The PBN Company
Unofficial Translation

www.izvestia.ru

Russian Companies Leave Western Rivals Behind

April 1, 2003

On April 2 Integrated Marketing Solutions/Interactive Research Group (IRG) will unveil 'The Top 100 Emerging Companies of the Russian Consumer Market.' The report was presented at the Izvestiya media center yesterday. Greg Thain, Chairman of the IRG Board of Directors, said at a press conference that the study reveals the most exciting investment opportunities in Russia in the coming decade.

The study states that the Russian market is currently of great interest to investors. Comstar, Gloria Jeans, Daria, Gotek, Ochakovo, Bistroff and other famous companies are among the top 100 most promising firms. "Consumer demand in Russia is on the rise as real incomes increase," said Evgeniy Gavrilenkov, Chief Economist of Troika Dialog investment bank. Analysts forecast that the average sales growth of the Top 100 companies will be 25 percent in 2003.

At the same time, analysts think that Russian companies need to be more transparent in their operations. Sebastian Molineus, Project Manager of the Russia Corporate Governance Project, is confident that this is currently the main barrier to attracting investment.