The magazine for those who wish to surpass dreams

issue

#11

FILM STUDIO CIB PRESENTS

PRODUCER: H. O. GREF STARRING: A. M. DONSKIH, A. V. BAZAROV, R. K. VARDANIAN

A FEATURE FILM

IPAD VERSION AVAILABLE AT THE ITUNES APP STORE FROM MID-JANUARY 2012 DEAR TROIKERS,

The highs and lows of the stock Clients Department and Ruben a strategic partner of the Cinema markets, striking cultural and Vardanian, Chairman of the Board of Museum, and that’s why this issue sporting events, crisis in Europe, Arab Directors at Troika Dialog. They also stands out with its unusual concept. revolutions, and the social networking shared their views on how the work The issue’s materials are cinema- boom… That was the world in 2011. of the two banks’ teams is changing themed in some way or another. For Troika, the year was marked by as a result of the upcoming deal and Employees of the DCM Department a number of very important events: why trust and readiness to embrace proved that writing “scenarios” for on March 11, Sberbank of Russia and change are vitally important for placing debt securities on the basis of Troika Dialog announced the signing successful integration. unique concepts is a form of art. After of an agreement on the intention to Many new, important and interesting reading the musings of Jean-Luc unify Russia’s largest bank and the things are happening in the run-up to Pipon, Managing Director of the Legal country’s leading investment bank, integration, which will predetermine Division, you will understand why and on May 25, the legally binding the development of business in the law is like a race, and that a lawyer agreement on the deal to merge the years ahead. In these key publications must be able to rise above situations two companies was signed. dedicated to the merger of Troika and possess good intuition. We also New horizons created thanks to and Sberbank we have attempted to travelled to the very heart of Foggy the merger, the changes taking place answer the questions that currently Albion, where Paolo Zaniboni, CEO in the world, the financial industry concern all of us. of Troika Dialog UK, talked about the and at our companies as well as Troika’s everyday life – the work life and work of the London office. the year’s preliminary results and we do together, new projects, events, All this and much more can be future expectations: these are just key appointments – is no less found on the pages of this edition of a few of the topics discussed in eventful or interesting. In keeping The Troiker. interviews with Alexander Bazarov, with tradition, we will introduce you Vice President and Director of to colleagues from various company Best regards, Sberbank of Russia’s Corporate subdivisions. In May, Troika became The Troiker Editorial

The magazine for those who wish to surpass dreams

issue

#11

FILM STUDIO CIB PRESENTS

PRODUCER: H. O. GREF STARRING: A. M. DONSKIH, A. V. BAZAROV, R. K. VARDANIAN

A FEATURE FILM

IPAD VERSION AVAILABLE AT THE ITUNES APP STORE FROM MID-JANUARY 2012

CJSC INVESTMENT A PROJECT BY: COMPANY “TROIKA DIALOG”4 ROMANOV LANE, MOSCOW, 125009, RUSSIA, TEL. +7 495 258 05 00, FAX +7 495 258 05 47, www.troika.ru CONCEPTUAL PROJECT INSPIRATION GOR NAKHAPETYAN, ZOYA GUSCHINA MANAGER IRINA MARKITAN INTERNAL COMMUNICATIONS ELENA KUDRYASHOVA, EKATERINA GOSTEVA, ALEXANDRA ZVEREVA EDITORS SVETLANA MYASOEDOVA, OLEG DOZMOROV, EDITOR & ADDITONAL HELP INA MANDRE, ANTON MANYASHIN TRANSLATOR MARK RAWLINS PROVIDED BY MARIA ZALUNINA, MARINA LIUBANSKAYA Custom Publishing Sanoma Independent Media 3 POLKOVAYA STR., BLDG. 1, MOSCOW, 127018, RUSSIA, TEL. +7 495 232 32 00, WWW.GOPUBLISHING.RU DIRECTOR CUSTOM ART PUBLISHING GALINA USTINOVA PUBLISHER OLGA KUMAKHOVA DIRECTOR ALEXANDER ROMANOV DESIGNER ALENA KOROTKEVICH MANAGING PHOTO EDITOR ANNA DANILOCHKINA EDITORS EVGENIA STARKOVA, KIRA ABULKHATINA PROOFREADER ELENA SEMYACHKINA PHOTO SHOOT HAIR PRODUCER YULIA YUDENICH PHOTOGRAPHERS LAZYANT, ALEXANDRA MANOVTSEVA, MAXIM SEREGIN & MAKEUP MARINA YELCHEVA, ANNA PERESEDOVA STYLIST INNA SEVASTYANOVA THIS PROJECT USES ILLUSTRATIONS ALEXEY POPOV PHOTOS FROM TROIKA DIALOG’S PHOTO BANK, RSB А PRESS SERVICE ARCHIVE, AND CORBIS/FOTO S.A. PRINT PREPRESS ARKADY CHUDIN HOUSE LLC “AZ ENTERPRISE”, Bldg. 1, 5 Bersenevsky Lane

Th i s m a g a z i n e i s i n t e n d e d f o r d i s t r i b u t i o n a m o n g Tr o i k a Di a l o g ’s e m p l o y e e s . Th e m a t e r i a l s c o n t a i n e d i n t h i s m a g a z i n e a r e p r o v i d e d exclusively f o r i n f o r m a t i o n a l p u r p o s e s a n d d o n o t r e p r e s e n t a n o f f e r t o p r o v i d e i n v e s t m e n t , f i n a n c i a l o r b a n k i n g p r o d u c t s a n d s e r v i c e s . Tr o i k a Di a l o g m a d e n o s p e c i a l v e r i f i c a t i o n o f s a i d m a t e r i a l s f o r c u r r e n c y a n d /o r c o m p l e t e n e s s a n d a c c e p t s n o responsibili t y t o u p d a t e t h e p r o v i d e d i n f o r m a t i o n o r t o c o r r e c t a n y p o s s i b l e inaccuracies . Th e i n f o r m a t i o n c o n t a i n e d i n t h i s m a g a z i n e i s a d d r e s s e d t o t h e e m p l o y e e s o f Tr o i k a Di a l o g a n d i s n o t i n t e n d e d f o r u s e b y t h i r d p a r t i e s . 1 contents

What's Up? PROFESSION Top Secret The latest news Why do we need lawyers? Troika’s cinema 04 at Troika 30 50 projects INTERVIEW KEY APPOINTMENTS PROJECT SKOLKOVO Ruben Vardanian: A blitz interview A summary “Our plans are ambitious…” with new employees of the first 08 40 52 five years INTERVIEW IN FOCUS CHARITY Alexander Bazarov: Troika at forums All the kind and virtuous “Clients rejoice, in Singapore things that we have done competitors get and Saint Petersburg together in the past year apprehensive” 12 44 54 BUSINESS TROIKA AROUND THE GLOBE LEISURE Products as movie Paolo Zaniboni The corporate spirit masterpieces talks about and sporting character 16 46 the London office 58 of Troikers TEAM troikers Education DCM in full Pirates An anniversary year on Treasure Island for the Summer Internship 20 48 60 Programme issue #11 3 what's up? what's up?

was formed ahead of schedule, which indicates that half of 2011, according to Cbonds. During the period TIME FOR A CLOSE-UP investors are very interested in companies of the global ASK AN ASSET MANAGER! the company placed four loans to the amount internet sector, which is experiencing yet another boom. of 1.75 mln hryvnia, which is equal to 30% of the total On May 25, 2011, Sberbank of Russia and Troika Dialog At the end of August 2011, Troika’s arsenal of new volume of domestic market placements. announced the signing of a legally binding agreement media instruments was enhanced by a new page, “Ask on Sberbank’s 100% acquisition of Troika Dialog’s share an Asset Manager” on Facebook and VKontakte. The capital. The signing officially confirmed the decision ON THE RED CARPET page is a place where our experts talk about effective made in March 2011 to merge Russia’s largest investments, the latest tendencies and potential I’LL TAKE YOU TO A MUSEUM… commercial bank and one of the country’s leading Troika Dialog is in the limelight again – we were developments of mutual investment funds, management investment banks. presented a number of prestigious awards in all areas of pensions, and many other things. The number of At the start of May 2011, Troika Dialog made of business. Our research team was ranked number subscribers to the page is growing and already numbers an announcement about its strategic partnership one in seven of the ten categories of the Extel Pan- over 1,000. Support our managers with your “likes” and with the State Central Cinema Museum. A number Europe 2011 Survey (Thomson Reuters). In addition, recommend the page to clients, friends and colleagues! of jointly-held educational and charity projects have twelve of Troika’s analysts took leading positions been planned as part of the partnership. In particular, in a 2011 rating of Russian analysts published by thanks to Troika, the museum will be able to display Institutional Investor magazine. to the public a part of its collection which has never Three of Troika’s top managers were ranked among FOUR FRAMES been exhibited before. The cinema is something that is the “Top 100 Russian Managers” (an annual rating very close to Troika: our 20 years on the market is like compiled by the newspaper Kommersant): Ruben Troika Dialog Ukraine launched an internet trading service a captivating movie about a quest for victory and well- Vardanian (“Business Leaders” category), Tatiana for the derivatives market at the end of September 2011. deserved respect. Go to page 50 to find out more. Tikhonova (rating of Human Resources Directors) Two Troika Dialog Ukraine mutual funds were approved: and Maria Zhog (rating of Public and Corporate “Troika Dialog Shares” open-ended diversified mutual Relations Directors). investment fund and “Troika Dialog Bonds” open-ended That’s not all: RBC.Rating declared that Andrey Kilin diversified mutual investment fund. The minimum was the best portfolio manager in 2010; “Troika Dialog – necessary amount of capital and structure of assets Consumer Sector” open-ended mutual investment fund were successfully formed in the established period and won the “Profitable Mutual Fund” nomination (category: in accordance with the investment declaration and “Results and Success”) of the Financial Olympus National applicable law of Ukraine. Award; in May 2011 “Troika Dialog – Ilya Muromets” Troika Dialog Ukraine then began to create its own A LONG-AWAITED PREMIER was judged to be the most popular mutual investment network of agent banks after signing an agreement fund among open-ended and interval funds in Russia with BM Bank on the sale of investment certificates for At the start of June 2011, the open-ended equity (according to RBC.Rating) and finally, “Troika Dialog – the aforementioned open-ended diversified mutual fund “Troika Dialog – Agro-Sector” was launched, and High-Yield Bond Fund” open-ended mutual investment investment funds at the bank’s Ukrainian branches. a month later the formation of open-ended equity fund took first place in the bond funds category of Troika Dialog Ukraine was the largest organiser fund “Troika Dialog – Global Internet” began. The latter a rating compiled by Business New Europe magazine. of bond issues on the Ukrainian market in the first

the troiker issue #11 5 what's up? what's up?

