sell, #41046	Akin Tuzun	Turkiye Garanti Bankasi	Equity	TRAGARAN91N1, GARAN TI	Sell	11.92	02/19/2018 14:22:00	E-mail	None Planned	Independent Research	Research Analyst	10.3
Akbank, Sell, #41046	Akin Tuzun	Akbank	Equity	TRAAKBNK91N6, AKBNK TI	Sell	10.57	02/19/2018 14:22:00	E-mail	None Planned	Independent Research	Research Analyst	9.5
SBER	Tomas Gatek	SBER LI	Equity	US80585Y3080	Buy	19.1	02/09/2018 11:00:00	E-mail	Daily	Short-term Sales & Trading Idea	Equity Sales	320		N/A
MGNT LI	Tomas Gatek	MAGNIT	Equity	US55953Q2021	Sell	20.91	02/09/2018 11:00:00	E-mail	Daily	Short-term Sales & Trading Idea	Equity Sales	N/A		N/A
NLMK	Tomas Gatek	NLMK LI	Equity	US67011E2046	Sell	25.99	02/09/2018 11:00:00	E-mail	Daily	Short-term Sales & Trading Idea	Equity Sales	26.26		N/A
TCS	Tomas Gatek	TCS LI	Equity	US87238U2033	Buy	21.8	02/09/2018 11:00:00	E-mail	Daily	Short-term Sales & Trading Idea	Equity Sales Trader	24		N/A
MGNT	Tomas Gatek	MGNT	Equity	N/A	Buy	21.6	02/09/2018 11:00:00	E-mail	Daily	Short-term Sales & Trading Idea	Equity Sales	19		N/A
Global Trans	Tomas Gatek	Globatrans	Equity	US37949E2046	Buy	10.82	02/01/2018 11:25:00	Chat	Daily	Short-term Sales & Trading Idea	Equity Sales	9.8		N/A
Globaltrans, Buy, #41218	Elena Sakhnova	Globaltrans	Equity	US37949E2046, GLTR LI	Buy	10.8	02/02/2018 09:12:00	E-mail	None Planned	Independent Research	Research Analyst	13.3
Bank Zachodni, Hold, #41241	Mikhail Shlemov	Bank Zachodni	Equity	PLBZ00000044, BZW PW	Hold	420	02/01/2018 17:20:00	E-mail	None Planned	Independent Research	Research Analyst	480
Hellenic Telecommunications Or, Buy, #41081	Ivan Kim	Hellenic Telecommunications Or	Equity	GRS260333000, HTO GA	Buy	11.75	01/19/2018 18:13:00	E-mail	None Planned	Independent Research	Research Analyst	14
MHP, Hold, #41156	Nikolay Kovalev	MHP	Equity	US55302T2042, MHPC LI	Hold	14.4	01/25/2018 15:27:00	E-mail	None Planned	Independent Research	Research Analyst	15
KMG NC, U/R, #41154	Ekaterina Rodina	KMG NC	Equity	US48666V2043, KMG LI	U/R	13.7	01/25/2018 15:40:00	E-mail	None Planned	Independent Research	Research Analyst
LSR Group, Buy, #40761	Maria Kolbina	LSR Group	Equity	US50218G2066, LSRG LI	Buy	3.02	01/26/2018 18:00:00	E-mail	None Planned	Independent Research	Research Analyst	3.7
Etalon Group, Hold, #40761	Maria Kolbina	Etalon Group	Equity	US29760G1031, ETLN LI	Hold	3.18	01/26/2018 18:00:00	E-mail	None Planned	Independent Research	Research Analyst	3.5
PIK Group, Buy, #40761	Maria Kolbina	PIK Group	Equity	RU000A0JP7J7, PIKK RX	Buy	303.8	01/26/2018 18:00:00	E-mail	None Planned	Independent Research	Research Analyst	400
Gazprom, Hold, #41029	Dmitry Loukashov	Gazprom	Equity	RU0007661625, GAZP RX	Hold	2.54	01/16/2018 18:54:00	E-mail	None Planned	Independent Research	Research Analyst	2.6
Alior Bank SA, Buy, #41030	Mikhail Shlemov	Alior Bank SA	Equity	PLALIOR00045, ALR PW	Buy	80	01/17/2018 13:52:00	E-mail	None Planned	Independent Research	Research Analyst	110
MOEX	Tomas Gatek	MOEX	Equity	RU000A0JR4A1	Hold	113.69	01/11/2018 08:25:00	E-mail	None Planned	Short-term Sales & Trading Idea	Equity Sales	N/A		N/A
PKN	Tomas Gatek	PKN	Equity	N/A	Sell	106.95	01/11/2018 08:25:00	E-mail	None Planned	Short-term Sales & Trading Idea	Equity Sales	N/A		N/A
Global Tran	Tomas Gatek	Globatrans	Equity	US37949E2046	Buy	9.4	01/11/2018 17:00:00	E-mail	None Planned	Short-term Sales & Trading Idea	Equity Sales	N/A		N/A
RUSHYDRO	Tomas Gatek	RUSHYDRO	Equity	RU000A0JPKH7	Buy	1.34	01/11/2018 08:25:00	E-mail	None Planned	Short-term Sales & Trading Idea	Equity Sales	N/A		N/A
Moscow Exchange, Hold, #40934	Mikhail Shlemov	Moscow Exchange	Equity	RU000A0JR4A1, MOEX RX	Hold	110	12/28/2017 08:17:00	E-mail	None Planned	Independent Research	Research Analyst	123
Sistema, Buy, #40927	Ivan Kim	Sistema	Equity	US48122U2042, SSA LI	Buy	3.9	12/25/2017 11:52:00	E-mail	None Planned	Independent Research	Research Analyst	7.5
Rosseti (MRSK Holding), U/R, #40861	Vladimir Sklyar	Rosseti (MRSK Holding)	Equity	RU000A0JPVJ0, RSTI RX	U/R	0.87	12/15/2017 19:40:00	E-mail	None Planned	Independent Research	Research Analyst
FSK, U/R, #40861	Vladimir Sklyar	FSK	Equity	RU000A0JPNN9, FEES RX	U/R	0.16	12/15/2017 19:40:00	E-mail	None Planned	Independent Research	Research Analyst
Rushydro, U/R, #40861	Vladimir Sklyar	Rushydro	Equity	RU000A0JPKH7, HYDR RX	U/R	0.82	12/15/2017 19:40:00	E-mail	None Planned	Independent Research	Research Analyst
E.On Russia, U/R, #40861	Vladimir Sklyar	E.On Russia	Equity	RU000A0JNGA5, UPRO RX	U/R	2.65	12/15/2017 19:40:00	E-mail	None Planned	Independent Research	Research Analyst
OGK-2, U/R, #40861	Vladimir Sklyar	OGK-2	Equity	RU000A0JNG55, OGKB RX	U/R	0.48	12/15/2017 19:40:00	E-mail	None Planned	Independent Research	Research Analyst
Enel Russia (OGK-5), U/R, #40861	Vladimir Sklyar	Enel Russia (OGK-5)	Equity	RU000A0F5UN3, ENRU RX	U/R	1.44	12/15/2017 19:40:00	E-mail	None Planned	Independent Research	Research Analyst
Mosenergo, U/R, #40861	Vladimir Sklyar	Mosenergo	Equity	RU0008958863, MSNG RX	U/R	2.71	12/15/2017 19:40:00	E-mail	None Planned	Independent Research	Research Analyst
EN+ GROUP PLC- GDR REG S WI, Buy, #40833	Dmitry Glushakov	EN+ GROUP PLC- GDR REG S WI	Equity	US29355E2081, ENPL LI	Buy	13.3	12/14/2017 11:57:00	E-mail	None Planned	Independent Research	Research Analyst	20
OTP Bank, Buy, #40672	Mikhail Shlemov	OTP Bank	Equity	HU0000061726, OTP HB	Buy	9955	12/06/2017 14:20:00	E-mail	None Planned	Independent Research	Research Analyst	13200
Tatneft, Sell, #40736	Dmitry Loukashov	Tatneft	Equity	RU0009033591, TATN RX	Sell	8.7	12/05/2017 08:53:00	E-mail	None Planned	Independent Research	Research Analyst	7.6
TMK, Buy, #40691	Ekaterina Rodina	TMK	Equity	US87260R2013, TMKS LI	Buy	5.46	11/30/2017 15:59:00	E-mail	None Planned	Independent Research	Research Analyst	6.9
MHP, Buy, #40657	Nikolay Kovalev	MHP	Equity	US55302T2042, MHPC LI	Buy	11.2	11/28/2017 19:02:00	E-mail	None Planned	Independent Research	Research Analyst	15
Georgia Healthcare Group, U/R, #40424	Maria Kolbina	Georgia Healthcare Group	Equity	GB00BYSS4K11, GHG LN	U/R	346	11/08/2017 17:13:00	E-mail	None Planned	Independent Research	Research Analyst	400
OTP Bank, U/R, #40467	Mikhail Shlemov	OTP Bank	Equity	HU0000061726, OTP HB	U/R	10445	11/10/2017 15:52:00	E-mail	None Planned	Independent Research	Research Analyst
Georgia Healthcare Group, Hold, #40491	Maria Kolbina	Georgia Healthcare Group	Equity	GB00BYSS4K11, GHG LN	Hold	340.1	11/14/2017 09:13:00	E-mail	None Planned	Independent Research	Research Analyst	380
RusAgro, Hold, #40553	Nikolay Kovalev	RusAgro	Equity	US7496552057, AGRO LI	Hold	11.55	11/17/2017 16:08:00	E-mail	None Planned	Independent Research	Research Analyst	11
Yandex, Hold, #39996	Vladimir Bespalov	Yandex	Equity	NL0009805522, YNDX US	Hold	33.83	11/02/2017 14:14:00	E-mail	None Planned	Independent Research	Research Analyst	37
Tatneft, Hold, #40397	Dmitry Loukashov	Tatneft	Equity	RU0009033591, TATN RX	Hold	8.1	11/07/2017 18:28:00	E-mail	None Planned	Independent Research	Research Analyst	7.6
Aeroflot, Hold, #40331	Elena Sakhnova	Aeroflot	Equity	RU0009062285, AFLT RX	Hold	180	11/01/2017 13:57:00	E-mail	None Planned	Independent Research	Research Analyst	190
Phosagro, Hold, #40332	Elena Sakhnova	Phosagro	Equity	US71922G2093, PHOR LI	Hold	13.75	11/01/2017 20:31:00	E-mail	None Planned	Independent Research	Research Analyst	14.25
Acron, Buy, #40332	Elena Sakhnova	Acron	Equity	RU0009028674, AKRN RX	Buy	3615	11/01/2017 20:31:00	E-mail	None Planned	Independent Research	Research Analyst	4200
TCS Group, Buy, #40163	Mikhail Shlemov	TCS Group	Equity	US87238U2033, TCS LI	Buy	17.5	10/30/2017 12:55:00	E-mail	None Planned	Independent Research	Research Analyst	24
Sberbank, Buy, #40163	Mikhail Shlemov	Sberbank	Equity	RU0009029540, SBER RX	Buy	192.8	10/30/2017 12:55:00	E-mail	None Planned	Independent Research	Research Analyst	320
Global Ports, Buy, #40291	Elena Sakhnova	Global Ports	Equity	US37951Q2021, GLPR LI	Buy	4	10/31/2017 10:12:00	E-mail	None Planned	Independent Research	Research Analyst	5
