"Dengi", #42,  November 1997 

"Financial Newspaper", #16, April 1997 

"Russia Review", June 30, 1997 
"Experts are left watching as Aeroflot stocks take off" 

According to a recent report by stockbroker CentreInvest Securities, Aeroflot has plans to sell stock internationally under an ADR program later this year and has lined up several international credits to fuel purchases of new Boeing and Ilyushin jets. These include $1.5  billion from the US Exim Bank and the European Bank for Reconstruction and Development. CentreInvest supports the theory that Aeroflot is being stalked by Berezovsky, who has already taken control over a number of other large privatized companies, including the huge oil company Sibneft and ORT television. "LogoVAZ group appears to be taking over Aeroflot", CentreInvest said in a recent report on the company. 
 

"Capital Market Report", June 1997 
"Interview with CentreInvest's head of Research James Fenkner" 

Capital Markets report: How does CentreInvest brokerage unit operate? 
James Fenkner: Our main business is sourcing shares through Russian entities and selling to foreign funds.  We have a few clients who are high-net-worth individuals, but individuals often  don't understand the risk.  On the other hand, fund managers are going to understand  that they are taking a calculated risk in Russia, that there are no guarantees. Historically, the consultancy has helped in getting the original content for the brokerage with firms’ managers.  Now the brokerage group has grown enough that we can find sources of shares for ourselves.  We go to management and get shares. We explain to management that we can increase their visibility and their share price. Good relations with management is the key to everything. 
 

"Business World", March 24 1997 
"The CentreInvest Group Strengthens its Ties with the Siberian Region" 

The Inter-regional Association "Siberian Accord" and the investment company CentreInvest Group have signed an agreement on co-operation in investment and management consulting spheres.  This alliance is aimed at implementing the Federal Program for the Economic and Social Development of Siberia in 1997 - 2005.  According to the agreement, work will be carried out to create a favorable investment climate in the region, to identify production priorities for raising finance, including from abroad.  The CentreInvest Group will be responsible for developing investment programs and projects, consulting companies'management and employees.  It will take an active part in the development of restructuring projects for enterprises in various industries and sectors. 
 

"Capital", November 26, 1996 
"Interview with CentreInvest's Director of Trading Strategy Alexandre Babian" 

Capital:  Could you describe your duties as the Trading Strategy Director? 
Babian: Our company started with four people, today it employs over 150 professionals.  I supervise the work of the Sales Department but my primary goal is somewhat different:  I look for tomorrow's ‘blue chips’.  We identify promising companies that are currently undervalued, study them and then take efforts to make them more liquid. You will have to excuse me but I never talk about projects that are currently underway.  After months of thorough work they first become known to our best clients and only in about 6-8 month's time - to the rest of the market. 
 

"Financial Izvestia", July 16, 1996 
"CentreInvest Soft installs a German-made corporate governance computer system" 

CentreInvest Soft, forming part of the CentreInvest Group, has signed an agreement with the famous German software designer and producer SAP-AG, holding the fifth place in the world and the first in Europe in terms of software sales.  CentreInvest Soft will provide its Russian corporate clients with the Russian-language version of the German system R/3.  CentreInvest Soft has already implemented a number of computerization projects for such major clients as "Yuganskneftegas", "Surgutneftegas", Vneshtorgbank and others. 

 
CentreInvest's Experts Quoted  
 

The Moscow Times, September 30, 1997 
"Profit Data, ADR Program Hold Aeroflot Stock Aloft" 

"Now, Aeroflot is up because investors realize the company is not only an international airline, but wants to take back domestic routes", said James Fenkner, Head of Research at the CentreInvest Group. 
 

Russia Portfolio, September 1, 1997 
"Market summary" 

"I think it will start up again soon," said Dan Rapaport , Head of Sales with CentreInvest Securities in Moscow. "The smart money will come in October, and the smartest money will come in September. There will probably be profit taking just before the IFC listing in November, like what we saw just before Yeltsin was re-elected." 
 

The Wall Street Journal, July 23, 1997 
"Europe Stock Focus: Russia Gasprom Stuck In Limbo" 

"James Fenkner, Head of Research at brokerage firm CentreInvest in Moscow, believes the stock may be interesting precisely because most investors are so depressed by its prospects. What little trading takes place now is done by telephone between brokers. Finding can be difficult, but Fenkner snapped some up for CentreInvest's research fund just as they were being taken off the RTS. "Management can only get friendlier from here", he said. "I don't know if a three-times-money stock, but it will be rediscovered sometime." 
 

The Wall Street Journal, July 9, 1997 
"Russian Stocks Expected to Maintain Gains" 

"James Fenkner, head of research at CentreInvest Securities, thinks any large-scale disruptions in the Russian economy are unlikely in the near future. As a consequence, he sees the RTS Index at 600 by Oct.1. "The Duma is out for a couple of month, and there is going to be a feast for a while", he said. Mr. Fenkner thinks some bigger blue-chip stocks are less attractive after their powerful rallies this year. But more gains are likely because some, such as metals giant RAO Norilsk Nickel, are only beginning to feel the benefits of a financial restructuring, he said. Mr. Fenkner thinks more money can be made, however, by searching out some of the market's lesser-known companies that he thinks will emerge as blue-chip shares later on. He is recommended Eastern Oil Co., which doesn't trade on the electronic Russian Trading System, or Primorsky Shipping, one of the least-liquid stocks on the RTS". "I would argue that the greatest action is off the (traders’) screen," he said. "There are still people who can make car-loads of money finding the companies that nobody knows about yet." 
 

The Moscow Times, July 3, 1997 
"Tatarstan Tightens Grip on KamAZ" 

"Alexei Labovsky, an auto industry analyst at CentreInvest Securities, said Muratov's appointment is unlikely to usher in major changes at KamAZ, as with the Tatarstan government. "Tatarstan has done a lot for KamAZ," Labovsky said. "It is only right that it gets something in return." Labovsky. who earlier predicted a 10 to 20 percent rise in KamAZ share price this summer, said the market had reacted calmly to news of Muratov's appointment. "What interests everyone is whether KamAZ will live up to its promise of turning a profit this year," he said. 
 

The Moscow Times, June 3, 1997 
"Nemtsov Suggests Gasprom Discounts" 

"This makes economic sense for Gasprom," said Ivan Mazalov, an oil and gas analyst with CentreInvest Securities. "It will probably be better off because at present it is getting no money on the domestic market." He said, however, that Gasprom is already supplying gas at rates far less than what European consumers pay. While European firms pay at the rate of $80 for 80 cubic meters, most Russian enterprises pay between $40 to $50, he said.  Mazalov said Nemtsov's suggestion is an indication of the Russian government's support for the gas producer. "The bottom line is that the government understands it should help Gasprom at the moment rather than restructure," he said. "Yeltsin's recent decree is aimed at boosting (the company's American Depository Receipt ) in international markets, and now the government is trying to help the company improve collection on the domestic market."