by accessing the interactive section “Internal news”. You are keeping with tradition, fulfilled the dreams of a few employees. ONLY THE BEST CASTING probably aware that besides Moscow, Troika has offices in TROIKA TREASURES Throughout September we conducted a survey on the 20 other Russian cities and throughout the world. Although quality of internal services, which showed that the employees The tenth Summer Internship was held in Moscow, 11 Russian colleagues are sometimes separated by thousands of miles of Troika’s support-oriented subdivisions are continuing to regions and also in Ukraine and Kazakhstan. Out of the 1,500 and several time zones, our intranet makes it very easy to grow professionally. In addition, Troika’s first ever survey on applications submitted, 100 people were chosen, and as find out how Troikers are doing across the globe. All you compliance culture at the company was held in October. a result of all the qualification stages, only 63 Moscow-based have to do is navigate to the “Branches” section. Besides trainees and 18 in the regions were approved for the two- that, it is always nice to find new discounts in the “Special month internship. The best interns were offered jobs at Troika. offers” section, which various companies in Moscow and Read more on page 60. other Russian cities offer to Troikers. Yet more proof that DOWNLOADING… Troika is both a prestigious and a beneficial place to work! Starting from May this year, an iPad version of The Troiker was made available for download from the App Store. The application is free and accessible to all users. Load DAY AT THE MUSEUM The Troiker onto your iPad and be in the know of the most interesting things happening at Troika! On September 12, the Troika Museum was opened. For the museum we have tried to gather together everything that is a part of the company’s history. The museum’s exhibits are On July 23, employees went on the annual Summer Outing. a reminder of all the most striking events in the company’s life. This year we visited Treasure Island and became pirates for I AM A LEGEND If you have any commemorative items connected with Troika’s a day. A musical competition called “KinoShock” was held history, please bring them to the Internal Communications during the evening programme. The first prize, a trip to 2011 is an anniversary year for Troika because we marked Department. We are planning to extend the museum’s Hollywood, was won by a team made up of employees from the company’s 20th birthday. Several of our regional and collection and please you with new exhibits. The museum our Saint Petersburg office. They set off to conquer the international offices also celebrated impressive dates: is open daily from 9:00 a.m. to 6:00 p.m. and can be found in US of A in October. Read more on page 48. the offices in Cyprus and Samara turned 10 years old, Troika’s office in Romanov Lane (4th floor of Romanov Dvor 2 and Troika’s office in Vladivostok, Chelyabinsk, Ufa and business centre). Welcome! Krasnoyarsk marked 5 years. Congratulations, colleagues! Hi-Tech OUR UNIVERSITIES May your successes continue!

On May 24, the results of the nationwide Best Intranet Troika launched its manager development programme in June. Russia 2011 contest were announced. Our intranet won first It is a long-term modular project, which gives its participants an A NEW YEAR place in the category “Innovative Intranet System Solutions”. opportunity to obtain all the necessary knowledge in the field Troika’s intranet is constantly developing and in the last six of operational management. The programme was developed Due to the prolongation of the financial year (starting from months it has become even more useful and user-friendly. specially for middle managers and provides for the acquisition 2012, our financial year will correspond with the calendar year), A new employee quick search function was introduced, of both theoretical and practical knowledge. the dates for holding the Annual Review were changed. Review which allows users to rapidly (by entering the first four In August, everybody at Troika improved their level of practice sessions were held by employees from the Review and characters of a search) find out the contact information of information security knowledge by undergoing a training Assessment Department in September and October order to any employee. Besides this, Troikers can now talk about their course specially developed for Troikers. The Orientation make the Review process as effective as possible. talents and hobbies by using a new and improved version of Programme, an event for new employees, was held in On January 20, the Annual Meeting will be held, at which the “Our activities” blog section. You can find out about all September. Senior executives spoke about the activity of each of the 2011 financial year will be summed up, future plans will be the important and interesting events connected with Troika Troika’s subdivisions, answered newcomers’ questions and, in shaped, and the best employees and teams will be awarded.

the troiker issue #11 7 INTERVIEW RUBEN VARDANIAN

Ruben Vardanian Chairman of the Board of Directors at Troika Dialog: “OUR PLANS ARE AMBITIOUS…”

Ruben, the great number of large-scale changes taking place in the world at such a fast speed means that our conversation about what is happening around us, and not only in our industry, has already become a tradition. In the context of the changes taking place, you could say that a very interesting period awaits us. This is obvious. The crisis is linked not only to financial performance or debts of some country or other, but also with the growth of social tensions in society, with the feeling of discontent that can be perceived everywhere. You just have to take a look at what is happening in the financial sphere, how events on the political stage are developing, and how the perception of world leaders is changing. In addition, a serious wave of hostility is being directed towards the “fat cat bankers”. The imagery of moneylenders and capitalists, which were often vividly portrayed in the classic works of Marxism-Leninism is once again gaining sorrowful popularity. In that we can see a certain degree of cyclicality.

Can we talk of a second wave of the crisis? In your opinion, which lessons have we learned? The question is not whether there is a threat of a repeat of the 2008 crisis. Today we’re faced with a different situation: there are less debts and mutual obligations. Furthermore, there is a whole range of problems, namely, those of European banks. However, for many of them, those problems do not have fatal consequences and are entirely resolvable. The question is a different one. People understand that there is no single decision-making mechanism, today’s leaders find it very hard to agree with each other and that the motivations of people, countries and organisations are all different. The modern generation took out loans, spent the money, and then refused to change their way of life, thereby passing the problems onto the next generation. In order to repay debts, especially those incurred in Europe or the USA, people need to work more, relax less, and receive fewer social benefits.

Many people are making the comparison between the situation that the international community has recently come up against and what the USA and Europe went through in the 1930s during the Great Depression. That comparison isn’t entirely correct. We must admit that recently the world has undergone serious changes. The Great Depression

the troiker issue #11 9 INTERVIEW RUBEN VARDANIAN

most severely hit Europe and the USA, while all the other countries pipeline (number of planned deals), many joint projects, and correctly in the world weren’t “part of the equation”, and no one worried about developed relations. Frankly speaking, we planned to make more what was happening there. Now the situation is profoundly different: money. But on the whole, it has been a very hard year for everyone China, Brazil, India, and Russia are growing. On the one hand, we’ve in the industry. got our fair share of problems, including the Russian economy’s dependence on oil. On the other hand, there are obvious pluses: Russia What do you expect to happen next year? has no debts, it possesses the largest reserves of natural resources, After the deal with Sberbank is closed, Troika will become an extremely is developing well, and has strong political power. unique player with undeniable advantages: an enormous client base, colossal experience, a professional team and enhanced opportunities. Do you think that the crisis will spread from the economic sphere Even in crisis conditions, Sberbank has a multitude of competitive to the political one, keeping in mind that 2012 is a “worldwide advantages from the point of view of liabilities, assets, client base, election year”? management, as well as their balance sheet and credit portfolio. We are In 2012 elections will be held in the USA, France and Russia. We can’t feeling confident and look to the future with optimism. Whether market exactly expect a period of total stability. No one knows how the Arab recession or boom, Sberbank Group has a real chance to make money. Spring will finish, and it has been announced that troops will be And so you see, our plans are ambitious. Don’t forget that Sberbank withdrawn from Iraq and Afghanistan. There will be big changes on plans to become one of the world’s top 10 banks. the political stage. Remembering the lessons of the past, you can’t help asking yourself: “Who will replace today's political leaders and So, the advantages that we have gained by becoming a part of the what will they be like?” Will we see hardliners, representatives of Sberbank Group considerably offset external risks? centre-right, or people supporting centre-left parties? We need more The deal with Sberbank opens up new horizons and expands the scale charismatic, stronger leaders, this is obvious. But where will they come of many business areas. Yet in theory, the opportunity to work and from? It’s not possible to assert that these people will come from the make money is always present. If the market declines, buy-backs and establishment. Maybe they will rise to power using different channels: M&As will be made, companies will restructure, and currency swaps for example, social networks such as Facebook. In the past we’ve and hedging will be executed. If the opposite happens, there will be witnessed situations when leaders have come not from political parties, placements, privatisations, takeovers etc. This is our traditional niche but literally from the streets. In the modern world, information is and a strong area for us. disseminated instantaneously, which allows the opinions of the masses to be manipulated. In the previous issue of The Troiker we talked about how we were planning to gain full approval for the deal with Sberbank in autumn, Let’s get back to Troika. This year we extended our financial year however, now it is evident that the process will take a little longer than by three months, but surely we can already draw some results? planned. I can say in advance that the results are not the ones that we planned. You have to understand that we live in a constantly changing world There are several reasons for this. Firstly, due to the difficult situation and regulators have their own problems and difficulties. Objectively concerning the market. In general, our industry isn’t exactly going speaking, it’s difficult to predict such a process. In May, we signed through its best days at the moment. The stock market has changed a legally binding agreement and reckoned on receiving approval a great deal as of recent, and throughout the year the situation on from the regulators by October. Now we hope that the process will the stock exchanges has remained ambiguous. Secondly, it’s due to our be completed by the start of next year – before spring. However, I’d merger, the changes connected with it and the state of uncertainty, like to once again point out that it’s still too early to talk about specific which always accompanies events of such scale. Thirdly, there were timeframes: everything will depend on the regulators. errors made when managing some of our own trading positions, etc. On the other hand, there were definitely some positive moments. To what extent has the notion of how Troika will integrate into the Troika and Sberbank are cooperating well: we already have joint Sberbank Group changed since the deal was signed? mandates; a brand new model of interaction between client managers, At the moment we are experiencing more flexible cooperation than we investment bankers and clients themselves is being developed; and expected in the beginning, and after the deal is finalised we anticipate training is being held for possible pilot retail projects, and also for even closer integration. Interpersonal relations and trust between venture investments. Some personnel changes have taken place: teams are especially important with regard to the process. It must be Jacques Der Megreditchian along with a few other employees left the said that Troika isn’t changing alone. Sberbank is also ready to change company, but at the same time, we have made many appointments. with the arrival of Troika, and discuss as well as adjust its strategy taking This period, like any transition period, is painful and complicated. Yet into account new realities. This is a key process, especially given the a lot has been cleared up: we have adopted a strategy for the future fact that Sberbank is Russia’s largest and oldest financial institution – development of Troika as a corporate investment bank (CIB), and this year the bank marked its 170th anniversary. Sberbank deserves many issues concerning the further cooperation and subsequent nothing but respect for its determination to remain in the vanguard integration with Sberbank have been resolved. We have a good and its desire and readiness to embrace change.

the troiker issue #11 11 interview Alexander Bazarov

Alexander Bazarov Member the Management Board, Vice President, Director of Sberbank of Russia’s Corporate Clients Department: “Clients rejoice, competitors get apprehensive”

In the autumn issue of The Troiker we usually sum up what has happened in the outgoing year. So let’s start this conversation with a rather formal, but very important question: how do you rate this year? On the whole it was a very interesting, good year. First of all it was an anniversary year because Sberbank marked its 170th birthday. Few banks or companies in the world can boast of such a history. It was a significant event and a good reason to take a look at what we have achieved and make plans for the future. Secondly, it was a record-breaking year in terms of what we have achieved. A lot of the figures are simply amazing: the bank’s assets reached 10 trillion roubles, the corporate credit portfolio had exceeded 5 trillion roubles by the middle of the year and will possibly hit 6 trillion roubles by the end of the year. Annual profit will beat 2010’s absolute record of 180 billion roubles and we expect that the final figure will be 300 billion roubles. Last but not least, it was a year of preparation for integrating with Troika. Sberbank’s acquisition of Troika was a key moment in the development of our corporate and investment unit.