Transneft, Buy, #40174	Dmitry Loukashov	Transneft	Equity	RU0009091573, TRNFP RX	Buy	184450	10/30/2017 10:15:00	E-mail	None Planned	Independent Research	Research Analyst	218000
Turkcell, U/R, #40273	Ivan Kim	Turkcell	Equity	TRATCELL91M1, TCELL TI	U/R	14.03	10/26/2017 18:29:00	E-mail	None Planned	Independent Research	Research Analyst
Ford Otomotiv Sanayi AS, Hold, #40167	Vladimir Bespalov	Ford Otomotiv Sanayi AS	Equity	TRAOTOSN91H6, FROTO TI	Hold	49.86	10/18/2017 19:03:00	E-mail	None Planned	Independent Research	Research Analyst	52
Georgia Healthcare Group, Buy, #39862	Maria Kolbina	Georgia Healthcare Group	Equity	GB00BYSS4K11, GHG LN	Buy	307.5	10/12/2017 10:05:00	E-mail	None Planned	Independent Research	Research Analyst	400
KCell JSC, Sell, #40033	Ivan Kim	KCell JSC	Equity	US48668G2057, KCEL LI	Sell	5.5	10/11/2017 14:57:00	E-mail	None Planned	Independent Research	Research Analyst	3.6
Cimsa Cimento Sanayi, Buy, #40067	Vladimir Bespalov	Cimsa Cimento Sanayi	Equity	TRACIMSA91F9, CIMSA TI	Buy	14.15	10/11/2017 15:16:00	E-mail	None Planned	Independent Research	Research Analyst	16.5
Akcansa Cimento, Buy, #40067	Vladimir Bespalov	Akcansa Cimento	Equity	TRAAKCNS91F3, AKCNS TI	Buy	11.42	10/11/2017 15:16:00	E-mail	None Planned	Independent Research	Research Analyst	14
Turkiye Vakiflar Bankasi Tao, Buy, #39795	Akin Tuzun	Turkiye Vakiflar Bankasi Tao	Equity	TREVKFB00019, VAKBN TI	Buy	6.27	10/04/2017 10:08:00	E-mail	None Planned	Independent Research	Research Analyst	8.2
Turkiye Halk Bankasi AS, Hold, #39795	Akin Tuzun	Turkiye Halk Bankasi AS	Equity	TRETHAL00019, HALKB TI	Hold	12.12	10/04/2017 10:08:00	E-mail	None Planned	Independent Research	Research Analyst	14
Yapi ve Kredi Bankasi, Hold, #39795	Akin Tuzun	Yapi ve Kredi Bankasi	Equity	TRAYKBNK91N6, YKBNK TI	Hold	4.32	10/04/2017 10:08:00	E-mail	None Planned	Independent Research	Research Analyst	4.9
Turkiye Is Bankasi, Sell, #39795	Akin Tuzun	Turkiye Is Bankasi	Equity	TRAISCTR91N2, ISCTR TI	Sell	6.78	10/04/2017 10:08:00	E-mail	None Planned	Independent Research	Research Analyst	6.5
Turkiye Garanti Bankasi, Hold, #39795	Akin Tuzun	Turkiye Garanti Bankasi	Equity	TRAGARAN91N1, GARAN TI	Hold	9.68	10/04/2017 10:08:00	E-mail	None Planned	Independent Research	Research Analyst	10.7
Akbank, Sell, #39795	Akin Tuzun	Akbank	Equity	TRAAKBNK91N6, AKBNK TI	Sell	9.4	10/04/2017 10:08:00	E-mail	None Planned	Independent Research	Research Analyst	9.3
Megafon, Buy, #39986	Ivan Kim	Megafon	Equity	US58517T2096, MFON LI	Buy	11.22	10/04/2017 16:02:00	E-mail	None Planned	Independent Research	Research Analyst	14
Tofas Turk Otomobil Fabrikasi, Buy, #39926	Vladimir Bespalov	Tofas Turk Otomobil Fabrikasi	Equity	TRATOASO91H3, TOASO TI	Buy	30.18	09/28/2017 17:28:00	E-mail	None Planned	Independent Research	Research Analyst	35
Ford Otomotiv Sanayi AS, Buy, #39910	Vladimir Bespalov	Ford Otomotiv Sanayi AS	Equity	TRAOTOSN91H6, FROTO TI	Buy	42.8	09/28/2017 17:30:00	E-mail	None Planned	Independent Research	Research Analyst	52
Norilsk Nickel, Buy, #39205	Dmitry Glushakov	Norilsk Nickel	Equity	US55315J1025, MNOD LI	Buy	16.45	09/21/2017 10:18:00	E-mail	None Planned	Independent Research	Research Analyst	20.5
DOGUS OTOMOTIV SERVIS VE TIC, Hold, #39844	Vladimir Bespalov	DOGUS OTOMOTIV SERVIS VE TIC	Equity	TREDOTO00013, DOAS TI	Hold	8.79	09/20/2017 19:26:00	E-mail	None Planned	Independent Research	Research Analyst	9.5
Severstal, Hold, #39485	Dmitry Glushakov	Severstal	Equity	US8181503025, SVST LI	Hold	15.67	09/19/2017 09:18:00	E-mail	None Planned	Independent Research	Research Analyst	15.5
NLMK, Hold, #39485	Dmitry Glushakov	NLMK	Equity	US67011E2046, NLMK LI	Hold	23	09/19/2017 09:18:00	E-mail	None Planned	Independent Research	Research Analyst	21
MMK, Buy, #39485	Dmitry Glushakov	MMK	Equity	US5591892048, MMK LI	Buy	9.34	09/19/2017 09:18:00	E-mail	None Planned	Independent Research	Research Analyst	12
Evraz, Buy, #39485	Dmitry Glushakov	Evraz	Equity	GB00B71N6K86, EVR LN	Buy	297.4	09/19/2017 09:18:00	E-mail	None Planned	Independent Research	Research Analyst	400
Polyus Gold, Buy, #39330	Dmitry Glushakov	Polyus Gold	Equity	US6781291074, PLZL LI	Buy	32.99	08/15/2017 10:48:00	E-mail	None Planned	Independent Research	Research Analyst	48
Luxoft Holding, U/R, #39409	Vladimir Bespalov	Luxoft Holding	Equity	VGG572791041, LXFT US	U/R	60.8	08/11/2017 19:09:00	E-mail	None Planned	Independent Research	Research Analyst	81
Luxoft Holding, Buy, #39434	Vladimir Bespalov	Luxoft Holding	Equity	VGG572791041, LXFT US	Buy	45.7	08/15/2017 12:35:00	E-mail	None Planned	Independent Research	Research Analyst	65
Ford Otomotiv Sanayi AS, Hold, #39437	Vladimir Bespalov	Ford Otomotiv Sanayi AS	Equity	TRAOTOSN91H6, FROTO TI	Hold	47.94	08/15/2017 14:16:00	E-mail	None Planned	Independent Research	Research Analyst	52
Qiwi, Buy, #39461	Vladimir Bespalov	Qiwi	Equity	US74735M1080, QIWI US	Buy	17.77	08/18/2017 14:30:00	E-mail	None Planned	Independent Research	Research Analyst	27
Rushydro, Buy, #39523	Mikhail Rasstrigin	Rushydro	Equity	RU000A0JPKH7, HYDR RX	Buy	0.83	08/29/2017 15:27:00	E-mail	None Planned	Independent Research	Research Analyst	1.15
Gazprom, Buy, #39626	Dmitry Loukashov	Gazprom	Equity	RU0007661625, GAZP RX	Buy	2.01	08/30/2017 13:04:00	E-mail	None Planned	Independent Research	Research Analyst	2.3
Global Ports, Hold, #39486	Elena Sakhnova	Global Ports	Equity	US37951Q2021, GLPR LI	Hold	4.15	08/31/2017 14:27:00	E-mail	None Planned	Independent Research	Research Analyst	4.5
RBI, Hold, #39540	Jason Hurwitz	RBI	Equity	AT0000606306, RBI AV	Hold	27.01	08/31/2017 09:10:00	E-mail	None Planned	Independent Research	Research Analyst	29
Powszechna Kasa Oszczednosci Bank Polski, Sell, #39605	Jason Hurwitz	Powszechna Kasa Oszczednosci Bank Polski	Equity	PLPKO0000016, PKO PW	Sell	36.9	08/31/2017 13:20:00	E-mail	None Planned	Independent Research	Research Analyst	30
Bank Pekao, Hold, #39605	Jason Hurwitz	Bank Pekao	Equity	PLPEKAO00016, PEO PW	Hold	128.4	08/31/2017 13:20:00	E-mail	None Planned	Independent Research	Research Analyst	135
Bank Zachodni, Sell, #39605	Jason Hurwitz	Bank Zachodni	Equity	PLBZ00000044, BZW PW	Sell	375.2	08/31/2017 13:20:00	E-mail	None Planned	Independent Research	Research Analyst	340
Alior Bank SA, Hold, #39605	Jason Hurwitz	Alior Bank SA	Equity	PLALIOR00045, ALR PW	Hold	66.38	08/31/2017 13:20:00	E-mail	None Planned	Independent Research	Research Analyst	70
Moscow Exchange, Buy, #39222	Jason Hurwitz	Moscow Exchange	Equity	RU000A0JR4A1, MOEX RX	Buy	105.3	09/04/2017 20:27:00	E-mail	None Planned	Independent Research	Research Analyst	135
PLAY COMMUNICATIONS SA, Buy, #39658	Ivan Kim	PLAY COMMUNICATIONS SA	Equity	LU1642887738, PLY PW	Buy	36	09/05/2017 18:33:00	E-mail	None Planned	Independent Research	Research Analyst	45
LSR Group, Hold, #39687	Maria Kolbina	LSR Group	Equity	US50218G2066, LSRG LI	Hold	3	09/13/2017 11:01:00	E-mail	None Planned	Independent Research	Research Analyst	3.1
Etalon Group, Buy, #39687	Maria Kolbina	Etalon Group	Equity	US29760G1031, ETLN LI	Buy	4	09/13/2017 11:01:00	E-mail	None Planned	Independent Research	Research Analyst	5
Ferrexpo, Hold, #39294	Dmitry Glushakov	Ferrexpo	Equity	GB00B1XH2C03, FXPO LN	Hold	239.6	08/04/2017 09:37:00	E-mail	None Planned	Independent Research	Research Analyst	240
GPH, Buy, #38980	Elena Sakhnova	GPH	Equity	GB00BD2ZT390, GPH LN	Buy	677.5	08/04/2017 11:11:00	E-mail	None Planned	Independent Research	Research Analyst	910
Orange Polska SA, Hold, #39181	Ivan Kim	Orange Polska SA	Equity	PLTLKPL00017, OPL PW	Hold	5.11	07/27/2017 20:18:00	E-mail	None Planned	Independent Research	Research Analyst	5.5
OGK-2, Sell, #39204	Mikhail Rasstrigin	OGK-2	Equity	RU000A0JNG55, OGKB RX	Sell	0.51	07/28/2017 09:40:00	E-mail	None Planned	Independent Research	Research Analyst	0.4
Enel Russia (OGK-5), Hold, #39209	Mikhail Rasstrigin	Enel Russia (OGK-5)	Equity	RU000A0F5UN3, ENRU RX	Hold	1.3	07/28/2017 10:19:00	E-mail	None Planned	Independent Research	Research Analyst	1.35
