A "Who's Who" of emerging Russian consumer companies was unveiled at Moscow and London news conferences on the first and second of April 2003, managed by The PBN Company, and covered by nearly 30 Russian reporters, including those representing the Financial Times, Dow Jones News Service, the Moscow Times and Prime TASS.

The first-of-its-kind study was conducted by Interactive Research Group (IRG) and sponsored by The PBN Company, The Moscow Times, Deloitte & Touche, Bank Société Générale and Altium Capital.

"The study identified the most competitive, well-run and promising emerging companies in Russia's $275 billion consumer market," explains PBN's Chairman & CEO Peter B. Necarsulmer. "It also serves as a guide for domestic and foreign investors interested in investing in, lending to, acquiring or partnering with a Russian enterprise specializing in consumer goods or services."

Approximately 15 of the top 100 say they will publicly list on the Russian, New York or London Exchanges in the next 24 months. Of the 100 companies named, 42 produce or sell fast-moving consumer goods, 15 are consumer service providers, 12 are retailers, eight are in agriculture and food production, and seven are wholesale distributors.

"The growth of these companies mirrors the growth of the Russian consumer market, which increased 15 percent last year," explains Necarsulmer. "Real income of Russian families also grew by 8.5% in 2001 and 8.8% in 2002."

An overwhelming majority of the companies report significant growth in 2002. "But, sales volume and income growth alone were not the determinants of who made the Top 100 list," says Necarsulmer. The study also examined the companies' management, commitment to transparency and good corporate governance, investment policies, marketing and distribution networks, brands mix and growth plans.

New emerging Russian companies were also put under the spotlight at an Adam Smith Institute Conference in London on 22 May entitled "Investing in Emerging Russia: Blue Chips and Beyond." The PBN Company was a conference co-sponsor and Necarsulmer presented on image management and relationship building for Russian companies seeking access to capital.

"Everyone knows Yukos, Lukoil and Aeroflot are major Russian companies," says Necarsulmer. "But, in the future, I predict companies such as Kalina, Cherkizovsky, 36.6, Nizhpharm, Gloria Jeans, and others that are on the Top 100 Emerging Russian Companies list will also be well known around the world."

Email Peter: peter.necarsulmer@pbnco.com

For copies of the Top 100 Emerging Russian Companies Study and news coverage: http://www.pbnco.com/

For copies of Peter's presentation: "Reputation Building for Russian Companies in Western Markets." http://www.pbnco.com/eng/news/presentations/ppt/investing/pbn05_22.ppt