What’s your opinion on what will happen to the market and the industry? We will see a continuation of the fundamental transformation which commenced on the market and in the industry in 2008. Many call it “the crisis”, and what is happening now “the second wave of the crisis”. I think that it’s more fitting to call it “the transformation”. There are many reasons for it, and they have accumulated for over 20 years. In chronological order the primary reasons are as follows: firstly, the transition from a bipolar world to a unipolar one due to the collapse of the Soviet Union. Secondly, it’s because of the cancellation of legislation which was passed in the USA during the Great Depression of 1929-1933, namely the Glass-Steagall Act, according to which

the troiker issue #11 13 interview Alexander Bazarov

investment banks were separated from commercial banks. In my sized and smaller clients. The main difference is that we have a product opinion cancelling it was a serious mistake which resulted in the line that is as wide as possible and we can customise any product to financial markets being estranged from the real economy. When meet the needs of individual clients. In other words, we are a “custom everything was going well, no one was especially concerned about this, tailor” as opposed to a “mass producer”. The largest clients section and the fact that the real economy was growing by 2-4% per annum is limited to those that bring in over 15 billion roubles of revenue. At while the financial markets were growing by 10-20% was interpreted Sberbank we have approximately 2,500 of those clients. Working with by everyone as the advent of the “new economy” and a “new order”. them takes place as follows: there are three client subdivisions – the But this couldn’t continue for long: in 2008 the bubble burst and Corporate Clients Division, Government Client Division and the thus the first phase of worldwide geopolitical transformation of the Financial Instructions Division. As part of the department, these global system began. New centres of influence are developing and subdivisions make up a “single point of entrance” for the bank’s gaining force whilst the old ones – Europe and the United States of clients. Besides this we have created an institute of client managers. America – are losing their previous clout. The latter entity’s share The institute’s task is to resolve client issues instead of selling a specific of global GDP is proof alone of this: after the Second Word War, the product. We took this step in order to avoid a situation where buttons USA’s GDP accounted for 50% of the world’s GDP. Now it makes up are sewn tightly, and trouser legs and sleeves are of different lengths, around 20%. When I talk of new forces, obviously I have China, India like in Arkady Raikin’s famous comedy sketch, where a single person and Russia in mind. In spite of all the difficulties we are facing, I am isn’t responsible for a suit because it was “collectively” sewn. At still very optimistic about Russia. The financial industry is at the Sberbank, the “suit” is the responsibility of the person who headed the very heart of this transformation and therefore in the near future, team that “sewed” it for the client. However, this in no way eliminates both the markets and the industry will be heavily shaken and a high the individual responsibility of each member of a team. I would like degree of turbulence is to be expected. This is proof of the market’s to emphasise that we don’t offer any services that can be provided significantly volatile state – the jumps of 3-5% during the trading by a single individual. Team participation is a very important part of day which are currently being experienced are very unusual for the working with clients. preceding periods. In the long run, I’m certain that the system will be rebuilt, however, this takes time. Your work involves frequent communication with clients. What was their reaction when they heard from you about the merger of You worked at Western investment houses for a long time. How Troika Dialog and Sberbank? What are clients expecting from this does a Western investment banker see Sberbank from the inside? merger, and what are they apprehensive about? What was Sberbank like when you had only just started to work at When we communicate with clients, more often than not they ask the company? Has it changed since then? about how the merger will take place, and what in our opinion will it It has definitely changed. I would say that it has changed dramatically mean for them, rather than expressing expectations or concerns. I’ll and fully in accordance with our development strategy up to 2014. It tell you this: after our explanations, clients rejoice, and competitors get is important that in several areas we are working ahead of schedule. apprehensive. It’s crystal clear that the merger of Troika and Sberbank The essence of these changes is the transformation of Sberbank from will bring phenomenal growth to our business, substantially enhance a Soviet half-bank half-investor into a modern market based and our product range and increase the quality of services. A platform for client-oriented financial establishment. Our main task is to change large and ambitious growth is taking shape. From my point of view, for an organisation for which clients were a source of problems and the giant that will be the unified Sberbank-Troika, the goal to become headaches into a true service provider that puts clients first and investment bank number one in Russia is not such an ambitious plan, depends on them to survive. This is a transformation embodied by and will be fulfilled in a relatively short time. Our goal is different – to the expression of “we are for clients”, and not the other way round… operate on a completely different, global level and conquer the peaks a very serious transformation. We have already enjoyed initial that have yet to be conquered. We’re currently developing brand new successes, yet in my opinion, we have only walked 15% of the path to products by using Troika’s expert knowledge and Sberbank’s leading complete fulfilment. position in Russia. There is no doubt that we will be number one here.

You head Sberbank’s Corporate Clients Department. Please tell What do you personally expect from the merger? us about your department. How do you go about working with I’m looking forward to a larger amount of good, interesting projects. Sberbank’s biggest clients? Also I’m looking forward to getting to know new, talented, and Let me repeat that our task is to become a client-oriented financial ambitious young specialists who will work together with us on those establishment that provides its clients with the services they need. To projects. It’s a great shame that there are only 24 hours in a day, do this we first of all have to understand what they need. Therefore we because there’s so much that I want to do. It may sound like a bit of began by dividing our corporate clients into four categories: largest, a paradox, but the main task at the moment is not to find what to do; large, medium and small. Our department only works with the largest instead it is to decide what can be postponed in favour of the main clients, who have needs that significantly differ from those of medium- goal. And work according to that plan.

the troiker issue #11 15 BUSINESS IN YOUR OPINION

Elizaveta Petukhova Ekaterina Lozovskaya

El i z a v e t a Pe t u k h o v a , Financial Consultant, means that investors are provided with the Private Clients Division, Ekaterinburg branch opportunity to participate in the growth of the global internet sector – one of the most “Troika Dialog – Global Internet” fund, dynamic, innovative and fastest growing IN YOUR nomination: “Best Foreign Film” segments of the global economy. The plot of this film unfolds in the virtual realm of internet providers, search engines and online shops, which bring genuine Ek a t e r i n a Lo z o v s k a y a , Head of Financial returns to those who invest in them due Consulting Group, Standard Products Department, OPINION to an unparalleled business growth rate. Private Clients Division It’s worth mentioning the high quality IF FINANCIAL PRODUCTS WERE PRESENTED selection of performers amongst a sea of “Troika Dialog – Ilya Muromets” fund, AWARDS IN THE SAME WAY wannabe actors. Casting was based on nomination: “Ageless Classic” a careful review and regular communication. AS MASTERPIECES OF CINEMA, WHICH The dynamic plot stands out due to its high A classic is something that became a part TROIKA MUTUAL INVESTMENT FUND volatility, something which demands extra of our lives a long time ago but remains attentiveness from the film’s creators. a model of timelessness and good taste. WOULD YOU AWARD A STATUETTE The fund is distinguished by its excellent Only those things that are able to pass AND IN WHAT CATEGORY? portfolio of foreign IT companies; “closeness the test of time become classics. That’s to the people” (HTC smartphones, MTS SIM exactly why I would present “Troika cards, tablet computers made by Apple, Dialog – Ilya Muromets”, which was created Googling and eBaying – all part of everyday in December 1996 and is now one of the life for many); the possibility for private largest and oldest mutual investment funds investors to purchase shares of the largest in Russia, with the “Ageless Classic” award. internet companies using a simple and In the past it has survived two recessions transparent instrument; and also the and demonstrated that it is one of the potential of rapid growth thanks to new most profitable bond funds around. cloud computing technologies. The fund has been successfully invested The fund’s strategy seeks to achieve in government, municipal and corporate long-term capital growth by investing in bonds of Russian issuers. It seeks to the shares of companies whose business achieve investment capital growth from is directly linked with the global internet, a combination of coupon income and price such as internet portals and online shops. appreciation by investing in fixed income The fund may also invest in companies securities of Russian issuers while limiting that are engaged in the development of credit risks. In my opinion this is a case internet technologies, such as the provision where something that is old and good and of internet access, including the creation of has withstood the test of time is in no rush smartphones and software for them. This to give way to what is new and fashionable.

the troiker issue #11 17 бизнес IN YOUR OPINION

Ma r i n a Er m o l a e v a , Financial Consultant, Financial It’s possible that in the near future we increase of the volume of gold and Consulting Group, Standard Products Department, will witness the formation of new public precious metals that they extract). Private Clients Division companies and the departure of current Over the past ten years, the gold players from the market. We have not seen price has increased every year – this “Troika Dialog – Electric Utilities” the last of changes to the industry. Only is a unique tendency. There are fund, nomination: “Captivating one conclusion can be made: this film two main reasons for this: systemic Plot & Perfect Casting” will keep you on the edge of your seat! global “shocks” (macroeconomic crises and geopolitical conflicts) and Throughout its entire existence, the fund has Ni k o l a y Ko z a c h o k , Financial Consultant, expectations that inflation rates will repeatedly forced its owners to experience Private Clients Division, Saint Petersburg increase. Despite the fact that the price mixed feelings. The fund was formed in branch for gold is not that far away from its September 2006 and since then the graphs historical maximum, the aforementioned illustrating the value of its units have been “Troika Dialog – Precious two main reasons are not abating. reminiscent of a rollercoaster. At the same Metals Companies” fund, The fund’s strategy focuses on growing time, the value of a unit during that period nomination: “Stunning Debut” companies. Despite the fact that on the has increased by 30%, despite the 2008 whole, gold mining is stagnating on crisis and taking into account the fact that This mutual fund invests in the shares a global level, many Russian issuers the market has grown little more than 10%! of companies that extract gold and other currently possess impressive potential to The reform of the industry and precious metals. Clients are presented increase extraction volumes. Therefore restructuring of RAO UES of Russia with the opportunity to make money investors will have the opportunity facilitated the attraction of private Russian from expected rises in prices of precious to profit from the organic growth of and foreign investments and altered metals and also due to the organic growth companies even if gold prices remain the sector’s institutional environment. of the companies themselves (in essence, static. Clients receive a “double The new approach towards regulation and at the expense of the mining companies’ advantage” – a real “golden” chance! competition on the electric power market incite companies to be more efficient and cut costs. The arrival of private investors and new management teams promote the implementation of new management standards and help increase transparency. The portfolio of “Troika Dialog – Electric Utilities” includes shares of the industry’s generation, grid and sales companies. Today there are over 100 instruments available with a market capitalisation of $80 bln for those who wish to invest in the Russian electric utilities market. The fund seeks to achieve long-term capital growth and is designed especially for investors who are ready to bear the risks of companies which are in the process of reforming.