NLMK, Hold, #39187	Dmitry Glushakov	NLMK	Equity	US67011E2046, NLMK LI	Hold	21	07/28/2017 10:25:00	E-mail	None Planned	Independent Research	Research Analyst	21
Turkcell, Buy, #39206	Ivan Kim	Turkcell	Equity	TRATCELL91M1, TCELL TI	Buy	12.75	07/28/2017 12:35:00	E-mail	None Planned	Independent Research	Research Analyst	15
Tofas Turk Otomobil Fabrikasi, Hold, #39227	Vladimir Bespalov	Tofas Turk Otomobil Fabrikasi	Equity	TRATOASO91H3, TOASO TI	Hold	31.4	07/31/2017 16:01:00	E-mail	None Planned	Independent Research	Research Analyst	35
Turkiye Vakiflar Bankasi Tao, Hold, #38986	Akin Tuzun	Turkiye Vakiflar Bankasi Tao	Equity	TREVKFB00019, VAKBN TI	Hold	6.91	07/12/2017 13:49:00	E-mail	None Planned	Independent Research	Research Analyst	7.6
Turkiye Halk Bankasi AS, Hold, #38986	Akin Tuzun	Turkiye Halk Bankasi AS	Equity	TRETHAL00019, HALKB TI	Hold	14	07/12/2017 13:49:00	E-mail	None Planned	Independent Research	Research Analyst	15.4
Yapi ve Kredi Bankasi, Sell, #38986	Akin Tuzun	Yapi ve Kredi Bankasi	Equity	TRAYKBNK91N6, YKBNK TI	Sell	4.58	07/12/2017 13:49:00	E-mail	None Planned	Independent Research	Research Analyst	4.55
Turkiye Is Bankasi, Sell, #38986	Akin Tuzun	Turkiye Is Bankasi	Equity	TRAISCTR91N2, ISCTR TI	Sell	7.77	07/12/2017 13:49:00	E-mail	None Planned	Independent Research	Research Analyst	7.3
Turkiye Garanti Bankasi, Sell, #38986	Akin Tuzun	Turkiye Garanti Bankasi	Equity	TRAGARAN91N1, GARAN TI	Sell	10.41	07/12/2017 13:49:00	E-mail	None Planned	Independent Research	Research Analyst	10.3
Akbank, Sell, #38986	Akin Tuzun	Akbank	Equity	TRAAKBNK91N6, AKBNK TI	Sell	10.25	07/12/2017 13:49:00	E-mail	None Planned	Independent Research	Research Analyst	9.7
Moscow Exchange, Hold, #39016	Jason Hurwitz	Moscow Exchange	Equity	RU000A0JR4A1, MOEX RX	Hold	114.7	07/13/2017 16:38:00	E-mail	None Planned	Independent Research	Research Analyst	125
Bank St Petersburg, Hold, #39029	Jason Hurwitz	Bank St Petersburg	Equity	RU0009100945, BSPB RX	Hold	61.5	07/14/2017 19:48:00	E-mail	None Planned	Independent Research	Research Analyst	70
Yandex, Hold, #39039	Vladimir Bespalov	Yandex	Equity	NL0009805522, YNDX US	Hold	31.68	07/17/2017 15:18:00	E-mail	None Planned	Independent Research	Research Analyst	34
Qiwi, U/R, #39083	Vladimir Bespalov	Qiwi	Equity	US74735M1080, QIWI US	U/R	20.55	07/18/2017 16:50:00	E-mail	None Planned	Independent Research	Research Analyst	27
LSR Group, U/R, #39149	Maria Kolbina	LSR Group	Equity	US50218G2066, LSRG LI	U/R	2.69	07/25/2017 13:57:00	E-mail	None Planned	Independent Research	Research Analyst
TBC Group, Buy, #38883	Jason Hurwitz	TBC Group	Equity	US87217U2087, TBCG LN	Buy	1552	06/29/2017 20:02:00	E-mail	None Planned	Independent Research	Research Analyst	1900
Global Ports, Buy, #38895	Elena Sakhnova	Global Ports	Equity	US37951Q2021, GLPR LI	Buy	3.5	07/03/2017 13:08:00	E-mail	None Planned	Independent Research	Research Analyst	4.5
Moscow Exchange, Buy, #38941	Jason Hurwitz	Moscow Exchange	Equity	RU000A0JR4A1, MOEX RX	Buy	106	07/05/2017 19:55:00	E-mail	None Planned	Independent Research	Research Analyst	125
Tupras, Hold, #38948	Ekaterina Rodina	Tupras	Equity	TRATUPRS91E8, TUPRS TI	Hold	100.2	07/06/2017 15:20:00	E-mail	None Planned	Independent Research	Research Analyst	100
Globaltrans, Hold, #38709	Elena Sakhnova	Globaltrans	Equity	US37949E2046, GLTR LI	Hold	7.24	06/27/2017 14:45:00	E-mail	None Planned	Independent Research	Research Analyst	8
Novatek, Sell, #38700	Dmitry Loukashov	Novatek	Equity	US6698881090, NVTK LI	Sell	107.1	06/28/2017 09:51:00	E-mail	None Planned	Independent Research	Research Analyst	85
Gazprom Neft, Hold, #38700	Dmitry Loukashov	Gazprom Neft	Equity	RU0009062467, SIBN RX	Hold	3.11	06/28/2017 09:51:00	E-mail	None Planned	Independent Research	Research Analyst	3.2
Tatneft, Hold, #38700	Dmitry Loukashov	Tatneft	Equity	RU0009033591, TATN RX	Hold	6.29	06/28/2017 09:51:00	E-mail	None Planned	Independent Research	Research Analyst	6.2
Lukoil, Hold, #38700	Dmitry Loukashov	Lukoil	Equity	RU0009024277, LKOH RX	Hold	47.04	06/28/2017 09:51:00	E-mail	None Planned	Independent Research	Research Analyst	48
Surgutneftegas, Hold, #38700	Dmitry Loukashov	Surgutneftegas	Equity	RU0008926258, SNGS RX	Hold	0.43	06/28/2017 09:51:00	E-mail	None Planned	Independent Research	Research Analyst	0.48
Gazprom, Hold, #38700	Dmitry Loukashov	Gazprom	Equity	RU0007661625, GAZP RX	Hold	2.02	06/28/2017 09:51:00	E-mail	None Planned	Independent Research	Research Analyst	2
Yandex, Buy, #38741	Vladimir Bespalov	Yandex	Equity	NL0009805522, YNDX US	Buy	25.74	06/15/2017 15:44:00	E-mail	None Planned	Independent Research	Research Analyst	31
Detskiy mir, Buy, #38508	Maria Kolbina	Detskiy mir	Equity	RU000A0JSQ90, DSKY RX	Buy	103	06/16/2017 18:52:00	E-mail	None Planned	Independent Research	Research Analyst	130
E.On Russia, Hold, #38754	Mikhail Rasstrigin	E.On Russia	Equity	RU000A0JNGA5, UPRO RX	Hold	2.63	06/19/2017 14:01:00	E-mail	None Planned	Independent Research	Research Analyst	2.7
OGK-2, Hold, #38754	Mikhail Rasstrigin	OGK-2	Equity	RU000A0JNG55, OGKB RX	Hold	0.38	06/19/2017 14:01:00	E-mail	None Planned	Independent Research	Research Analyst	0.4
Enel Russia (OGK-5), Buy, #38754	Mikhail Rasstrigin	Enel Russia (OGK-5)	Equity	RU000A0F5UN3, ENRU RX	Buy	1.08	06/19/2017 14:01:00	E-mail	None Planned	Independent Research	Research Analyst	1.35
Mosenergo, Sell, #38754	Mikhail Rasstrigin	Mosenergo	Equity	RU0008958863, MSNG RX	Sell	2.3	06/19/2017 14:01:00	E-mail	None Planned	Independent Research	Research Analyst	1.9
Qiwi, Hold, #38777	Vladimir Bespalov	Qiwi	Equity	US74735M1080, QIWI US	Hold	25.2	06/19/2017 17:57:00	E-mail	None Planned	Independent Research	Research Analyst	27
Norilsk Nickel, U/R, #38717	Dmitry Glushakov	Norilsk Nickel	Equity	US55315J1025, MNOD LI	U/R	14.14	06/13/2017 20:13:00	E-mail	None Planned	Independent Research	Research Analyst
Turkiye Vakiflar Bankasi Tao, Buy, #38408	Akin Tuzun	Turkiye Vakiflar Bankasi Tao	Equity	TREVKFB00019, VAKBN TI	Buy	6.51	06/06/2017 17:38:00	E-mail	None Planned	Independent Research	Research Analyst	7.9
Turkiye Halk Bankasi AS, Buy, #38408	Akin Tuzun	Turkiye Halk Bankasi AS	Equity	TRETHAL00019, HALKB TI	Buy	12.78	06/06/2017 17:38:00	E-mail	None Planned	Independent Research	Research Analyst	15.8
Yapi ve Kredi Bankasi, Hold, #38408	Akin Tuzun	Yapi ve Kredi Bankasi	Equity	TRAYKBNK91N6, YKBNK TI	Hold	4.42	06/06/2017 17:38:00	E-mail	None Planned	Independent Research	Research Analyst	5
Turkiye Is Bankasi, Hold, #38408	Akin Tuzun	Turkiye Is Bankasi	Equity	TRAISCTR91N2, ISCTR TI	Hold	7.09	06/06/2017 17:38:00	E-mail	None Planned	Independent Research	Research Analyst	7.45
Turkiye Garanti Bankasi, Hold, #38408	Akin Tuzun	Turkiye Garanti Bankasi	Equity	TRAGARAN91N1, GARAN TI	Hold	9.64	06/06/2017 17:38:00	E-mail	None Planned	Independent Research	Research Analyst	10.6
Akbank, Hold, #38408	Akin Tuzun	Akbank	Equity	TRAAKBNK91N6, AKBNK TI	Hold	9.66	06/06/2017 17:38:00	E-mail	None Planned	Independent Research	Research Analyst	10
TMK, Hold, #38553	Dmitry Loukashov	TMK	Equity	US87260R2013, TMKS LI	Hold	5.96	05/31/2017 20:27:00	E-mail	None Planned	Independent Research	Research Analyst	6.2
Novatek, Sell, #38553	Dmitry Loukashov	Novatek	Equity	US6698881090, NVTK LI	Sell	115.7	05/31/2017 20:27:00	E-mail	None Planned	Independent Research	Research Analyst	85
Gazprom Neft, Hold, #38553	Dmitry Loukashov	Gazprom Neft	Equity	RU0009062467, SIBN RX	Hold	3.58	05/31/2017 20:27:00	E-mail	None Planned	Independent Research	Research Analyst	3.7
Tatneft, Hold, #38553	Dmitry Loukashov	Tatneft	Equity	RU0009033591, TATN RX	Hold	6.84	05/31/2017 20:27:00	E-mail	None Planned	Independent Research	Research Analyst	6.7
Lukoil, Hold, #38553	Dmitry Loukashov	Lukoil	Equity	RU0009024277, LKOH RX	Hold	49.94	05/31/2017 20:27:00	E-mail	None Planned	Independent Research	Research Analyst	52
Surgutneftegas, Sell, #38553	Dmitry Loukashov	Surgutneftegas	Equity	RU0008926258, SNGS RX	Sell	0.55	05/31/2017 20:27:00	E-mail	None Planned	Independent Research	Research Analyst	0.53
