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Renaissance Capital (www.rencap.com) is the leading independent investment bank operating on the Russian and CIS financial markets, serving both domestic and international clients since its founding in 1995. Standard & Poor's has assigned Renaissance Capital a B+ credit rating, which is currently the highest among private Russian organizations operating on the financial services market. In August 2005, Fitch Ratings upgraded its credit rating on Renaissance Capital to BB-. Today Renaissance Capital is the only group with this rating among Russian investment companies. Renaissance Capital also holds an AAA (Maximum Reliability) rating from NAUFOR (National Association of Stock Market Participants), the Russian industry association. Renaissance Capital maintains the leading Russian and CIS equity product franchise. In 2003, 2004 2005 and 2006 we were ranked No.1 for Russia in the Institutional Investor All-Europe Research Team survey, with dominant client recognition across Russia, Europe and the United States. In 204, in the inaugural Institutional Investor All-Russia Research Team survey, we were ranked No.1 and won 8 out of 11 first-place positions. Renaissance Capital is also a leader in the ruble bond market with the No.1 market position in secondary market trading. Our fully-licensed offices in Moscow, London, Kiev, New York and Cyprus offer our domestic and international clients a unique combination of world-class service and an in-depth knowledge of the Russian and CIS capital markets. We have also continued to invest in and grow our Asset Management business and closed 2004 with over USD600 million in assets under management. Renaissance Capital has offices and subsidiaries in Moscow, London, New York, Cyprus and Kiev. RenCap Securities, Inc., a member of the National Association of Securities Dealers (NASD) and the Securities Investor Protection Corporation (SIPC), is a US-based subsidiary of Renaissance Capital Holdings Limited and forms a part of a group of companies operating outside of the United States as Renaissance Capital. RenCap Securities, Inc. is authorized by the NASD to carry out broker-dealer activities in the US. Renaissance Securities (Cyprus) Limited is located in the Republic of Cyprus and regulated by the Cyprus Securities and Exchange Commission. It increases the company's transparency and gives it greater access to the European Union. Renaissance Capital Limited, a member of Renaissance Capital, was the first Russia-focused UK investment firm to be authorized by the Financial Services Authority (FSA) of the United Kingdom as a 'Category A' firm, and was the first Russia-focused investment institution to become a member of the London Stock Exchange (LSE). Established in the second half of 2004, Renaissance Capital's Ukrainian office - Renaissance Capital Ukraine LLC - this year secured the No. 1 position in terms of volume and number of deals on Ukraine's stock market, the First Stock Trading System (PFTS).