Umtauschverhältnis Tyumentel./Uralsv. 1 : 169,2646

target price of $1.52 for Tyumentelecom oder 1,74EURO


            Tyumentelecom, Khantymansiiskokrtelecom swap ratios below expectations

            Yesterday the boards of Tyumentelecom and Khantymansiiskokrtelecom announced the ratios
            for the upcoming swap of the companies' shares for those of Uralsvyazinform as a part of
            Svyazinvest restructuring. Shareholders stand to receive 169.26463472 shares of
            Uralsvyazinform for one share of Tyumentelecom and 161.22295530 Uralsvyazinform shares for
            one share of Khantymansiiskokrtelecom (the ratios will be the same for common and preferred
            shares). The ratios now have to be approved by the Tyumentelecom and
            Khantymansiiskokrtelecom EGMs scheduled for 25 September and 12 October, respectively.
            The swap ratios are 27% and 50% below our forecasts for Tyumentelecom and
            Khantymansiiskokrtelecom, respectively. We attribute this to the fact that the swap
            consultant, LV-Finance, makes a more conservative appraisal of both companies' potential in
            the value-added segment of the market. At the current price of 0.9¢ per share of
            Uralsvyazinform, the proposed swap ratios result in a target price of $1.52 for Tyumentelecom
            and $1.45 for Khantymansiiskokrtelecom.

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