Gazprom, Hold, #38553	Dmitry Loukashov	Gazprom	Equity	RU0007661625, GAZP RX	Hold	2.16	05/31/2017 20:27:00	E-mail	None Planned	Independent Research	Research Analyst	2.3
Mail.ru Group, Hold, #38606	Vladimir Bespalov	Mail.ru Group	Equity	US5603172082, MAIL LI	Hold	26.36	06/05/2017 15:22:00	E-mail	None Planned	Independent Research	Research Analyst	29
Yandex, Hold, #38606	Vladimir Bespalov	Yandex	Equity	NL0009805522, YNDX US	Hold	27.09	06/05/2017 15:22:00	E-mail	None Planned	Independent Research	Research Analyst	31
Bank St Petersburg, Buy, #38680	Jason Hurwitz	Bank St Petersburg	Equity	RU0009100945, BSPB RX	Buy	59.3	06/08/2017 20:20:00	E-mail	None Planned	Independent Research	Research Analyst	70
Tofas Turk Otomobil Fabrikasi, Buy, #38511	Vladimir Bespalov	Tofas Turk Otomobil Fabrikasi	Equity	TRATOASO91H3, TOASO TI	Buy	28.22	05/26/2017 19:50:00	E-mail	None Planned	Independent Research	Research Analyst	34
Acron, Hold, #38569	Elena Sakhnova	Acron	Equity	RU0009028674, AKRN RX	Hold	54.56	05/30/2017 15:27:00	E-mail	None Planned	Independent Research	Research Analyst	53
Qiwi, U/R, #38364	Vladimir Bespalov	Qiwi	Equity	US74735M1080, QIWI US	U/R	19.61	05/15/2017 12:02:00	E-mail	None Planned	Independent Research	Research Analyst
Moscow Exchange, Hold, #38437	Jason Hurwitz	Moscow Exchange	Equity	RU000A0JR4A1, MOEX RX	Hold	107.1	05/19/2017 16:54:00	E-mail	None Planned	Independent Research	Research Analyst	115
Eregli Demir ve Celik Fabrikal, U/R, #38484	Dmitry Glushakov	Eregli Demir ve Celik Fabrikal	Equity	TRAEREGL91G3, EREGL TI	U/R	6.58	05/23/2017 20:27:00	E-mail	None Planned	Independent Research	Research Analyst
Highland Gold, Buy, #38452	Dmitry Glushakov	Highland Gold	Equity	GB0032360173, HGM LN	Buy	153.3	05/24/2017 09:22:00	E-mail	None Planned	Independent Research	Research Analyst	200
PIK Group, Hold, #38347	Maria Kolbina	PIK Group	Equity	RU000A0JP7J7, PIKK RX	Hold	287	05/24/2017 20:49:00	E-mail	None Planned	Independent Research	Research Analyst	310
Qiwi, Buy, #38479	Vladimir Bespalov	Qiwi	Equity	US74735M1080, QIWI US	Buy	22.52	05/26/2017 09:55:00	E-mail	None Planned	Independent Research	Research Analyst	27
Bank St Petersburg, Hold, #38529	Jason Hurwitz	Bank St Petersburg	Equity	RU0009100945, BSPB RX	Hold	61.9	05/26/2017 10:00:00	E-mail	None Planned	Independent Research	Research Analyst	70
Yandex, U/R, #38406	Vladimir Bespalov	Yandex	Equity	NL0009805522, YNDX US	U/R	28.99	05/17/2017 15:57:00	E-mail	None Planned	Independent Research	Research Analyst
Akcansa Cimento, Buy, #38314	Vladimir Bespalov	Akcansa Cimento	Equity	TRAAKCNS91F3, AKCNS TI	Buy	11.89	05/10/2017 15:34:00	E-mail	None Planned	Independent Research	Research Analyst	14
Cherkizovo Group, U/R, #38344	Nikolay Kovalev	Cherkizovo Group	Equity	US1641452032, CHE LI	U/R	13	05/11/2017 19:52:00	E-mail	None Planned	Independent Research	Research Analyst
Israel Chemicals, Hold, #38341	Elena Sakhnova	Israel Chemicals	Equity	IL0002810146, ICL IT	Hold	1520	05/11/2017 20:57:00	E-mail	None Planned	Independent Research	Research Analyst	1650
Global Telecom Holding, Hold, #38349	Ivan Kim	Global Telecom Holding	Equity	EGS74081C018, GTHE EY	Hold	7.15	05/12/2017 12:35:00	E-mail	None Planned	Independent Research	Research Analyst	7.7
Erste Group, Hold, #38306	Jason Hurwitz	Erste Group	Equity	AT0000652011, EBS AV	Hold	32.23	05/05/2017 18:48:00	E-mail	None Planned	Independent Research	Research Analyst	33
Akcansa Cimento, U/R, #38294	Vladimir Bespalov	Akcansa Cimento	Equity	TRAAKCNS91F3, AKCNS TI	U/R	12.24	05/05/2017 09:26:00	E-mail	None Planned	Independent Research	Research Analyst	14
Israel Chemicals, U/R, #38310	Elena Sakhnova	Israel Chemicals	Equity	IL0002810146, ICL IT	U/R	1510	05/09/2017 16:28:00	E-mail	None Planned	Independent Research	Research Analyst
Tofas Turk Otomobil Fabrikasi, U/R, #38315	Vladimir Bespalov	Tofas Turk Otomobil Fabrikasi	Equity	TRATOASO91H3, TOASO TI	U/R	29.22	05/10/2017 13:24:00	E-mail	None Planned	Independent Research	Research Analyst	26.5
BGEO Group PLC, Hold, #38153	Jason Hurwitz	BGEO Group PLC	Equity	GB00B759CR16, BGEO LN	Hold	3600	05/02/2017 21:06:00	E-mail	None Planned	Independent Research	Research Analyst	4000
Turkcell, Hold, #38215	Ivan Kim	Turkcell	Equity	TRATCELL91M1, TCELL TI	Hold	12.74	04/27/2017 10:09:00	E-mail	None Planned	Independent Research	Research Analyst	14
Orange Polska SA, Hold, #38214	Ivan Kim	Orange Polska SA	Equity	PLTLKPL00017, OPL PW	Hold	4.46	04/27/2017 10:18:00	E-mail	None Planned	Independent Research	Research Analyst	5
Tatneft, Hold, #38232	Dmitry Loukashov	Tatneft	Equity	RU0009033591, TATN RX	Hold	5.95	04/27/2017 19:07:00	E-mail	None Planned	Independent Research	Research Analyst	5.8
Mail.ru Group, U/R, #38243	Vladimir Bespalov	Mail.ru Group	Equity	US5603172082, MAIL LI	U/R	24.55	04/28/2017 17:07:00	E-mail	None Planned	Independent Research	Research Analyst
Cherkizovo Group, Hold, #37929	Nikolay Kovalev	Cherkizovo Group	Equity	US1641452032, CHE LI	Hold	10	04/03/2017 18:50:00	E-mail	None Planned	Independent Research	Research Analyst	10.5
Polymetal International, Buy, #37701	Dmitry Glushakov	Polymetal International	Equity	JE00B6T5S470, POLY LN	Buy	1005	04/06/2017 09:30:00	E-mail	None Planned	Independent Research	Research Analyst	1300
Highland Gold, Hold, #38021	Dmitry Glushakov	Highland Gold	Equity	GB0032360173, HGM LN	Hold	179	04/12/2017 12:37:00	E-mail	None Planned	Independent Research	Research Analyst	180
Sollers, Buy, #38044	Vladimir Bespalov	Sollers	Equity	RU0006914488, SVAV RX	Buy	576	04/13/2017 14:24:00	E-mail	None Planned	Independent Research	Research Analyst	750
Bank St Petersburg, Buy, #38058	Jason Hurwitz	Bank St Petersburg	Equity	RU0009100945, BSPB RX	Buy	59.1	04/14/2017 11:20:00	E-mail	None Planned	Independent Research	Research Analyst	75
Rosseti (MRSK Holding), Buy, #37897	Mikhail Rasstrigin	Rosseti (MRSK Holding)	Equity	RU000A0JPVJ0, RSTI RX	Buy	0.93	04/03/2017 10:09:00	E-mail	None Planned	Independent Research	Research Analyst	1.35
FSK, Buy, #37897	Mikhail Rasstrigin	FSK	Equity	RU000A0JPNN9, FEES RX	Buy	0.18	04/03/2017 10:09:00	E-mail	None Planned	Independent Research	Research Analyst	0.3
Norilsk Nickel, Hold, #37857	Dmitry Glushakov	Norilsk Nickel	Equity	US55315J1025, MNOD LI	Hold	15.61	03/30/2017 10:15:00	E-mail	None Planned	Independent Research	Research Analyst	16
UC Rusal, Buy, #37856	Dmitry Glushakov	UC Rusal	Equity	JE00B5BCW814, 486 HK	Buy	3.84	03/30/2017 09:56:00	E-mail	None Planned	Independent Research	Research Analyst	6
RusAgro, Buy, #37871	Nikolay Kovalev	RusAgro	Equity	US7496552057, AGRO LI	Buy	11.65	03/29/2017 09:10:00	E-mail	None Planned	Independent Research	Research Analyst	14
Sistema, Buy, #37816	Ivan Kim	Sistema	Equity	US48122U2042, SSA LI	Buy	8.73	03/24/2017 16:25:00	E-mail	None Planned	Independent Research	Research Analyst	11.7
OFZ Cheap	Maxim Korovin	OFZ	Bond	RU000A0JWHA4	Buy	8.65	11/07/2016 15:00:00	E-mail	Daily	Independent Research	Strategist			Short term
MTS, Buy, #37780	Ivan Kim	MTS	Equity	US6074091090, MBT US	Buy	10.65	03/22/2017 13:47:00	E-mail	None Planned	Independent Research	Research Analyst	12
Aygaz, Hold, #37733	Ekaterina Rodina	Aygaz	Equity	TRAAYGAZ91E0, AYGAZ TI	Hold	14.64	03/20/2017 15:09:00	E-mail	None Planned	Independent Research	Research Analyst	15
Yandex, Hold, #37686	Vladimir Bespalov	Yandex	Equity	NL0009805522, YNDX US	Hold	23.62	03/20/2017 17:36:00	E-mail	None Planned	Independent Research	Research Analyst	25
HMS, Buy, #37739	Vladimir Bespalov	HMS	Equity	US40425X2099, HMSG LI	Buy	7.9	03/20/2017 17:06:00	E-mail	None Planned	Independent Research	Research Analyst	9.2
OGK-2, Hold, #37731	Mikhail Rasstrigin	OGK-2	Equity	RU000A0JNG55, OGKB RX	Hold	0.44	03/17/2017 14:01:00	E-mail	None Planned	Independent Research	Research Analyst	0.5
E.On Russia, Hold, #37716	Mikhail Rasstrigin	E.On Russia	Equity	RU000A0JNGA5, UPRO RX	Hold	2.58	03/17/2017 14:55:00	E-mail	None Planned	Independent Research	Research Analyst	2.7