Marina Ermolaeva Nikolay Kozachok

the troiker issue #11 19 TEAM the basis of DCM mastery

04 01 02 06 07

05 01 Fedor Oks 02 Olga Dumanskaya 03 Ekaterina Voronova 03 04 Ivan Mirgorod 05 Evgeny Fokin 06 Alexey Rudenko 07 Valentina Ermolkina

…You simply cannot argue against freedom of creativity. Not a single piece of art can exist without it.

An d r e i Ta r k o v s k y

In the same way that under the direction of an experienced and talented director, a film crew creates films that are cinematic masterpieces, our team crafts “scenarios” for placing debt securities on the basis of unique concepts. But you have to agree: sometimes what happens behind the scenes is no less interesting and captivating than the movie masterpiece itself…

A little history Troika Dialog’s Debt Capital Market Department was created “at a junction” between the Investment Banking Division (IB) and the Global Markets Division (GM) and for a long time was part of Global Markets. Today, Troika’s DCM* Department THE basis forms part of IB and we have been working together for over five years. The past years have been genuinely interesting and successful, despite the fact that together with the market we have gone through OF DCM challenging times. Yet difficulties have tempered our character by strengthening our team’s core. The formula for success, which we have deduced and strongly believe in, is actually a simple one: a team approach and MASTERY capable personnel. Where does DCM begin? WORK ON THE DEBT CAPITAL If we rephrase Stanislavski’s famous saying MARKET IS A FORM OF ART, that “theatre starts from the cloakroom”, it would be fair to note that cinema starts SOMETHING THAT NOT EVERYONE from the first frame, and with regard to us IS CAPABLE OF CREATING the following words would fit: “DCM starts from the individual”. An individual who has *DCM – Debt Capital Market. the troiker issue #11 21 TEAM the basis of DCM mastery 04

01 02 05 06 01 Alexander Borisov 02 Elena Larina 03 Ilya Davydov 04 Olga Gorokhovskaya 03 05 Alexey Bezrukavnikov 06 Oksana Klypina

decided to work in DCM, must, as they say, want to live with this profession and take have fire in their eyes. Our business, in the each and every difficulty as a step forward same way as the fine art of cinema, does on the path to perfection, on the road to not put up with indifference. Employees something new, then you are definitely our of the DCM Department must have special sort of player. Every project is unique: you qualities, both professional and personal. work with different teams, different people. Unlike directors, cinematographers and Each project comes as something brand screenwriters, we always keep in mind new, and each requires a huge amount of that any “scene” can only be shot “in one strength, both mental and physical. You take”. This is why it is important to think, have to “absorb” the project, “live” with compare and analyse – in a word, to put in it when it is being formed, “nurture” it and meaningful work and continuously push then release it on the market. We don’t know forward. Like the Black Queen in Through the what creative idleness is because we value Looking-Glass said: “Here, you see, it takes all the time factor. If the market is closed for the running you can do, to keep in the same placements it means that we are presented place. If you want to get somewhere else, with the opportunity to offer clients original, you must run at least twice as fast as that!” timely solutions for managing public debt circulating on the secondary market. Joint Nobody ends up in DCM work on planning new deals does not cease by accident for a single second. The old truth, that sometimes your profession chooses you rather than you Only the best personnel choosing it, is very fitting with regard You could go and read a pile of extremely to those that work in our business. In the useful books about securities, but all the same way that any actor has a unique same, you wouldn’t become a professional. destiny, we have all walked our own In the process of creating concepts and different paths to DCM. There are some “producing” “DCM projects”, every one tough, sometimes merciless, yet invariably of us must be able to work on ourselves fair rules of the industry. Such a high and critically evaluate the results of our standard is not for everyone. So, you’ve labour. The main thing is the desire to grow chosen DCM? Then forget about a measured and develop. Even a novice actress who and standard working day! We work for our hasn’t gone to acting school can become clients. The window for making placements a star. Guided by intuition and the desire only opens for a specific period of time, and to find out and understand, she discovers it’s precisely during this short interval when a path by which she can reach the towering we are able to place bonds on conditions heights of mastery in an area of art that that are acceptable for issuers and attract she once considered to be a mystery. Our financing for them. The process of shooting experience is convincing proof that an outdoor scenes depends on weather elementary education is not the main thing conditions; our creative process completely since our team features lawyers, sociologists, depends on market conditions. You have to physicists, mathematicians, and… even seize the moment when the market situation journalists. is as favourable as possible. It’s all in the details Modern roles To work at the Debt Capital Market Have you got used to working half-heartedly? Department you need to have a balanced Then you’re not our kind of player. If an actor approach, the ability to make reasonable, fails to put in one hundred percent during grounded decisions and to think in filming and doesn’t get accustomed to his perspective. Now you think we’re rational character in order to become at one with and boring? You couldn’t be more wrong. him, then he’s mistaken in his career choice. Our talents are multifaceted, and each of An actor doesn’t spare himself on the set, our passions long ago outgrew the definition and that’s why he’s an actor. Employees of an idle hobby. Basketball, hockey, of the DCM Department sometimes have swimming, skiing, wakeboarding, bicycling, to sacrifice an evening or a day off, but if you photography, Indian dancing, automobiles,

the troiker issue #11 23 TEAM the basis of DCM mastery

05 02 04 03 01

01 Viktoriya Kravchuk 02 Tatiana Kostina 03 Anastasia Kosinova 04 Ludmila Latunova 05 Anna Kuzevanova

drawing, yoga, tennis, cinema, music – this is far from an exhaustive list of our what we do for fun. To come to the office every day, dive into a world of figures, reports and analytics whilst walling ourselves off from our colleagues is just not for us. We wouldn’t be able to create a truly comfortable, warm atmosphere if we didn’t find each other interesting as people in the first place.

The creative process from an insider’s point of view In the same way that a star-studded line-up of actors goes a long way in determining the fate of a film, a successful placement is the result of the work of all of the “cast and performers”. Our team includes specialists involved in the two areas of DCM: origination and execution. Origination (selection of projects) is covered by employees, who are in direct contact with clients and accompany, or, in business speak, “conduct” the deal until it is closed. The execution group is a team of analysts that prepares legal documents, writes analytical materials for distribution, and covers many other issues. They are the ones who can “read” financial reports. It is their role which goes a long way in determining the overall success of a project.

Meetings and trips We have many clients in Russia and the former USSR: in Ukraine, Belarus and Kazakhstan. Work in origination makes for close communication with clients – the “plots” of our “films” cast our senior

the troiker issue #11 25 MAIN THEME the basis of DCM mastery

DCM managers in different cities. Roman Polanski, forces them “to forget that It’s impossible to reach an agreement if its they are sitting in a cinema”. An actor must basis – trust – is not present. Trust can get a feel of the light and tactfully detect the only be won by meeting someone in person. movement of the cameras. Only a talented 02 A telephone call just doesn’t cut it. We only and convincing performance is capable of meet as a complete team at a meeting on enchanting the viewers. And another thing: Mondays, yet the creative exchange within makeup is intended to emphasise natural the department is no less intense because characteristics. We create our own image and of this. It is important for actors to see each strengthen our reputation – a reputation of other’s faces, to put across their point of view professionals building relations with clients 01 and character interpretations. Our meetings that are founded on complete trust. People are also vitally important to the cause as they trust us because we know and understand. not only help us to sum up the previous week, In our department, the functions of stylists outline future targets, exchange information, are fulfilled by specialists who prepare plan work and remind us of our “main presentational materials. They are able to not plotlines”, but also frequently give rise to only pick out colours, thoughtfully build up an 01 Ksenia Yaroslavskaya fresh, brilliant ideas. image, but also work beautifully with words. 02 Pavel Sokolov

Starring Awards A film that is genuinely interesting and Our “film crew” has picked up a lot of captivating is coloured by the shining talent awards. In 2009 we won the nomination of each performer, but only by working “Best Organiser of Municipal Loans” together are the performers able to evoke in a competition held by Securities Market the feeling the viewers that, in the words of magazine. In 2010 we were a prize-winner

01 Sergey Vidyaev 02 Viktor Gudkov 03 Ekaterina Voynova

02

01

03

the troiker issue #11 27 TEAM the basis of DCM mastery

04

02 05

01 03

01 Daria Valkova 02 Julia Daminova 03 Irina Cherevko 04 Yana Dmitrenko 05 Oxana Kovalenko

at the Cbonds Awards in the nomination “Best DCM Team on the Russian Market”. According to Bloomberg, in 2011 Troika Dialog maintained its position as a leading player in terms of volume of bonds placed in Russia.

A “positive” outlook After a film is released it may become a landmark in the history of cinema, or it might simply sink into oblivion. “If you travel without purpose, then there is no sense in choosing which road to walk down”. These words of Ralph Waldo Emerson can be applied to any area of life, including to work. Our current purpose is to continue to consolidate our leading positions and make the majority of deals on the debt capital market next year. The most important quality of a film is the level at which the creative task is set and the brilliance of its realisation. Every person who has come into contact with the marvellous and mysterious world of cinema will always be enticed and attracted by what is new and unexplored, by the opportunity to experiment, make new discoveries and achievements. After all, only those who firmly believe in their own strengths and strive to be original can have their say in genuine art.

