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Integra brochure
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April 23, 2009

Integra is one of top ten stable companies of low and average capitalization


UniCredit Securities named 10 undervalued high quality companies of low and average capitalization,
http://fincake.ru financial news web-portal reports.

“We would like to specifically mention Integra as an option for benefitting from oil prices stabilisation. The EBRD facility Integra was recently granted eliminates any risks and paves the way to its full-scale recovery,” UniCredit Securities experts believe. In their opinion, investors willing to accept certain risks, are now eyeing low and average capitalization companies which unlike more liquid corporations still offer a chance to acquire Russian assets at extremely low prices.
Among commodities producers, the experts named Acron, Belon and Highland Gold which all are attractively inexpensive assets of high quality. Good performance of the management teams and active support by major shareholders will permit the companies to overcome crisis and preserve top quality corporate governance.

“Given the sound balance sheet of Raspadskaya, the attractiveness of this coal producer is truly noteworthy. There is an option it will be sold within the Evraz Group debt restructuring programme,” the analysts said.

In the consumer demand guided sectors, low segment Russian retail network DIXY Group and a major Russian IT market player IBS Group, were put on the list. “Besides, attention should be paid to two infrastructure companies of high quality, Siberian Cement consortium and Globaltrans. A unique situation with the preferential stocks of Rostelecom also appears interesting, as at the moment they are sold with a 90% discount as compared to the ordinary stocks thus offering a possibility of benefitting from the Svyazinvest future reorganisation,” UniCredit Securities experts noted.