Moscow Exchange, Buy, #37718	Jason Hurwitz	Moscow Exchange	Equity	RU000A0JR4A1, MOEX RX	Buy	110.2	03/16/2017 18:49:00	E-mail	None Planned	Independent Research	Research Analyst	130
Polymetal International, U/R, #37640	Dmitry Glushakov	Polymetal International	Equity	JE00B6T5S470, POLY LN	U/R	913.5	03/13/2017 12:33:00	E-mail	None Planned	Independent Research	Research Analyst
Highland Gold, U/R, #37640	Dmitry Glushakov	Highland Gold	Equity	GB0032360173, HGM LN	U/R	159.3	03/13/2017 12:33:00	E-mail	None Planned	Independent Research	Research Analyst
Lenta, Buy, #37568	Maria Kolbina	Lenta	Equity	US52634T2006, LNTA LI	Buy	6.97	03/07/2017 08:41:00	E-mail	None Planned	Independent Research	Research Analyst	9.5
Hellenic Telecommunications Or, Hold, #37558	Ivan Kim	Hellenic Telecommunications Or	Equity	GRS260333000, HTO GA	Hold	8.56	03/03/2017 11:59:00	E-mail	None Planned	Independent Research	Research Analyst	9.5
DOGUS OTOMOTIV SERVIS VE TIC, Sell, #37556	Vladimir Bespalov	DOGUS OTOMOTIV SERVIS VE TIC	Equity	TREDOTO00013, DOAS TI	Sell	9.03	03/03/2017 12:06:00	E-mail	None Planned	Independent Research	Research Analyst	8.4
Sberbank, Buy, #37555	Jason Hurwitz	Sberbank	Equity	RU0009029540, SBER RX	Buy	160	03/02/2017 23:55:00	E-mail	None Planned	Independent Research	Research Analyst	200
VimpelCom LTD, Buy, #37415	Ivan Kim	VimpelCom LTD	Equity	US92719A1060, VIP US	Buy	4.13	03/01/2017 10:11:00	E-mail	None Planned	Independent Research	Research Analyst	5.1
Kernel Holding, Hold, #37517	Nikolay Kovalev	Kernel Holding	Equity	LU0327357389, KER PW	Hold	79.6	03/01/2017 08:41:00	E-mail	None Planned	Independent Research	Research Analyst	85
VimpelCom LTD, U/R, #37498	Ivan Kim	VimpelCom LTD	Equity	US92719A1060, VIP US	U/R	4.3	02/27/2017 17:46:00	E-mail	None Planned	Independent Research	Research Analyst
EPAM, Hold, #37480	Vladimir Bespalov	EPAM	Equity	US29414B1044, EPAM US	Hold	74.33	02/27/2017 20:05:00	E-mail	None Planned	Independent Research	Research Analyst	79
Turkiye Vakiflar Bankasi Tao, Hold, #37271	Akin Tuzun	Turkiye Vakiflar Bankasi Tao	Equity	TREVKFB00019, VAKBN TI	Hold	5.25	02/23/2017 10:29:00	E-mail	None Planned	Independent Research	Research Analyst	5.7
Turkiye Halk Bankasi AS, Hold, #37271	Akin Tuzun	Turkiye Halk Bankasi AS	Equity	TRETHAL00019, HALKB TI	Hold	11.46	02/23/2017 10:29:00	E-mail	None Planned	Independent Research	Research Analyst	13
Yapi ve Kredi Bankasi, Hold, #37271	Akin Tuzun	Yapi ve Kredi Bankasi	Equity	TRAYKBNK91N6, YKBNK TI	Hold	3.95	02/23/2017 10:29:00	E-mail	None Planned	Independent Research	Research Analyst	4.25
Turkiye Is Bankasi, Hold, #37271	Akin Tuzun	Turkiye Is Bankasi	Equity	TRAISCTR91N2, ISCTR TI	Hold	6.33	02/23/2017 10:29:00	E-mail	None Planned	Independent Research	Research Analyst	6.8
Turkiye Garanti Bankasi, Hold, #37271	Akin Tuzun	Turkiye Garanti Bankasi	Equity	TRAGARAN91N1, GARAN TI	Hold	9.03	02/23/2017 10:29:00	E-mail	None Planned	Independent Research	Research Analyst	10
Akbank, Hold, #37271	Akin Tuzun	Akbank	Equity	TRAAKBNK91N6, AKBNK TI	Hold	8.98	02/23/2017 10:29:00	E-mail	None Planned	Independent Research	Research Analyst	9.15
Ford Otomotiv Sanayi AS, Buy, #37414	Vladimir Bespalov	Ford Otomotiv Sanayi AS	Equity	TRAOTOSN91H6, FROTO TI	Buy	36.14	02/20/2017 18:52:00	E-mail	None Planned	Independent Research	Research Analyst	44
Ford Otomotiv Sanayi AS, U/R, #37383	Vladimir Bespalov	Ford Otomotiv Sanayi AS	Equity	TRAOTOSN91H6, FROTO TI	U/R	35	02/15/2017 14:27:00	E-mail	None Planned	Independent Research	Research Analyst
Israel Chemicals, Hold, #37391	Elena Sakhnova	Israel Chemicals	Equity	IL0002810146, ICL IT	Hold	1753	02/16/2017 09:25:00	E-mail	None Planned	Independent Research	Research Analyst	1900
Megafon, Hold, #37272	Ivan Kim	Megafon	Equity	US58517T2096, MFON LI	Hold	10.95	02/13/2017 10:55:00	E-mail	None Planned	Independent Research	Research Analyst	11
FSK, Buy, #37215	Mikhail Rasstrigin	FSK	Equity	RU000A0JPNN9, FEES RX	Buy	0.24	02/02/2017 17:56:00	E-mail	None Planned	Independent Research	Research Analyst	0.3
Tupras, Buy, #37198	Ekaterina Rodina	Tupras	Equity	TRATUPRS91E8, TUPRS TI	Buy	81.65	02/03/2017 08:10:00	E-mail	None Planned	Independent Research	Research Analyst	100
Turcas, Sell, #37198	Ekaterina Rodina	Turcas	Equity	TRATRCAS92E6, TRCAS TI	Sell	1.54	02/03/2017 08:10:00	E-mail	None Planned	Independent Research	Research Analyst	1.4
Aygaz, Buy, #37198	Ekaterina Rodina	Aygaz	Equity	TRAAYGAZ91E0, AYGAZ TI	Buy	12.75	02/03/2017 08:10:00	E-mail	None Planned	Independent Research	Research Analyst	15
Turkish Airlines, Hold, #36805	Elena Sakhnova	Turkish Airlines	Equity	TRATHYAO91M5, THYAO TI	Hold	5.47	01/31/2017 16:39:00	E-mail	None Planned	Independent Research	Research Analyst	6
Sollers, Hold, #37146	Vladimir Bespalov	Sollers	Equity	RU0006914488, SVAV RX	Hold	628	01/31/2017 10:46:00	E-mail	None Planned	Independent Research	Research Analyst	700
NCSP, U/R, #37135	Elena Sakhnova	NCSP	Equity	US67011U2087, NCSP LI	U/R	8.91	01/30/2017 17:10:00	E-mail	None Planned	Independent Research	Research Analyst
RusAgro, Hold, #37149	Nikolay Kovalev	RusAgro	Equity	US7496552057, AGRO LI	Hold	14.2	01/27/2017 15:47:00	E-mail	None Planned	Independent Research	Research Analyst	15.5
KCell JSC, Hold, #37162	Ivan Kim	KCell JSC	Equity	US48668G2057, KCEL LI	Hold	3.59	01/27/2017 19:01:00	E-mail	None Planned	Independent Research	Research Analyst	4
Transneft, U/R, #37150	Alexey Zabotkin	Transneft	Equity	RU0009091573, TRNFP RX	U/R	3525	01/26/2017 21:08:00	E-mail	None Planned	Independent Research	Research Analyst	2500
Bank St Petersburg, Sell, #36997	Jason Hurwitz	Bank St Petersburg	Equity	RU0009100945, BSPB RX	Sell	75.55	01/13/2017 19:19:00	E-mail	None Planned	Independent Research	Research Analyst	65
Etalon Group, Hold, #37009	Maria Kolbina	Etalon Group	Equity	US29760G1031, ETLN LI	Hold	3.92	01/16/2017 15:08:00	E-mail	None Planned	Independent Research	Research Analyst	4
Orange Polska SA, Hold, #36974	Ivan Kim	Orange Polska SA	Equity	PLTLKPL00017, OPL PW	Hold	5.63	01/12/2017 15:16:00	E-mail	None Planned	Independent Research	Research Analyst	5.8
Yandex, Hold, #36951	Vladimir Bespalov	Yandex	Equity	NL0009805522, YNDX US	Hold	21.95	01/10/2017 15:13:00	E-mail	None Planned	Independent Research	Research Analyst	23.3
Tatneft, Sell, #36900	Dmitry Loukashov	Tatneft	Equity	RU0009033591, TATN RX	Sell	6.43	12/26/2016 15:08:00	E-mail	None Planned	Independent Research	Research Analyst	5.7
Tatneft, Sell, #36878	Dmitry Loukashov	Tatneft	Equity	RU0009033591, TATN RX	Sell	6.71	12/23/2016 13:16:00	E-mail	None Planned	Independent Research	Research Analyst	5.7
Lukoil, Hold, #36878	Dmitry Loukashov	Lukoil	Equity	RU0009024277, LKOH RX	Hold	56.18	12/23/2016 13:16:00	E-mail	None Planned	Independent Research	Research Analyst	64
Gazprom, Hold, #36878	Dmitry Loukashov	Gazprom	Equity	RU0007661625, GAZP RX	Hold	2.5	12/23/2016 13:16:00	E-mail	None Planned	Independent Research	Research Analyst	2.8
Severstal, Buy, #36671	Dmitry Glushakov	Severstal	Equity	US8181503025, SVST LI	Buy	15.8	12/15/2016 10:26:00	E-mail	None Planned	Independent Research	Research Analyst	18
NLMK, Buy, #36671	Dmitry Glushakov	NLMK	Equity	US67011E2046, NLMK LI	Buy	18.05	12/15/2016 10:26:00	E-mail	None Planned	Independent Research	Research Analyst	21
MMK, Buy, #36671	Dmitry Glushakov	MMK	Equity	US5591892048, MMK LI	Buy	7.08	12/15/2016 10:26:00	E-mail	None Planned	Independent Research	Research Analyst	9.5
Evraz, Buy, #36671	Dmitry Glushakov	Evraz	Equity	GB00B71N6K86, EVR LN	Buy	234.6	12/15/2016 10:26:00	E-mail	None Planned	Independent Research	Research Analyst	340
Acron, Sell, #36807	Elena Sakhnova	Acron	Equity	RU0009028674, AKRN RX	Sell	60.91	12/15/2016 11:05:00	E-mail	None Planned	Independent Research	Research Analyst	53
Nordgold, Hold, #36747	Dmitry Glushakov	Nordgold	Equity	US65557T2050, NORD LI	Hold	3.2	12/14/2016 16:25:00	E-mail	None Planned	Independent Research	Research Analyst	3.4