Just the facts* For the first three quarters of 2011 (starting from January), we placed 46 rouble bonds on the Russian market to a total amount of 138 bln roubles. In addition, 4 bond placements were made in Ukraine. * Cbonds data. the troiker issue #11 29 PROFEsSION director's cut

01 02 01 Jean-Luc Pipon 02 Elena Pirogova 03 Vladimir Chulikhin 03 04 04 Vladimir Ponomarev

Why, a stupid thing like this, the most trivial on contracts, or carries out due diligence detail might spoil the whole plan! is simply a controller who checks the legality Cr i m e a n d Pu n i s h m e n t b y Fy o d o r Do s t o e v s k y of some transaction or procedure. However, to reduce the lawyer’s role in Troika Dialog’s Legal Division, including staff such a way is to ignore what law is. WHY DO in Ukraine and Kazakhstan, is made up of 29 lawyers and their assistants. Who are they? In order to obtain perfect justice you need to What do we need them for? get accustomed to it, observe its most minute My friend, an Englishman, always used details and succumb to it to such an extent that to tell me: “A notary (he considered that it becomes a way of thinking. all lawyers are notaries) is the essence of Mo n t e s q u i e u WE NEED deliberation; a heap of unnecessary pieces of paper and prices that are too high.” In Law is not just legislation, but also the last twenty-five years the world has the practice of administering it, and changed drastically. Lawyers have changed jurisprudence (interpretation of legislation together with it. That’s a fact. Today the by judges). In general, this is very fragile LAWYERS? majority of Troika’s employees are too and unstable set of rules. It’s like music: the young to be able to even imagine what the question is not whether you can read the JEAN-LUC PIPON, MANAGING era of the telegraph was like: a world before score, but instead whether you can play it DIRECTOR, LEGAL DIVISION: faxes, email and the internet. correctly. It turns out that a few technological The legal profession may seem a little “LAW IS LIKE A RACE: advances and a basic understanding of dry and emotionless because it implies IN ORDER TO MAKE English are all that is necessary for different manipulating abstract concepts. Actually, law nations to start to exchange experience is like a race: in order to make the mind soar THE MIND SOAR YOU NEED and attempt to understand each other. you need to move around. By sitting still in TO MOVE AROUND…” Globalisation has happened. Society has order to better concentrate, a lawyer is able changed everywhere. The media, fashion and to find out everything about a deal he or she in particular, law and finance – everything is preparing: its perimeter, limits, risks. has blended together. Is a lawyer a guarantee of your success? And if we talk about lawyers on the whole? Unfortunately, no. It’s the other way The place that they occupy in the structure of round – often lawyers are sceptics, since Russian companies is a good indicator. They even a very small degree of unpredictability are in the back row. They are like the car and uncertainty (for example, the risk of that picks up those who go off the tracks at occurrence of force majeure circumstances) bicycle races. always accompany deals regardless of the In actual fact, a lawyer is a lot more than participation of lawyers. Risk exists. It is that. Let’s paint a brief picture. At first part of the everyday routine. Is it worth glance, a lawyer who draws up or comments complaining about this uncertainty?

the troiker issue #11 31 PROFEsSION director's cut

05 06 07

08 09 10

Again, the answer is no. What would the 05 Anna Skopinskaya financial market become if the results of all 06 Kirill Kozlov actions were determined beforehand? But 07 Egor Trofimov if uncertainty is omnipresent, then why 08 Elena Timasheva do we on earth do we need lawyers? Lawyers are a necessary evil: they help a 09 Artem Afanasyev number of dangers to be avoided and find 10 Osanna Asriyants comfortable ways out of difficult situations. Analysis and clear thinking help lawyers to evaluate any situation, write contracts, and create and launch investment products. Sometimes people consult lawyers in order to save time. We rarely encounter completely new and unique situations, and as a rule, lawyers utilise their experience and knowledge in order to recommend previously applied solutions for the problem at hand. Private companies and in particular, banks, which face competition are well aware of the price of time and experience.

The administration of justice is six thousand years of legal errors. Ro b e r t Br a s i l l a c h

A lawyer must possess intellect and intuition regardless of whether he or she works in an investment bank or any other sphere. Intellect is needed in order to understand the tasks at hand. The broader the regulatory framework (or to put it in a more cynical way, the more that is permitted), the more the opportunities a lawyer is given to exercise his or her powers of intellect. Understanding problems is far more important than knowing the rules. This is because regardless of the solution, the main challenge is always the same – to learn to think freely, without getting bound up in rules or preconceptions. All these judgements may seem too theoretical to you. So let me give a few examples: transfer pricing, counteracting the misuse of insider information, dependence of inflation on raw materials prices. These institutions and the problems connected with their realisation are relevant throughout the world. Nevertheless, in each country problems are resolved differently. A lawyer

the troiker issue #11 33 MAIN THEME director's cut

11 Elena Briskina 12 Mikhail Gavrilov 13 Vera Selezneva 14 Igor Troshin 15 Anna Goldman 16 Oleg Goransky 17 Ekaterina Solovova

11 12 13 14

15 16 17

the troiker issue #11 35 профессия WHY DO WE NEED LAWYERS?

18 Ekaterina Starostina 19 Ilya Ischenko 18 19 20 20 Vitaly Borovskiy 21 Lyaylya Nigmatulina 22 Damir Ismagilov 21 22 23 23 Maiya Tarabukina

always goes a step further, using intuition and skill when it comes to organising work. If lawyers possessed intellect alone, then every time it came to drawing up an agreement they would reinvent the wheel. Good intuition helps lawyers to counteract that and enables them to focus on the main task at hand: the resolution of a new or unusual problem. In order to maintain a clear mind when resolving a certain issue, a lawyer must stick to the basic principles such as assessment of risk based on the provisions of the law or evaluation of logical connections when entering into and concluding agreements.

He who goes with the law will traverse the world. He who goes with force won’t even cross the threshold of his house. Ru s s i a n s a y i n g

To be a bank lawyer means to keep track of all the aspects of the bank’s activity and see all the possible risks through the fragile prism that is the law. Effective performance and professional etiquette are of paramount importance. Knowledge of aspects of a company’s activity is the source of complex and multifaceted matters such as commercial confidentiality, prevention of conflicts of interest, personal loyalty, and also prohibition of the use and disclosure of insider information. Since nothing in life is simple, the lawyer’s role, as a rule, involves discovering solutions and answering questions that weren’t actually set or were set between the lines. A lawyer accepts that sort of situation as if it were completely normal: he who asks (or attempts to ask) the question is not a lawyer, and perhaps he doesn’t know what needs to be asked. And this question is never simple. First of all, matters always vary depending on the country you’re in: charter capital, paid-in capital, the legality of taxes paid for a transaction via a counterparty account, shareholder agreements, arbitration clauses, judicial practice concerning guarantees and other methods for fulfilling obligations, etc., not to mention the many

the troiker issue #11 37 PROFEsSION director's cut

24 25 26

27 28 29

24 Zauresh Aubakirova 25 Vladimir Zaikin 26 Andrew Bolshakov 27 Viktoria Bykova 28 Maxim Scherbakov 29 Daria Sytova

ways of entering into and registering deals. Secondly, there is a need to resolve disputes, taking into account the intricacies of all these concepts. A lawyer’s work is not just about expanding and deepening one’s knowledge. It also includes combining the practices of other countries and sometimes even choosing between them.

Speak, so that I may see you. So c r a t e s

Troika’s legal team has enough specialists to offer every business subdivision the option of choosing who will cover what project on the basis of competence, experience and also personal qualities. One lawyer may be Don Quixote and another – Marshal Zhukov. Everything depends on the tasks which need to be solved. Yet a Pushkin-style lawyer is a rare thing because you often have to deal with very urgent matters. Lawyers who suffer from the constant need to reassure themselves in written form, as a rule, devote themselves to study and analysis. Only thanks to experience can they obtain real power – the power to give the advice that is needed. *due diligence – the procedure Keeping track of logic and articulation of assessment for the purpose is another task of the lawyer. If our trade of forming an objective involved making films, the lawyer would be overview of a company, for in relation to business what a director is in example, prior to acquiring it. relation to an actor. Of course, lawyers remind **KYC (Know Your Client) – everyone of regulations and fulfil obligations a procedure which focuses on that most people would prefer not to know identifying your client (or his/her about, or just simply forget about them (for business) and determining, for example, due diligence* or KYC**). A lawyer example, sources of income and can be portrayed as a navigator, which leads a number of other parameters a destroyer like Troika or a battleship like in order to counter potential risks. Sberbank through storms and bad weather.

the troiker issue #11 39 troikers key appointments

01 Why Troika? 02 Where are you always happy? 03 What was the last thing that surprised you? 04 What’s your favourite meal? 05 What are you reading at the moment? 06 Do you have a dream (what is it)?

05. Russia: A 1,000-Year Chronicle of the Wild East by Martin Sixsmith. 06. To speak Russian fluently... 06. Yes, to work in Russia and live in Ireland. So far the first part is achieved and until Se r g e y Mo s k a l e n k o , Manager of the Private Ja m e s Co r r i g a n , IB Managing Director, either I have access to a private jet or Clients Division, Volgograd branch Investment Banking Division someone sees an opportunity in regular flights between Moscow and Dublin that 01. If I have to choose a reason, then I’d say 01. Troika is a leading investment company in dream remains a dream for now. because Troika’s the best. In life you often Russia and together with Sberbank’s financial have to make compromises and act according resources Sberbank Troika is an excellent To d d Be r m a n , Managing Director, to circumstances, but at the same time you platform from where to work as a real estate Co-head of Investment Banking have to take the position of a maximalist: the investment banker. best family, friends, house, holidays… And 02. Relaxing with my family in Ireland. 01. For the both the opportunity and the the best job, at the best company, of course! 03. Ireland’s football team managed a 0:0 challenge to be a part of the team building 02. In Spain (24/7) – all the time and draw with Russia in Luzhniki stadium. one of the world’s leading universal banking everywhere… 04. Sharing a pizza with my son at franchises. 03. The invitation to come and work at Troika. Boconcinno. 02. With my family. And mountain climbing. 04. Steak (medium) with good wine. 05. The latest edition of the International 03. Greek sovereign debt trading levels. 05. 1Q84 by Haruki Murakami. Financial Review. 04. Red meat. 06. To see into the future.

