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Strategies & Market Trends : Investment in Russia and Eastern Europe -- Ignore unavailable to you. Want to Upgrade?

To: Michael Burry who wrote (136)	5/18/1998 3:03:00 PM
From: Real Man	Respond to of 1301

It is difficult to find fundamental information, I agree. You can find some on Lukoil site: lukoil.com -Vi

To: Michael Burry who wrote (136)	5/18/1998 4:16:00 PM
From: CIMA	Respond to of 1301

This site offers some analysis: skate.ru

To: Michael Burry who wrote (136)	5/19/1998 3:51:00 AM
From: Thomas Haegin	Respond to of 1301

Michael, you are absolutely right that information is tough to come by. The most useful information I have seen on LUKoil was a Prospectus they have prepared when they issued a convertible bond in 1997. The lead manager of this issue was SBC Warburg Dillon Read. In this they had production data and financials, but these were not all audited to western standards, allthough this was intended. But the task is very complicated in that they have to consolidate about 42 subsidiaries that are spread out all over Russia and all have Russian Accounting standards... I'd try to get in touch with Dillon Reed, asking if they still have a copy of this Prospectus somewhere. The other possibility is that you find Russian Brokers on the Internet. My favourite is RMG Securities at rmg.ru On the other hand buying LUKoil is about as safe as a Russian investmanet can be: They have more oil reserves than Exxon I think. They also have some refining capacity that they are investing in (upgrading). They are also in cooperation with Atlantic Richfield. Maybe there is something mentioned in ARCOs 10-K or Annual Report. There are sound reasons why individual investors should consider buying mutual funds for Russian investments. Hope this helps a bit, Thomas