Polymetal International, Buy, #36747	Dmitry Glushakov	Polymetal International	Equity	JE00B6T5S470, POLY LN	Buy	783	12/14/2016 16:25:00	E-mail	None Planned	Independent Research	Research Analyst	1000
Highland Gold, Hold, #36747	Dmitry Glushakov	Highland Gold	Equity	GB0032360173, HGM LN	Hold	125.5	12/14/2016 16:25:00	E-mail	None Planned	Independent Research	Research Analyst	140
TCS Group, Sell, #36738	Jason Hurwitz	TCS Group	Equity	US87238U2033, TCS LI	Sell	10.05	12/12/2016 15:19:00	E-mail	None Planned	Independent Research	Research Analyst	8
Bank St Petersburg, Hold, #36738	Jason Hurwitz	Bank St Petersburg	Equity	RU0009100945, BSPB RX	Hold	59.1	12/12/2016 15:19:00	E-mail	None Planned	Independent Research	Research Analyst	65
Sberbank, Hold, #36738	Jason Hurwitz	Sberbank	Equity	RU0009029540, SBER RX	Hold	169	12/12/2016 15:19:00	E-mail	None Planned	Independent Research	Research Analyst	175
TurkTelekom, Hold, #36663	Ivan Kim	TurkTelekom	Equity	TRETTLK00013, TTKOM TI	Hold	5.1	12/07/2016 18:44:00	E-mail	None Planned	Independent Research	Research Analyst	6
Turkcell, Hold, #36663	Ivan Kim	Turkcell	Equity	TRATCELL91M1, TCELL TI	Hold	9.05	12/07/2016 18:44:00	E-mail	None Planned	Independent Research	Research Analyst	10
Bank Pekao, Hold, #36745	Jason Hurwitz	Bank Pekao	Equity	PLPEKAO00016, PEO PW	Hold	120.5	12/08/2016 19:36:00	E-mail	None Planned	Independent Research	Research Analyst	130
OGK-2, Hold, #36659	Mikhail Rasstrigin	OGK-2	Equity	RU000A0JNG55, OGKB RX	Hold	0.45	12/01/2016 17:27:00	E-mail	None Planned	Independent Research	Research Analyst	0.5
Sistema, Buy, #36564	Ivan Kim	Sistema	Equity	US48122U2042, SSA LI	Buy	7.51	11/29/2016 15:17:00	E-mail	None Planned	Independent Research	Research Analyst	9
Bull option strategy on Gazprom	EQD trading desk	Gazprom	Equity	US3682872078	Buy		11/28/2016 10:00:00	E-mail	None Planned	Short-term Sales & Trading Idea	trader	5.6
Israel Chemicals, Buy, #36579	Elena Sakhnova	Israel Chemicals	Equity	IL0002810146, ICL IT	Buy	1505	11/24/2016 09:31:00	E-mail	None Planned	Independent Research	Research Analyst	1850
Luxoft Holding, Buy, #36463	Vladimir Bespalov	Luxoft Holding	Equity	VGG572791041, LXFT US	Buy	54.25	11/14/2016 20:30:00	E-mail	None Planned	Independent Research	Research Analyst	75
Cimsa Cimento Sanayi, Hold, #36477	Vladimir Bespalov	Cimsa Cimento Sanayi	Equity	TRACIMSA91F9, CIMSA TI	Hold	14.99	11/16/2016 17:47:00	E-mail	None Planned	Independent Research	Research Analyst	14.4
Akcansa Cimento, Hold, #36477	Vladimir Bespalov	Akcansa Cimento	Equity	TRAAKCNS91F3, AKCNS TI	Hold	12.66	11/16/2016 17:47:00	E-mail	None Planned	Independent Research	Research Analyst	13.7
Dixy, Sell, #36492	Maria Kolbina	Dixy	Equity	RU000A0JP7H1, DIXY RX	Sell	311.6	11/16/2016 18:50:00	E-mail	None Planned	Independent Research	Research Analyst	250
NCSP, Hold, #36000	Elena Sakhnova	NCSP	Equity	US67011U2087, NCSP LI	Hold	7.7	11/08/2016 20:10:00	E-mail	None Planned	Independent Research	Research Analyst	8
Global Ports, Hold, #36000	Elena Sakhnova	Global Ports	Equity	US37951Q2021, GLPR LI	Hold	3.02	11/08/2016 20:10:00	E-mail	None Planned	Independent Research	Research Analyst	3.1
Globaltrans, Hold, #36000	Elena Sakhnova	Globaltrans	Equity	US37949E2046, GLTR LI	Hold	4.82	11/08/2016 20:10:00	E-mail	None Planned	Independent Research	Research Analyst	5
Gazprom, Buy, #36273	Dmitry Loukashov	Gazprom	Equity	RU0007661625, GAZP RX	Buy	2.19	11/01/2016 11:44:00	E-mail	None Planned	Independent Research	Research Analyst	2.8
PIK Group, U/R, #36276	Maria Kolbina	PIK Group	Equity	US69338N2062, PIK LI	U/R	4.54	10/31/2016 18:54:00	E-mail	None Planned	Independent Research	Research Analyst
MTS, Buy, #36257	Ivan Kim	MTS	Equity	US6074091090, MBT US	Buy	7.17	10/31/2016 15:41:00	E-mail	None Planned	Independent Research	Research Analyst	9
TBC Bank, Buy, #36232	Jason Hurwitz	TBC Bank	Equity	US87217U2087, TBCG LN	Buy	1319	10/28/2016 09:35:00	E-mail	None Planned	Independent Research	Research Analyst	1600
BGEO Group PLC, Hold, #36232	Jason Hurwitz	BGEO Group PLC	Equity	GB00B759CR16, BGEO LN	Hold	2946	10/28/2016 09:35:00	E-mail	None Planned	Independent Research	Research Analyst	3200
Phosagro, Sell, #36052	Elena Sakhnova	Phosagro	Equity	US71922G2093, PHOR LI	Sell	12.5	10/26/2016 12:35:00	E-mail	None Planned	Independent Research	Research Analyst	11
Acron, Hold, #36052	Elena Sakhnova	Acron	Equity	RU0009028674, AKRN RX	Hold	49.66	10/26/2016 12:35:00	E-mail	None Planned	Independent Research	Research Analyst	49
TCS Group, Sell, #35913	Jason Hurwitz	TCS Group	Equity	US87238U2033, TCS LI	Sell	7.34	10/07/2016 19:40:00	E-mail	None Planned	Independent Research	Research Analyst	6
Bank St Petersburg, Hold, #35913	Jason Hurwitz	Bank St Petersburg	Equity	RU0009100945, BSPB RX	Hold	58.75	10/07/2016 19:40:00	E-mail	None Planned	Independent Research	Research Analyst	60
Sberbank, Sell, #35913	Jason Hurwitz	Sberbank	Equity	RU0009029540, SBER RX	Sell	148.9	10/07/2016 19:40:00	E-mail	None Planned	Independent Research	Research Analyst	140
Polymetal International, U/R, #36103	Wiktor Bielski	Polymetal International	Equity	JE00B6T5S470, POLY LN	U/R	879.5	10/19/2016 11:23:00	E-mail	None Planned	Independent Research	Research Analyst
Turkiye Vakiflar Bankasi Tao, Buy, #35500	Akin Tuzun	Turkiye Vakiflar Bankasi Tao	Equity	TREVKFB00019, VAKBN TI	Buy	4.46	10/19/2016 18:18:00	E-mail	None Planned	Independent Research	Research Analyst	6
Turkiye Halk Bankasi AS, Buy, #35500	Akin Tuzun	Turkiye Halk Bankasi AS	Equity	TRETHAL00019, HALKB TI	Buy	8.91	10/19/2016 18:18:00	E-mail	None Planned	Independent Research	Research Analyst	15
Yapi ve Kredi Bankasi, Buy, #35500	Akin Tuzun	Yapi ve Kredi Bankasi	Equity	TRAYKBNK91N6, YKBNK TI	Buy	3.53	10/19/2016 18:18:00	E-mail	None Planned	Independent Research	Research Analyst	4.6
Turkiye Is Bankasi, Buy, #35500	Akin Tuzun	Turkiye Is Bankasi	Equity	TRAISCTR91N2, ISCTR TI	Buy	4.76	10/19/2016 18:18:00	E-mail	None Planned	Independent Research	Research Analyst	6.6
Turkiye Garanti Bankasi, Buy, #35500	Akin Tuzun	Turkiye Garanti Bankasi	Equity	TRAGARAN91N1, GARAN TI	Buy	7.95	10/19/2016 18:18:00	E-mail	None Planned	Independent Research	Research Analyst	10
Akbank, Buy, #35500	Akin Tuzun	Akbank	Equity	TRAAKBNK91N6, AKBNK TI	Buy	8.05	10/19/2016 18:18:00	E-mail	None Planned	Independent Research	Research Analyst	9.9
Lenta, Hold, #36133	Maria Kolbina	Lenta	Equity	US52634T2006, LNTA LI	Hold	7.81	10/20/2016 18:10:00	E-mail	None Planned	Independent Research	Research Analyst	9
HMS, Hold, #36136	Vladimir Bespalov	HMS	Equity	US40425X2099, HMSG LI	Hold	6.99	10/21/2016 14:24:00	E-mail	None Planned	Independent Research	Research Analyst	7.4
Jeronimo Martins, Hold, #33661	Maria Kolbina	Jeronimo Martins	Equity	PTJMT0AE0001, JMT PL	Hold	16.22	10/21/2016 14:34:00	E-mail	None Planned	Independent Research	Research Analyst	17
Eurocash, Hold, #33661	Maria Kolbina	Eurocash	Equity	PLEURCH00011, EUR PW	Hold	40.5	10/21/2016 14:34:00	E-mail	None Planned	Independent Research	Research Analyst	46
KTK, Buy, #35912	Wiktor Bielski	KTK	Equity	RU000A0JPYD7, KBTK RX	Buy	73.2	10/07/2016 14:30:00	E-mail	None Planned	Independent Research	Research Analyst	100
Enel Russia (OGK-5), Hold, #35888	Mikhail Rasstrigin	Enel Russia (OGK-5)	Equity	RU000A0F5UN3, ENRU RX	Hold	0.85	10/04/2016 10:09:00	E-mail	None Planned	Independent Research	Research Analyst	0.95
E.On Russia, Sell, #35838	Mikhail Rasstrigin	E.On Russia	Equity	RU000A0JNGA5, UPRO RX	Sell	2.86	09/30/2016 18:56:00	E-mail	None Planned	Independent Research	Research Analyst	2.5
Halyk Bank, Buy, #35937	Jason Hurwitz	Halyk Bank	Equity	US46627J3023, HSBK LI	Buy	6.21	10/05/2016 18:20:00	E-mail	None Planned	Independent Research	Research Analyst	7.5
Globaltrans, Hold, #35782	Elena Sakhnova	Globaltrans	Equity	US37949E2046, GLTR LI	Hold	4.7	09/27/2016 17:11:00	E-mail	None Planned	Independent Research	Research Analyst	5
Tofas Turk Otomobil Fabrikasi, Hold, #35808	Vladimir Bespalov	Tofas Turk Otomobil Fabrikasi	Equity	TRATOASO91H3, TOASO TI	Hold	21.3	09/28/2016 16:08:00	E-mail	None Planned	Independent Research	Research Analyst	21.6