On page 40 (from left to right): James Corrigan, Todd Berman, Sergey Moskalenko

On this page: Oscar Ratsin, Olga Klimova

CAPTAINS OF BUSINESS KEY APPOINTMENTS AT THE

COMPANY DURING THE LAST HALF YEAR for providing clothes the photo shoot. Thank you to Topshop

the troiker issue #11 41 troikers key appointments

Os c a r Ra t s i n , Managing Director, Ir i n a Fe d o r o v a , Chief Operating Officer, Deputy Head of Investment Banking Private Clients Division

01. Because in the tandem with Sberbank we 01. Because it’s the most professional team are the best. in the industry combined with a highly 02. In the fresh air. developed corporate culture. In light of the 03. I was surprised by how young the team at deal with Sberbank, Troika has enormous Troika is. potential in terms of client base expansion, 04. Lamb shish-kebab. which on the whole provides for tremendous 05. Tai-Pan by James Clavell at the same time momentum you could not miss and a once in as The Black Swan by Nassim Nicholas Taleb. a lifetime opportunity! 06. To spend half a year at sea with my family. 02. At my dacha (country house) in the Moscow Region, with my child. Ol g a Kl i m o v a , Managing Director, 03. That I’ve already been offered the chance Global Head of Equity Sales, to sign up for a skydiving session. (Smiles). Global Markets Division The very fast response to the “employees’ dreams” is amazing! 01. It just felt like the right thing. I was at 04. Rocket salad with prawns. a previous job for very long and was ready 05. I’m afraid I might sound unoriginal, but for a change. I always knew that Troika was the answer is Reality Transurfing by Vadim a credible Russian broker respected by clients Zeland. and Sberbank will give it a much stronger footing. My communication with Ruben during the interview process also made me Dz h a n g i r Dz h a n g i r o v , Chief Risk Officer, dolma, pumpkin cream soup, sushi… I like opens up colossal prospects for personal much more excited about the opportunity. Risk Management Division a lot of different food. growth and development. 02. I treat myself as a citizen of the world. 01 Why Troika? 02 Where are you always happy? 05. Strictly Business by O. Henry. 02. I’m happy when I’m together with like- And what matters the most is not the place 03 What was the last thing that surprised you? 04 What’s your favourite meal? 01. I’ve hardly ever chosen an employer – 06. I have a dream – my dream is that my minded people, people who understand me but my own piece of mind and the right on the whole I’ve chosen people who I will children will grow up together in harmony. perfectly. A good example of this is my family 05 What are you reading at the moment? 06 Do you have a dream (what is it)? people around. But if we speak about places, have to work with and those who I can learn and close friends, since I always feel good I love mountains. There is something magic from. During the period of carrying out due Vi k t o r i a Ch e r v a t y u k , HR Business Partner, when I’m around them. in the rough beauty of Mother Nature. diligence of Troika, I worked at Sberbank Human Resources Division 03. The last time I was surprised, was by how 03. Going through an interesting experience and was able to get to know many of my successfully events and circumstances can fall now with my return to Moscow, the city I current colleagues. I didn’t hesitate when 01. Because of the people. into place. This never ceases to surprise me. grew up in, after 17 years in New York. It is 06. My biggest dream is that one day there On page 43 (from left to right): I was offered a position, and, as a result, 02. In comfortable shoes. 04. I really love eating meat, regardless the place I know and at the same time, do not will be NOT ONE homeless, lonely or Irina Fedorova, Dzhangir Dzhangirov, the opportunity to work with them. 03. The sight of a Lada in Paris. of what form it’s in: cutlets, shish-kebabs, know. Surprising to feel like a foreigner in hungry child ANYWHERE ever again. Viktoria Chervatyuk, Airat Gibadullin 02. We all create our own surroundings – 04. Everything that’s Italian. boiled, covered in cheese, etc. your own city! The fact that shops are overflowing with we find friends, influence the choices of 05. Usually I read about five books at the 05. I love to read. Recently I’ve picked up a 04. I love simple Russian food like “kartoshka s clothes that no one needs, as well as tonnes colleagues, choose partners in life and bring same time. The last one that I opened was liking for audiobooks. On the one hand this selyodkoy, soleniya, sup s belimi gribami” of groceries that simply go to waste, and up children. I try and create my surroundings At Bonus Time by David Charters. helps to brighten up time spent on the road, (potatoes and herring, pickled food, soup at the same time there are many thousands so that I feel happy everywhere. 06. A sabre, a budyonovka (pointed hat worn and on the other hand it means that I save with white mushrooms). Maybe because I of homeless children that are in dire need 03. In the past few years I have been by Red Army soldiers) and a bicycle! (Smiles). time spent reading books. At the moment I’m just missed it! of food and clothes is a monstrous crime. surprised and inspired by technological And to answer your question seriously – reading Punished by a Wedding by Louis Brinon 05. I recently finished a book called The I have a global dream, that finally all wars achievements and the social phenomena I dream of finishing the book I’m writing. and Tales of Power by Carlos Castaneda. Rational Optimist, by Matt Ridley. It is will end and people will achieve their connected with them – 10 or even 20 years 06. I dream of founding my own university fascinating because it explains the history of ambitions in a peaceful way. Other big ago we couldn’t have even imagined today’s Ai r a t Gi b a d u l l i n , Manager of the Private Clients and establishing a fund for supporting our civilization from the eyes of an economist. wishes: to learn how to control a sports all-encompassing Android smartphones and Division, Ufa branch talented people. 06. I want to build a yoga camp in some aeroplane, do a 360 spin when kitesurfing, iPads. Now they’re in our pockets. beautiful spot one day! Just a place to reflect travel A LOT all over the planet, including 04. There’s no such thing as a single 01. Troika has long been a leader of the and enjoy life. the North Pole. (Smiles). favourite. I love steaks, baked bananas, Russian stock market. Working at Troika

the troiker issue #11 43 in focus in focus TROIKA IN SINGAPORE A GATHERING OF BUSINESS STARS

On September 25-28, 2011, the 6th Russia-Singapore Business Forum was held. In keeping with Troika Dialog held a number of important events at the 15th Saint Petersburg International tradition, Troika Dialog sent an impressive delegation of senior managers and experts to the event. Economic Forum that took place on June 16-18. The company was represented by Troika Dialog is a long-time partner of the RSBF, which in its six-year history has become the a delegation of key executives. foremost event for representatives of the business communities of Russia, the CIS, Singapore, This year, Troika once again played an active role in the SPIEF. Ruben Vardanian moderated and Asian states. The forum is a place where business contacts are established and the prospects a session entitled “Global Finance: Welcome to the Unknown?” which was jointly organised and latest economic tendencies of Russia and the Asia region are discussed. by Sberbank of Russia and Troika Dialog. The session involved a discussion of the many On the eve of the official opening of the event, participants and guests gather at the forum risks threatening the global financial system and measures aimed at mitigating them. opening party. The party is held at the same time as the night-time Formula 1 race and so Anton Rakhmanov took part in the session “Emerging Markets Shaping a New Global partygoers have the unique chance to watch this wonderful spectacle from the height of the 57th Economy”. In the session, directors of leading financial institutions of the largest emerging floor of the Marina Bay Sands Hotel. economies discussed economic priorities for emerging market countries with market

On the first day of the forum, Ruben Vardanian, Chairman of the Board of Directors of Troika economies, strengthening the economic position of BRICS countries in a more stable, more Dialog, took part in the panel that kicked off the event. He also participated in a session on the balanced global growth, and measures and financial instruments that facilitate the further third day of the forum, entitled “The State of the World Economy”, during which participants development of trade and investment in the world and the BRICS countries. identified the new challenges facing the global economy, promising sectors for investment and Troika organised one of the key events of the forum – the business lunch “Russia: 20 Years global technological shifts. of Transformations”. Guests to the lunch received a report on the colossal changes that Managing Director of Troika Dialog AM, Anton Rakhmanov, moderated one of the forum’s key enabled a bankrupt communist empire to become a fast-growing capitalist country over the sessions – “A Focus on Key Emerging Markets”. The participants of this session discussed the last 20 years. Moderating the event were Anton Rakhmanov and Russian journalist and TV prospects of the BRICs and other developing markets and also the concerns regarding economic presenter Leonid Parfyonov. overheating and inflationary pressures. The majority of the speakers at the forum came to the Also as part of the forum, Troika Dialog held a press briefing devoted to a fundamentally agreement that the potential for growth in developing countries remains high, despite the new format of film financing using modern instruments available on the Russian stock problems in the USA and Europe. market. The briefing featured Jacques Der Megreditchian, director and producer Besides Ruben Vardanian and Anton Rakhmanov, the Troika delegation included Evgeny Gavrilenkov, Timur Bekmambetov (live via telebridge from a film set in the USA), Nikita Trynkin, Gor Nakhapetyan, Pavel Sokolov, Olga Logvina, Olga Klimova, Kirill Gromov, Konstantin Tserazov, Manager at Bazelevs Group, and Ilya Popov, author and creator of the animated television Alexander Kudrin, Ihor Petrashko, Alexey Bulgakov, Oleg Maximov and Andrew Keeley. series “GoGoRiki”.

the troiker issue #11 45 Troika around the Globe London

…So ask Charles Dickens, *Not all of our readers know London What are the greatest achievements How it was then in London: that well, so tell us a little about of the London office? The old City, Dombey’s desk, the area where the office is located. Over the last couple of years we’ve Yellow waters of the Thames... Troika’s London office is located in been bookrunners on a lot of IPOs In the Very a business district, the City of London, and privatisations. These are the likes Do m b e y a n d So n b y Os i p Ma n d e l s h t a m and is a short walk from St. Paul’s of Mostotrest, Novorossiysk Sea Port, Cathedral and the River Thames. The TransContainer, PhosAgro etc. We City of London is just over a square mile were bookrunners and competed very With characteristic British reserve and and Europe. Troika Dialog has a big within London, which is historically the strongly with all the global houses, Heart minus any fuss, the members of Troika’s research team based in Moscow and it financial centre. Nowadays much of and in most cases outsold them on London team achieve spectacular leverages this research team to provide the global investment banking sector is these offerings. Another example is successes, set up new areas of business, the relationship and the franchise that actually based in Canary Wharf, which the accelerated bookbuild we did for amicably celebrate Christmas, play Troika Dialog UK can build with its is the Docklands, way over on the east Eurasia Drilling Company together with rugby, and collect whisky. We found institutional clients. The London setup side of London. But nevertheless the Goldman Sachs. It was done overnight, of London out a little about the life and work of was originally very much an agency City of London continues to be a very and we outsold Goldman Sachs on the London office directly from its CEO, relationship business because all the important thriving financial centre. We that bookbuild, which was a great Paolo Zaniboni. trading and risk management was are based in Fleet Street, and our office achievement as well. Also, last year performed in Moscow. is opposite Goldman Sachs. Fleet Street we were sole bookrunner on a London This year, Troika’s London office Paolo, please give a brief history itself has quite a history – it used to be stock exchange listing of a Ukrainian marked its seventh anniversary, of the office. What are the main functions the base for all British newspapers and company called Avangard. So we Troika Dialog UK was set up in 2004 of the London office? the printing industry. In fact, Charles managed to do a sole bookrunner listed yet it is still shrouded in a light in order to provide an office where We are a brokerage to institutional Dickens once worked as a newspaper stock on London. haze of mystery, much like the salespeople and sales traders based in clients in the UK and Europe, and we editor just round the corner from London could work more closely with do this for fixed income, equities and here. But now most of the newspaper What do people at the office do outside rest of foggy Albion their institutional clients from the UK derivatives. We also have other smaller industry has moved out of the City. of work and what events does the scale functions. We have one Research We are actually part of recent media office hold? Team analyst, Andrew Keeley, based in history: Reuters UK was based in our We celebrate the office birthday on London. Also, at the London office we building until 2007 and we moved in the May 10, which is incidentally the have a UCITS* saleswoman, Severine a year later. day after Victory Day in Russia. From Arnaud, since a couple of years ago we a cultural perspective, Christmas is set up a Troika Dialog Asset Management Talk to us about your employees. The building that accommodates Troika’s a very important time in the UK. The office here, which focuses on selling Who are the key people at the office Staff of TD UK get together for some UCITS funds into Europe. and what do they do? office was built according to a project Christmas drinks on an evening before Twenty-six people currently work Christmas. We also do many events, for

