Weekly report Grey Co 12 11 24 11

Weekly report Grey&Co 12. 11 — 24. 11

MACRONEWS

MACRONEWS U. S. benchmarks traded in positive territory thanks Started Christmas sales. The so-called "Black Friday", the next right after Thanksgiving, known worldwide discounts, which provide the vast majority of shops and supermarkets. According to the forecast of the National Retail Federation (NRF), sales in the holiday season to increase by 4. 1% to a record 586. 1 billion dollars

MACRONEWS International rating agency Standard & Poor's downgraded the credit rating of Hungary in national and foreign currency from BB + to BB. Short-term credit rating in national and foreign currency IDR: affirmed at 'B, the outlook for all the ratings - "stable.

MACRONEWS Leaders rise ФСК ЕЭС ао 0, 21220 10, 13 ДИКСИ ао 353, 96 0, 61 АВТОВАЗ ап 5, 782 11, 62 Leaders fall Банк. Москвы 724, 0 -10, 51 Пермь. Эн. С-п 60, 90 -6, 67 ТНК-ВР ап 44, 97 -6, 31

INDUSTRIAL NEWS. Metals&Mining

Metals&Mining Deripaska's En+ Group increases stake in RUSAL Oleg Deripaska's En+ Group, the largest shareholder in UC RUSAL , said it bought additional shares in the top world aluminium producer on the market, raising its stake by 0. 72% to 48. 13% of the company. "We believe that UC RUSAL is fundamentally undervalued and we are confident of its brilliant prospects, " En+ Chief Executive Artyom Volynets said in a statement +1. 9%

Metals&Mining MECHEL: Indebted miner seeks to refinance its loans Debt-laden Russian coal miner Mechel will have to pay almost double the previous interest rate on a 13 billion rouble ($409 million) loan after it pushed back repayment to July from December, the company said on Monday. Mechel, which had debts of $9. 4 billion on Sept. 1, secured the delay from state-run lender VTB and the interest rate rose to 11. 88 percent from 6. 5 percent, financial statements showed. negative -3, 7%

Metals&Mining

INDUSTRIAL NEWS. Oil & Gas

Oil&Gas sector, the Government approved the rate of dividend payment for state-owned companies to 25% of net profit BCS view: Fixed Russian government dividend payout ratio of 25% may indicate a significant increase in the dividend yield of preferred shares of Transneft and Gazprom securities. The key risk in this case is a possible solution to these companies to use as a basis for the calculation of dividends net profit under RAS. Rosnedra defined requirements for a recent large deposits Federal Agency for Subsoil Use (Rosnedra) has decided not to limit the list of participants on the last three strategic oil asset, as it was in the competition for deposits them. According to additional terms of the auction, the winning company will be required to process the oil in Russia, but without reference to their own processing facilities. For jobs in the fields they should attract the maximum Russian contractors and suppliers. . Food&Agriculture

Oil&Gas Rosneft and BP Signed final documents about buying 50% of TNK -BP and investments of BP in Rosneft. Itera is going out from business. TNK-BP will acquire Tverdilovskoe and Pogromenskoe oilfields FNS and Rosneft achieved agreement about transfert pricemaking. Rosneft will give data about insider cash-flows before official deadline and FNS won’t give much attention to the value of some holding’s transactions. FAS allowed Rosneft to buy 20% of NNK. Probably another 20% will be bougth by Lukoil for surgutneftegaz Food&Agriculture

Oil&Gas Gazprom may deprive a monopoly on the export of liquefied natural gas abroad. Energy can bring liquefied natural gas (LNG) from the application of the law "On Gas Export". This was announced by Energy Minister Alexander Novak on the forum "Gas of Russia-2012". The proposal must be submitted to the Government by the end of 2012. As a result of "Gazprom" to lose the monopoly on gas supplies abroad. Gazprom lowered extraction forecasts for extraction during this year. New value is about 0, 5% lower. According to Gazprom, the main cause is overestimation of demand Food&Agriculture

INDUSTRIAL NEWS. Retail

Retail Pharmstandard" & Lecco One of the largest Russian manufacturers of medicinal products of JSC "Pharmstandard" acquired 100% of shares of "Pharmaceutical Company" Lecco ". "Veropharm" will enter the "System" The Federal Antimonopoly Service (FAS) has approved the application AFK "System" to acquire 100% drugmaker "Veropharm", a majority of which is now owned by "36. 6". After this news capitalization "Veropharm" on the Moscow Stock Food&Agriculture Exchange rose by almost 10%, to 8. 6 billion rubles

Retail Food&Agriculture

Retail Dixie sales increased by 50. 2% Group of Companies "Dixie" announces increase in consolidated retail sales: ten months of 2012 by 50. 2% in RUR (40. 2% in U. S. dollars); in October 2012 to 20. 2% in RUR (21. 2% in U. S. dollars). • Net debt X 5 Retail Group NV, as of 30 September 2012. Amounted to 3 billion to $ 814. 3 million, up 8. 2% over June 30 Food&Agriculture