Novatek, Sell, #35468	Dmitry Loukashov	Novatek	Equity	US6698881090, NVTK LI	Sell	106.2	09/27/2016 11:26:00	E-mail	None Planned	Independent Research	Research Analyst	94
Rosneft, U/R, #35468	Dmitry Loukashov	Rosneft	Equity	RU000A0J2Q06, ROSN RX	U/R	5.56	09/27/2016 11:26:00	E-mail	None Planned	Independent Research	Research Analyst
Gazprom Neft, Hold, #35468	Dmitry Loukashov	Gazprom Neft	Equity	RU0009062467, SIBN RX	Hold	2.78	09/27/2016 11:26:00	E-mail	None Planned	Independent Research	Research Analyst	3.1
Tatneft, Hold, #35468	Dmitry Loukashov	Tatneft	Equity	RU0009033591, TATN RX	Hold	5.04	09/27/2016 11:26:00	E-mail	None Planned	Independent Research	Research Analyst	5.7
Lukoil, Buy, #35468	Dmitry Loukashov	Lukoil	Equity	RU0009024277, LKOH RX	Buy	48.15	09/27/2016 11:26:00	E-mail	None Planned	Independent Research	Research Analyst	64
Surgutneftegas, Hold, #35468	Dmitry Loukashov	Surgutneftegas	Equity	RU0008926258, SNGS RX	Hold	0.48	09/27/2016 11:26:00	E-mail	None Planned	Independent Research	Research Analyst	0.56
Bashneft, U/R, #35468	Dmitry Loukashov	Bashneft	Equity	RU0007976957, BANE RX	U/R	48.54	09/27/2016 11:26:00	E-mail	None Planned	Independent Research	Research Analyst
Gazprom, Hold, #35468	Dmitry Loukashov	Gazprom	Equity	RU0007661625, GAZP RX	Hold	2.13	09/27/2016 11:26:00	E-mail	None Planned	Independent Research	Research Analyst	2.4
Steppe Cement, Buy, #35741	Vladimir Bespalov	Steppe Cement	Equity	MYA004433001, STCM LN	Buy	18.5	09/21/2016 16:24:00	E-mail	None Planned	Independent Research	Research Analyst	29
VimpelCom LTD, Buy, #35693	Ivan Kim	VimpelCom LTD	Equity	US92719A1060, VIP US	Buy	3.63	09/16/2016 12:26:00	E-mail	None Planned	Independent Research	Research Analyst	4.5
LSR Group, Hold, #35622	Maria Kolbina	LSR Group	Equity	US50218G2066, LSRG LI	Hold	3	09/09/2016 15:08:00	E-mail	None Planned	Independent Research	Research Analyst	3.5
Powszechna Kasa Oszczednosci Bank Polski, Sell, #35546	Jason Hurwitz	Powszechna Kasa Oszczednosci Bank Polski	Equity	PLPKO0000016, PKO PW	Sell	26.57	09/01/2016 17:37:00	E-mail	None Planned	Independent Research	Research Analyst	22
Bank Pekao, Sell, #35546	Jason Hurwitz	Bank Pekao	Equity	PLPEKAO00016, PEO PW	Sell	131.3	09/01/2016 17:37:00	E-mail	None Planned	Independent Research	Research Analyst	115
Bank Zachodni, Sell, #35546	Jason Hurwitz	Bank Zachodni	Equity	PLBZ00000044, BZW PW	Sell	321	09/01/2016 17:37:00	E-mail	None Planned	Independent Research	Research Analyst	250
Alior Bank SA, Sell, #35546	Jason Hurwitz	Alior Bank SA	Equity	PLALIOR00045, ALR PW	Sell	53.29	09/01/2016 17:37:00	E-mail	None Planned	Independent Research	Research Analyst	45
O'key, Sell, #35434	Maria Kolbina	O'key	Equity	US6708662019, OKEY LI	Sell	1.7	09/02/2016 19:03:00	E-mail	None Planned	Independent Research	Research Analyst	1.4
KOMERCNI BANKA, Hold, #35513	Jason Hurwitz	KOMERCNI BANKA	Equity	CZ0008019106, KOMB CP	Hold	818	08/30/2016 18:08:00	E-mail	None Planned	Independent Research	Research Analyst	900
TCS Group, Sell, #35384	Jason Hurwitz	TCS Group	Equity	US87238U2033, TCS LI	Sell	6.07	08/24/2016 15:39:00	E-mail	None Planned	Independent Research	Research Analyst	4.5
Bank St Petersburg, Hold, #35384	Jason Hurwitz	Bank St Petersburg	Equity	RU0009100945, BSPB RX	Hold	56.95	08/24/2016 15:39:00	E-mail	None Planned	Independent Research	Research Analyst	60
Sberbank, Sell, #35384	Jason Hurwitz	Sberbank	Equity	RU0009029540, SBER RX	Sell	137.4	08/24/2016 15:39:00	E-mail	None Planned	Independent Research	Research Analyst	125
M.Video, Hold, #35435	Maria Kolbina	M.Video	Equity	RU000A0JPGA0, MVID RX	Hold	356.7	08/23/2016 20:26:00	E-mail	None Planned	Independent Research	Research Analyst	400
Take profits in LKOD & ROSN	Richard McKay	LKOD, ROSN	Equity		Sell		08/18/2016 09:00:00	E-mail	None Planned	Short-term Sales & Trading Idea	Salestrader
TBC Bank, Buy, #35327	Jason Hurwitz	TBC Bank	Equity	US87217U2087, TBCG LN	Buy	1153	08/17/2016 19:32:00	E-mail	None Planned	Independent Research	Research Analyst	1400
BGEO Group PLC, Hold, #35327	Jason Hurwitz	BGEO Group PLC	Equity	GB00B759CR16, BGEO LN	Hold	2790	08/17/2016 19:32:00	E-mail	None Planned	Independent Research	Research Analyst	2800
Raspadskaya, Sell, #35209	Wiktor Bielski	Raspadskaya	Equity	RU000A0B90N8, RASP RX	Sell	34.22	08/12/2016 19:18:00	E-mail	None Planned	Independent Research	Research Analyst	28
Global Ports, U/R, #35191	Elena Sakhnova	Global Ports	Equity	US37951Q2021, GLPR LI	U/R	2.36	08/04/2016 11:21:00	E-mail	None Planned	Independent Research	Research Analyst
Gazprom Hold	Dmitry Loukashov	Gazprom	Equity	GAZP RX	Hold	2.08	08/05/2016 14:55:00	E-mail	None Planned	Independent Research	Research Analyst	2.6		12 Months
Magyar Telekom - Buy	Ivan kim	Magyar Telekom	Equity	MTELEKOM HB	Buy	446	08/05/2016 09:35:00	E-mail	None Planned	Independent Research	Research Analyst	550		12 Months
Global Telecom Holding	Ivan Kim	Global Telecom Holding	Equity	GLTD LI / GLTD GLOBAL TELECOM HOLDING S.A.E. GDR (EACH REPR 5 ORD EGP5)(REG S)	Buy	1.8	08/05/2016 10:40:00	E-mail	None Planned	Independent Research	Research Analyst	2.2		12 Months
ROSTELCOM from Buy to HOLD	Ivan Kim	ROSTELCOM	Equity	RKMD OJSC ROSTELECOM ADR (EACH REPR 6 RUB0.0025)(LEVEL I)	Hold	7.7	08/04/2016 06:15:00	E-mail	None Planned	Independent Research	Research Analyst	9.93		12 Months
KOMERCNI BANKA Hold Reiterated	Jason Hurwitz	Komercni Banka	Equity	KOMB CP	Hold	981.4	08/04/2016 06:10:00	E-mail	None Planned	Independent Research	Research Analyst	1000		12 Months
Bank Pekao Hold Reiterated	Jason Hurwitz	Bank Pekao	Equity	WSE: PEO	Hold	124.8	08/03/2016 16:00:00	E-mail	None Planned	Independent Research	Research Analyst	130		12 Months
Phosargo Hold Reiterated	Alexey Zabotkin	PhosArgo	Equity	Alexey Zabotkin	Hold	13.87	08/03/2016 09:55:00	E-mail	None Planned	Independent Research	Research Analyst
Polymetal International sell reiterated	Alexey Zabotkin	POLYMETAL INTERNATIONAL PLC	Equity	POLY POLYMETAL INTERNATIONAL PLC ORD NPV	Sell	1132	08/03/2016 09:55:00	E-mail	None Planned	Independent Research	Research Analyst
OTE/HTO BUY	Ivan Kim	Hellenic telecommun organiza	Equity	HTO GA	Buy	8.77	08/03/2016 08:25:00	E-mail	None Planned	Independent Research	Research Analyst	9.5		12 Months
Buy Alrosa	Richard McKay	Alrosa	Equity	RU0007252813	Buy		08/02/2016 12:00:00	Phone	None Planned	Short-term Sales & Trading Idea	Salestrader
GLOBALTRANS INVESTMENT PLC	Elena Sakhnova	GLOBALTRANS INVESTMENT PLC	Equity	GLTR GLOBALTRANS INVESTMENT PLC GDR (EACH REPR 1 ORD) (REG S)	Buy	4.03	08/02/2016 08:55:00	E-mail	None Planned	Independent Research	Research Analyst	5		12 Months
Megafon - Hold Reiterated	Ivan Kim	Megafon	Equity	MFON PJSC MEGAFON GDR (EACH REPR 1 ORD) (REG S)	Hold	9.88	08/02/2016 08:50:00	E-mail	None Planned	Independent Research	Research Analyst	10.5		12 Months
Magnit - Hold restated	Alexey Zabotkin	Magnit	Equity	MGNT PJSC MAGNIT GDR (5 GDRS REPR 1 ORD) (REG S)	Hold	39.29	08/01/2016 12:40:00	E-mail	None Planned	Independent Research	Research Analyst	41		12 Months
Norilsk Nickel Buy	Wiktor Bielski	Norilsk Nickel	Equity	MNOD PJSC MMC NORILSK NICKEL ADR (10 ADRS EACH REP 1 ORD)	Buy	14.58	08/01/2016 08:30:00	E-mail	None Planned	Independent Research	Research Analyst	18		12 Months
NORDGOLD - Sell	Wiktor Bielski	NORDGOLD	Equity	NORD GOLD SE GDR (EACH REPR 1 ORD)(REG S)	Sell	3.49	07/29/2016 08:10:00	E-mail	None Planned	Independent Research	Research Analyst	2.8		12 Months
Sell Russian Oil, sell Rosneft.	Richard McKay	Rosneft	Equity	US67812M2070	Sell		07/28/2016 14:00:00	Phone	Daily	Short-term Sales & Trading Idea	Salestrader
Megafon - Hold Reiterated	Ivan Kim	Megafon	Equity	MFON PJSC MEGAFON GDR	Hold	10.6	07/27/2016 20:00:00	E-mail	None Planned	Independent Research	Research Analyst	10.5		12 Months
Buy Rosseti	Richard McKay	Rosseti	Equity	RU000A0JPVJ0	Buy		07/27/2016 14:00:00	Phone	None Planned	Short-term Sales & Trading Idea	Sales trader