at Troika Dialog UK. In terms of key of famous British architect Sir Edwin example, we held an Agriculture Day people, I’m CEO and simultaneously in London a couple of years ago, and UCITS (Undertakings for Collective * Head of Research, which is based in Lutyens, a pioneer of the neoclassical we hold special lunches for economists Investment in Transferable Securities) Moscow. The Head of Cash Equity or distinguished people. Also our fixed Trading, Graham Dean Hart, is based in income team attends the Fixed Income style of the early 20th century, London and equity traders in Moscow Emerging Markets Ball every year. In report to him. James Bevan, the Head terms of staff and hobbies activities, and is considered to be one of the British of Sales Trading, also works here in one of the people here is into extreme London and is in charge of all of Troika’s fishing, another is a big rugby fan who capital’s architectural highlights. sales traders, so Moscow reports to him used to be a rugby player, and now as well. Our team also includes David he actually coaches a rugby team in The ground floor of the building is home Longmuir, Head of Equity Sales for London. We have a collector of fine Europe and the UK, and Colin Chapman, whisky and a collector of fine wine. One to the restaurant Lutyens, named the Head of Fixed Income Sales for employee loves buying books; he’s a bit Europe and the UK. As I mentioned of a librarian since he’s literally got a in honour of the great architect before, we are joined by senior analyst, proper library at home. He’s probably Andrew Keeley, and Severine Arnaud one of the reasons why Amazon is of the Offshore Funds Department. so profitable! Also I should add that Obviously we have a Compliance our team is culturally diverse: a lot of Officer, Richard Ford, who reports from different languages are spoken here, a regulatory perspective and we have obviously Russian and English, but a COO, Iain Fulton, who is in charge of also Italian, French, Japanese, Swedish, the operational side of things. Danish, Dutch, Polish and Ukrainian.

the troiker issue #11 47 troikers TREASURE ISLAND

After boarding a real ship, the jolly pirates Troika communications this year. Maxim along to the legendary band. During their set off in search of adventure. While Scherbakov won the photography contest performance a helicopter flying the Jolly our “pirate schooner” headed north, with his creation entitled “A Man of Wealth Roger circled above the Troikers. Gor Nakhapetyan, chairman of the jury and Good Taste”. of the photography competition “20 Years After the concert, our open air party Like in the Movies”, awarded the winners. Real adventures awaited us on the island! turned into a night club, and under its The competition involved Troikers In keeping with tradition, we worked roof, Troika employees demonstrated their presenting their photographs on the topic out who were the best footballers and singing skills. The “KinoShock” musical of cinema, the primary theme for all volleyball players at Troika. We messed competition was won by the Other Pirates around, playing water football, sunbathing, group from Troika’s Saint Petersburg swimming and relaxing in the spa. Curious Office. They celebrated their victory pirates had their fortunes read by genuine in Hollywood – a trip to the famous location clairvoyants, and the most venturesome was the main prize of the competition. quenched their thirst for gambling by sitting The wildest applause was commanded down at the card table with colleagues. by the group from Kyiv, winners of the A hearty feast was thrown and Troikers audience adulation prize. After the plunged into a sea of conversation with competition, the band Dorians kicked off “A Man of Wealth and Good Taste” brought colleagues. the evening disco. Practically everybody victory to Maxim Scherbakov was dancing that evening! This tremendous in the photography competition In the evening, Mashina Vremeni day full of socialising and merrymaking was transported us into an energising world rounded off with a stunningly beautiful of fine music, and we danced and sang firework display.

The Summer Outing is an excellent tradition, thanks to which we all get together in order to strengthen the team spirit and simply spend time with colleagues in an informal atmosphere. We are sure that the impressions from our stay on Treasure Island will be strong enough to last the whole year! TROIKA TREASURES

AT THE START OF JUNE, TROIKERS RECEIVED BLACK SPOTS, AND THIS COULD MEAN ONLY ONE THING – THAT ON JUNE 23 EVERYONE WOULD HAVE TO TRANSFORM INTO PIRATES AND SPEND AN UNFORGETTABLE DAY IN THE COMPANY OF COLLEAGUES ON TREASURE ISLAND!

the troiker issue #11 49 top secret CINEMA MUSEUM

a virtual version of the Cinema Museum. Troika took part in the Festival of Soviet Advertising as a partner and organised an exhibit of Soviet film posters. The exhibit CINEMA presented a typology of advertising People go to the movies to share techniques and methods used in poster with the Cinema Museum we are doing one and the same dream. art. We invited Troika Dialog clients to the everything possible to resurrect Sergei Be r n a r d o Be r t o l u c c i opening ceremony of the festival. Eisenstein’s original vision – to set the film We held a private premier screening to Popov’s score. MUSEUM For 20 years now, we've been building also carries out an educational mission of Andrey Zvyagintsev’s film Elena In October, Troika participated Russia's stock market in the same way that by explaining the important events, together with Snob magazine in the newly in the 2morrow/Завтра* Film Festival, Some say that every great directors film movies. An idea emerges, people and films who helped form modern refurbished Fitil Cinema Club. and in November we acted as a partner and even if it seems to everyone that this cinema culture and shaped the path of On September 24-25, we invited clients of a seminar given by Robert McKee, director films a movie is just fantasy and bringing it to fruition development of the Russian and global film to the Seasons festival at Gorky Park in a guru of scriptwriting mastery. We will throughout the whole is impossible, the creators believe in the industries. Moscow. At the festival, Troika Dialog had hold a number of events devoted idea and go all the way. The idea becomes At the moment the Museum doesn’t even its own comfortable marquee in which the to cinematography as part of The Russia of their life. Troika Dialog more distinct, sprouting stories, images and have its own premises and the majority of festivalgoers got to know old films about Forum 2012. has been “filming” its own facts. And the film emerges. “20 years like the exhibits have never been on display. Moscow. This was also the first event where Keep up with what we do, join in with our in the movies” – for us, this isn't just an We have planned many projects of both we introduced the public to the t-shirts work and share your ideas! “movie” for 20 years… advertising slogan. a commercial and a social nature which designed by Chapurin, which we created in We believe that the topic of cinema are unified by a single theme – cinema. order to raise funds for the International P.S.: Our t-shirts (Chapurin, Troika Dialog resonates with our history and the work Our task is to do as much as possible to Eisenstein Centre. and the Cinema Museum) are a limited we do. All these years we've been creating popularise the Cinema Museum, to create One of largest and most significant social edition and can only be purchased at the our own history, helping our clients a culture of cinema in Russia and to projects was the restoration of Sergei Marketing Department. and partners to realise their dreams enlighten people about the history of Eisenstein’s Bezhin Meadow. It was filmed and become the “directors” of their own international and Russian cinematography. in 1935, yet the material was left unedited “stories”. In spring we launched an advertising and was then subsequently destroyed in Good movies – both mass-audience and campaign using exhibits from the Cinema the Second World War. Years later Bezhin art house – make our lives better. Just Museum and launched a mutual investment Meadow was restored as a photofilm by like investing. This is precisely why we funds booklet featuring photographs of Naum Kleiman and Sergei Yutkevich and chose cinema as the central topic of our items from the Museum. We also held set to a musical score composed by Sergei communications. a photo session at Mosfilm Studios and Prokofiev. The original score composed In May, Troika became a partner of released a unique brochure for Private by Gavriil Popov was thought to have the State Central Cinema Museum. The Banking clients. been destroyed, however, this year it was Zoya Guschina, Museum not only preserves the heritage For six months in a row we introduced discovered at the Glinka State Central Marketing Director of Russian and world cinema classics, but readers of Bolshoi Gorod magazine to Museum of Musical Culture. Together * Завтра – (zavtra) tomorrow.

the troiker issue #11 51 PROJECT SKOLKOVO музей кино th

with those that are closest and dearest to you, and is not just great a great time to meet with friends and colleagues, but also to thank the ones you value most. On this day, SKOLKOVO Moscow School of Management was generous in addressing kind words to those it valued HAPPY most, expressing its respect and gratitude in the form of special awards. SKOLKOVO- branded SKOLKOVO HIGH FIVE statuettes and books were presented according to five BIRTHDAY, categories: “5 Most Life-changing Encounters at SKOLKOVO”, “5 Most Inquisitive Executive Education Clients”, “5 Professors who made the Students’ Faculty List”, “5 of the Most SKOLKOVO! Popular Speakers and Invited Experts”, ANNIVERSARY and “5 of the First Students Who Believed in SKOLKOVO”. The school’s fifth anniversary ON SEPTEMBER 17, 2011, SKOLKOVO Not that long ago, the idea of creating a world- was also a time for personal celebration: class modern business school in Russia the school congratulated its Executive MBA MOSCOW SCHOOL OF MANAGEMENT seemed like unattainable dream. Today, graduates. They were handed their diplomas CELEBRATED ITS 5th ANNIVERSARY! FIVE SKOLKOVO is clear proof that any dream can by SKOLKOVO Dean, Andrei Volkov. become reality if you believe in it and do In the afternoon, the campus opened its YEARS IS AN IMPORTANT BOUNDARY FOR everything possible to make it come true. doors to all those who wished to take part ANY PROJECT. IT IS A TIME TO EVALUATE SKOLKOVO’s birthday was full of events. in the celebrations together with the school. In the first half of the day a meeting of Lots of surprises awaited SKOLKOVO’s ACHIEVEMENTS, SET AMBITIOUS GOALS the school’s Coordination Council was guests: round table discussions with the AND OPEN NEW, UNEXPLORED HORIZONS! held, at which the results of the first five school’s professors; master classes on years were summed up: the successes business, architecture, design, and art; achieved in developing and launching and a presentation of the MBA and EMBA academic programmes, development academic programmes. The performance of the school’s international links and and master class entitled “The Art of Flowers” the transformation of the SKOLKOVO held by Araik Galstyan attracted special campus into a platform for lively attention. Thanks to his efforts, the school discussion of opinions and ideas were was bathed in amazingly beautiful flower noted. An important decision was made compositions on its birthday. at the meeting, which marked that start of In keeping with tradition, all those who SKOLKOVO’s next stage of development: wished could take part in the culinary and the post of School President was passed sports workshops held by SKOLKOVO’s on to Andrei Rappoport. After the meeting, partners – Correa’s and Planet Fitness. Ruben Vardanian commented: “Today, after Guests were invited to take part in group observing successes that one can be proud tours of the school held by its employees. of and drawing conclusions of the first five In the evening, Alexey German Jr.’s short film years, a major landmark for any project, it’s From Tokyo was screened. a pleasure for me to consign the position 2,000 visitors! That’s how many friends and of School President to Andrei Natanovich guests came to congratulate SKOLKOVO on its Rappoport, a SKOLKOVO founding partner fifth anniversary. The bright and memorable and a man who has been engaged in the life event was a perfect reason for old friends and work of the business school from the to meet and impressed those who were very first day”. Another important event completely new to SKOLKOVO. also took place on the day: the founding “We need to dream as much as possible, and partners presented student ID cards to as vividly as possible so that the future will third-year MBA students. become the present.” These words of Mikhail At exactly midday all the guests gathered Prishvin could have been used as the slogan in the Congress Hall to witness the official of the day. Dreams really do come true, ceremony dedicated to the school’s fifth and this means we can confidently march anniversary. A birthday is usually celebrated towards new heights of success!

the troiker issue #11 53 C H A R I T Y KINDNESS 233 RUB TOWARDS REPAIRING A CHILDREN’S HOME RUB FOR SCHOOLCHILDREN 600 Charity comes with palms 000 26 wide open; its purpose is to give.