Tofas Sell	Vladimir Bespalov	TOFAS TURK OTOMOBIL FABRIKASI A.S.	Equity	TOFAS TURK OTOMOBIL FABRIKASI A.S.	Sell	22.92	07/27/2016 10:35:00	E-mail	None Planned	Independent Research	Reserach	21.2		12 Months
Bank Zachodni WBK S.A. Sell	Jason Hurwitz	Bank Zachodni WBK S.A.	Equity	Bank Zachodni WBK S.A.	Sell	280	07/27/2016 11:55:00	E-mail	None Planned	Independent Research	Reserach	240		12 Months
Bank Pekao Hold	Alexey Zabotkin	Bank Pekao	Equity	BPKD BANK PEKAO SA GDS (REPR 1 ORD PLN1)(REG S)	Hold	41.4	07/27/2016 08:05:00	E-mail	None Planned	Independent Research	Reserach
Orange Polska SA	Ivan Kim	Orange Polska	Equity	OPL WSE	Buy	5.19	07/26/2016 07:00:00	E-mail	None Planned	Independent Research	Reserach	6.5		12 Months
NLMK BUY	Wiktor Bielski	NLMK	Equity	NLMK NOVOLIPETSK STEEL GDS EACH REPR 10 ORD RUB1 'REG S'	Buy	14	07/25/2016 16:00:00	E-mail	None Planned	Independent Research	Reserach	16.7		12 Months
NOVATEK SELL	Dmitry Loukashov	Novatek	Equity	NVTK OAO NOVATEK GDR (EACH REPR 10 ORD) 'REG S'	Sell	101.8	07/26/2016 06:30:00	E-mail	None Planned	Independent Research	Reserach	85		12 Months
Magnit - Hold	Maria Kolbina	Magnit	Equity	MGNT PJSC MAGNIT GDR (5 GDRS REPR 1 ORD) (REG S)	Hold	35.9	07/25/2016 14:40:00	E-mail	None Planned	Independent Research	Reserach	41		12 Months
Take profit in Alrosa	Richard McKay	Alrosa	Equity	RU0007252813	Sell		07/22/2016 09:00:00	Phone	None Planned	Short-term Sales & Trading Idea	Salestrader
LENTA HOLD	Maria Kolbina	LENTA	Equity	LNTR LENTA LTD GDR (EACH 5 REPR 1 ORD) (144A)	Hold	7.59	07/21/2016 19:20:00	E-mail	None Planned	Independent Research	Reserach	8.5		12 Months
Sell Severstal	Richard McKay	Severstal	Equity	US8181503025	Sell		07/21/2016 09:00:00	Phone	None Planned	Short-term Sales & Trading Idea	Sales Trader
O'key Hold	Alexey Zabotkin	O'key Group	Equity	OKEY O'KEY GROUP S.A. GDR (EACH REPR 1 ORD) (REG S)	Hold	2.12	07/21/2016 07:55:00	E-mail	None Planned	Independent Research	Reserach			6 month implied
Megafon Hold	Ivan Kim	Megafon	Equity	MFON PJSC MEGAFON GDR (EACH REPR 1 ORD) (REG S)	Hold	10.75	07/21/2016 07:15:00	E-mail	None Planned	Independent Research	Reserach	10.5		12 Months
Magnit	Maria Kolbina	Magnit	Equity	MGNT PJSC MAGNIT GDR (5 GDRS REPR 1 ORD) (REG S)	Buy	36	07/20/2016 13:30:00	E-mail	None Planned	Independent Research	Reserach	41		12 Months
MD MEDICAL GROUP - BUY - reiterated (12 months)	Maria Kolbina	MD Medical group	Equity	MDMG MD MEDICAL GROUP INVESTMENTS PLC GDR (EACH REPR 1 ORD) (REG S)	Buy	6.52	07/20/2016 14:45:00	E-mail	None Planned	Independent Research	Reserach	7.5
Severstal - Buy - 12 months	Wiktor Bielski	Severstal	Equity	SVST PUBLIC JOINT STOCK COMPANY SEVERSTAL GDR (EACH REPR 1 ORD RUB0.01)(REGS)	Buy	11.61	07/20/2016 13:15:00	E-mail	None Planned	Independent Research	Reserach	13.3
Polymetal international - downgrade to Sell - 12 month	Aexey Zabotikin	Polymetal International	Equity	POLY POLYMETAL INTERNATIONAL PLC ORD NPV	Sell	1098	07/20/2016 15:00:00	E-mail	None Planned	Independent Research	Reserach	840
MMK Buy Reiterated	Alexey Zabotikin	MMK	Equity	MMK OJSC MAGNITOGORSK IRON & STEEL WORKS GDR (EACH REPR 13 ORD RUB1) (REG S)	Buy	5.8	07/20/2016 10:35:00	E-mail	None Planned	Independent Research	Reserach
EVRAZ - Sell reiterated	Alexey Zabotkin	EVRAZ plc	Equity	EVR EVRAZ PLC ORD USD1.00	Sell	154.4	07/20/2016 10:35:00	E-mail	None Planned	Independent Research	Reserach
RUSAGRO - Buy Reiterated	Alexey Zabotkin	Rusagro	Equity	AGRO ROS AGRO PLC GDR (5 REPR 1 ORD) REG S	Buy	14.22	07/20/2016 10:35:00	E-mail	None Planned	Independent Research	Reserach
X5 Retail Group buy Reiterated	Alexey Zabotkin	FIVE X5 RETAIL GROUP N.V GDR EACH REPR 0.25 SHS EUR1 REG'S'	Equity	FIVE X5 RETAIL GROUP N.V GDR EACH REPR 0.25 SHS EUR1 REG'S'	Buy	21.8	07/20/2016 10:35:00	E-mail	None Planned	Independent Research	Reserach
KCell	Ivan Kim	KCEL KCELL JOINT STOCK COMPANY GDR (EACH REPR 1 COM SHR) (REG S)	Equity	Kcel LI	Buy	3.45	07/19/2016 14:35:00	E-mail	Daily	Independent Research	Reserach	4.5
Georgian Banks II	Jason Hurwitz	BGEO Group PLC	Equity	BGEO LN	Sell	2750	07/19/2016 13:05:00	E-mail	None Planned	Independent Research	Reserach	2500
Georgian Banks I	Jason Hurwitz	TBC Bank J.S.C.	Equity	TBCB:LI	Hold	13.4	07/19/2016 13:05:00	E-mail	None Planned	Independent Research	Research Analyst	15
PIK Group (Sell reiterated)	Maria Kolbina	PIK Group	Equity	PIK PIK GROUP GDR (EACH REP 1 ORD RUB62.5)(REGS)	Sell	3.79	07/18/2016 13:25:00	E-mail	None Planned	Independent Research	Reserach
ERSTE GROUP BUY RE-ITERATED	Alexey Zabotkin	ERSTE GROUP	Equity	0MJK ERSTE GROUP BANK AG ERSTE GROUP BANK ORD SHS	Buy	23.16	07/15/2016 11:00:00	E-mail	None Planned	Independent Research	Researach
NLMK BUY REITERATED	Wiktor Bielski	NLMK	Equity	NLMK NOVOLIPETSK STEEL GDS EACH REPR 10 ORD RUB1 'REG S'	Buy	1.98	07/14/2016 16:45:00	E-mail	None Planned	Independent Research	Reserach
Steppe Cement Buy to Hold	Vladimir Bespalov	STEPPE CEMENT	Equity	STCM STEPPE CEMENT LTD ORD NPV	Hold	23.5	07/14/2016 14:00:00	E-mail	None Planned	Independent Research	Steppe Cement
MMK reiterate buy	Wiktor Bielski	MMK	Equity	MMK OJSC MAGNITOGORSK IRON & STEEL WORKS GDR	Buy	5.75	07/14/2016 07:00:00	E-mail	Daily	Independent Research	Research Analyst	7.8
Sverstal Reiterate Buy	Alexey Zabotikin	Severstal	Equity	SVST PUBLIC JOINT STOCK COMPANY SEVERSTAL GDR (EACH REPR 1 ORD RUB0.01)(REGS)	Buy	10.98	07/13/2016 08:00:00	E-mail	None Planned	Independent Research	Research Analyst
Gerogia "Like" Credit Profle	Maxim Korovin	Ministry of Finance of Georgia	Credit	Credit (incl XS0617134092, 37311PAA8, A1GP1W)	Buy	252	07/11/2016 09:25:00	E-mail	None Planned	Independent Research	Research Analyst
Earnings Release SBERBANK	Jason Hurwitz	Sberbank	Equity	SBER	Buy	8.75	07/07/2016 11:05:00	E-mail	None Planned	Independent Research	Research Analyst
CEEMEA Morning Comment 160706	Alexey Zabotkin	NCSP (Novorossiysk Commercial Sea Port)	Equity		Buy	4.8	07/06/2016 08:00:00	E-mail	None Planned	Independent Research	Deputy Head of Research
CEEMEA Morning Comment	Alexey Zabotkin	Global Ports	Equity		Hold	2.78	07/06/2016 08:00:00	E-mail	None Planned	Independent Research	Deputy Head of Research
KTZ42 trades trough KZOKZ44	Maxim Korovin, Tatiana Chernyavskaya	KTZ	Bond	XS0799658637	Credit Expensive		07/06/2016 17:30:00	E-mail	None Planned	Independent Research
METINR20 is rich against VIP21	Maxim Korovin, Tatiana Chernyavskaya	Metalloinvest	Bond	XS0918297382	Credit Expensive		07/06/2016 17:30:00	E-mail	None Planned	Independent Research
PGILLN20 tight vs. NLMKRU19	Maxim Korovin, Tatiana Chernyavskaya	Polyus Gold	Equity	XS0922301717	Credit Expensive		07/06/2016 17:30:00	E-mail	None Planned	Independent Research
PGILLN20 tight vs. ALROSA20	Maxim Korovin, Tatiana Chernyavskaya	Polyus Gold	Bond	XS0922301717	Credit Expensive		07/06/2016 17:30:00	E-mail	None Planned	Independent Research
ALFARU21 at lows vs. SBERRU21	Maxim Korovin , Tatiana Chernyavskaya	Alfa Bank	Bond	XS0620695204	Credit Expensive		07/06/2016 17:30:00	E-mail	None Planned	Independent Research
ALFARU21 at lows vs. VTB20	Maxim Korovin, Tatiana Chernyavskaya	Alfa Bank	Bond	XS0620695204	Credit Expensive		07/06/2016 17:30:00	E-mail	None Planned	Independent Research
GAZ21 looks tight vs. SBERRU21	Maxim Korovin, Tatiana Chernyavskaya	Gazprom	Bond	XS0708813810	Credit Expensive		07/06/2016 17:30:00	E-mail	None Planned	Independent Research
GAZ22 4.95 looks tight vs. the Lukoil curve	Maxim Korovin, Tatiana Chernyavskaya	Gazprom	Bond	XS0805570354	Credit Expensive		07/06/2016 17:30:00	E-mail	None Planned	Independent Research
RUB is likely to revisit 67-71 area against USD	Maxim Korovin, Tatiana Chernyavskaya	Bank of Russia	FX		Sell	64.64	07/06/2016 09:35:00	E-mail	None Planned	Independent Research
OFZ Navigator - CPI-linker looks attractive	Maxim Korovin Tatiana Chernyavskaya	Russian Fed	Bond		Cheap		07/04/2016 14:45:00	E-mail	None Planned	Independent Research

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