200 6

Pe a r l S. Bu c k RUB RAISED AT THE SEASONS FESTIVAL 300 750 RUB RAISED FOR TREATMENT AT THE RCCH 00 570 CHILDREN’S WISHES FULFILLED RUB FROM THE NEW YEAR’S MAGICIANS 5 We are New Year’s with colleagues from the Voron- 34 PEOPLE GAVE BLOOD chased using the money raised, to in a family, successfully oper- ezh and Volgograd branches to 69 4 a children's home-boarding school ating in 132 countries for more magicians Troika’s New Year’s magicians deliver a New Year's surprise to RUB TOWARDS A CHILDREN’S HOME in Pereslavl-Zalessky. than 60 years. fulfilled the wishes of 400 the students of Novocherkassky In Russia, SOS Children's Vil- children. During the fundraiser Children’s Home No. 8 – they We are neighbours lages provide a rare environment 2 we collected 233,570 roubles. bought a video game console for We held two charity fundraisers where orphans can spend a happy Ded Moroz (the Russian Father all of the children to use. together with our neighbours at childhood instead of a confined Christmas) brought presents to This year our colleagues from Romanov Dvor – Credit Suisse existence inside grey walls, and Moscow Children’s Home No. 8 the St. Petersburg office also took 5300 Investment Company. In Decem- view the future with hope, rather 85 and Children’s Home-Boarding part in the “New Year’s Magician” 921 ber, 52 people gave blood, and in than despair. The funds we raised School No. 3 in Pereslavl- charity drive. They helped out by RUB RAISED AT 2MORROW/ЗАВТРА FESTIVAL May, 25 donated. Also, at these went on to help 14-year-old Vika

Zalessky. The children from a donating children’s clothing to the RUB FOR “SOS” fundraisers we collected 34,300 S. She has lived at SOS Children’s special children’s home in Lobnya “Kind Warmth” wardship fund and roubles, which we sent to the Village in Tomilino since 2001. This and the kids from Children’s money to treat children suffering Russian Children's Clinical Hos- young girl has suffered from seri- Home No. 11 were delighted with from oncological ailments. 00000 pital to help finance the treat- ous psychological trauma – her RUB COLLECTED FOR ENORMOUS BAGS RUB TOWARDS “GIFT OF LIFE” FUND the presents we gave them. For Employees of Troika Dialog's THE “GIFT OF LIFE” FUND 8OF CLOTHES 300 ment of its patients. biological family and foster family the majority of children from Vladivostok office every year 5 27260 both abandoned her and because the Palliative Care Unit of the pool together money to buy gifts of this she needs individual psy- Solntsevo Scientific and Practical for children at hospitals and or- chological therapy. We paid for Centre (SPC), New Year’s Eve is phanages. This year they paid for a specialist to work with her daily an especially joyful and long- a day of festivities for patients at 300000 for a period of five months. awaited holiday. Children with Children's City Clinical Hospital 2 RUB FOR “FAITH” FUND incurable diseases are cared for No. 3 and the patients at Mayak 570 We are big brothers at the SPC. They were extremely Children's Rehabilitation Centre. and sisters RUB GIVEN BY THE NEW YEAR’S MAGICIANS happy when Ded Moroz and his 11 Troikers became big broth- helper Snegurochka turned up Taking the kids to school 233 2300 ers or sisters for young orphans with a sack full of presents. In This year we collected 26,600 rou- from boarding schools and chil- addition, employees of Troika bles and three enormous bags of dren's homes in Moscow. The pro- Dialog Ukraine brought gifts to notebooks, pencils, pencil cases, 000 gramme “Big Brothers Big Sisters” the little ones at Gnezdyshko pens, felt-tip pens, and games for RUB DONATED FROM EMPLOYEE SALARIES is meant to provide children from Children’s Home. They gifted children from orphanages and the aforementioned institutions the boys with football kits, children's home-boarding schools 606 We give good things with older “brothers” and “sis- sportswear, shoes and the girls as well as children from less-well As a result of our “Good Things” ters” – true friends who will help with mobile phones, MP3 players, off families and those with many 00 charity drive we collected eight return joy and hope, rekindling cameras and hair ornaments, and children. CHILDREN’S WISHES FULFILLED massive bags full to the brim with even the smallest flame of love on December 25 our magicians We gave 39 rucksacks full of 4 clothes and sports gear, which we and trust. organised a real festive event for stationary to first and second divided among our partner funds the children! grade schoolchildren from Mos- 921 and orphanages. Providing consultation Our colleagues in Kazakhstan cow Children's Home-Boarding RUB FOR “SOS” We provided a number of con- bought gifts for 25 residents at School No. 8. We gifted another “SOS” sultation sessions for the heads 12 Children’s Home No. 2 in Baga- five rucksacks and a selection of 000 69 This charity drive raised 69,921 of the “A Step Together” fund (of PCS TO A HOME-BOARDING SCHOOL

nashyl. The children were over- notebooks and pencils to families FUND “FAITH” FOR RUBLES roubles for SOS Children’s Vil- which Gosha Kutsenko is the or- RUB TOWARDS HOMELESS CHILDREN joyed to receive new clothes, with several children that are un- lage in Tomilino. Children's vil- ganiser and provider of inspira- sledges, interesting and educa- der wardship of the “Pomogi.Org” lages are a particular, long-term tion); “Transformation”, a char- tional books and tasty gifts from fund. We sent the remaining ruck- model of raising orphans and ity fund for social support and our magicians. sacks, stationary and other items children unable to receive care rehabilitation of orphans and The employees of Troika’s that are essential for the start of 3RUCKSACKS from their parents, designed children with no foster parents; Rostov-on-Don office teamed up the academic year, which we pur- FULL OF STATIONARY 7600 to maximally replicate life Diana Gurtskaya’s “Call of the the troiker 9 issue #11 55 57 part of their salaries to charity Igor Kvasnikov’s family organ- Many employees took - advan 7,600 roubles and a multitude of We collected over 30,000 roubles30,000 over collected We We gave “SOS Children’s - Vil And finally, we would like to say say to like would we finally, And Seasons magazine festival. festival. magazine Seasons 8. No. School bed linen, bedspread and py- No. 2 in Baganashyl items gathered during the course less Children” organisation. lage” fund the loose change that boxes. A total of 12,116 roubles ised professional musical and tal- from charity sales of t-shirts at the tation and live worthy lives. they organised creative master tion tion of photographs held during the Summer Outing. tage tage of the chance to transfer donations. their thank you to everyone who took In March, our colleagues from Kazakhstanpurchased blankets, jamas for children. In autumn and at Children’s Home-Boarding Home-Boarding and at Children’s a Go” charity drive were handed you brought us in bags, jars and projects by filling in donation ap- plication forms on the intranet. part in our charity projects! 2morrow/Завтра festival and the were collected. collected. were We We raised 3,600 roubles at an auc- get educations, undergo rehabili- We collected 606,000 We roubles from classes for the kids from children’s home. this of the “When There’s Nowhere to Nowhere of There’s the “When Home- Station. over to the “Kursk ent concerts at Tomilino Village We helpWe Children’s Home And that’s not all… by the “Paths of Kindness” vol- has been to hensive provide help compre- to orphans (over lovsk Region. ing its managers for their work, its strategy and offering con- best specialists. been helping people with differ- people football tournament organised sultation and the services of our and and the International Eisenstein Russian cinematography and find a location for the Cinema Museum. Read more on page 50. Pedagogics fund. This fund has Centre charity foundation in or- unteer movement. For over 10 years the organisation’s mission providing for the formation of cinema cinema of the “Gift Fund” of Life 20,000 children) in the Sverd- We haveWe supported this fund for We support the Cinema Museum This year we became a corporate over four years in a row by pay- der to preserve the heritage of donor to the Centre for Curative ent developmental disorders to We We preserve Russian help to help others We We We pay the managers

RUBLES FOR “FAITH” FUND RUB FOR “SOS” FOR RUB ESS NDN KI

RUB TOWARDS REPAIRING A CHILDREN’S HOME CHILDREN’S A REPAIRING TOWARDS RUB 000 000

RUB GIVEN BY THE NEW YEAR’S MAGICIANS YEAR’S NEW THE BY GIVEN RUB 2300 RUB DONATED FROM EMPLOYEE SALARIES EMPLOYEE FROM DONATED RUB RUB RAISED AT 2MORROW/ЗАВТРА FESTIVAL 2MORROW/ЗАВТРА AT RAISED RUB 570 921 000 260 CHILDREN’S WISHES FULFILLED WISHES CHILDREN’S 00 9 27 200 RUB TOWARDS “GIFT OF LIFE” FUND RUCKSACKS FULL OF STATIONARY OF FULL RUCKSACKS 233 3 69 606 4 85300 #11 issue

RUB RAISED AT THE SEASONS FESTIVAL OF CLOTHES OF ENORMOUS BAGS BAGS ENORMOUS 570 6750 8 RUB GIVEN BY THE NEW YEAR’S MAGICIANS PEOPLE GAVE BLOOD PCS TO A HOME-BOARDING SCHOOL 233 12 HOME CHILDREN’S A REPAIRING TOWARDS RUB 000 RUB COLLECTED FOR FOR COLLECTED RUB THE “GIFT OF LIFE” FUND 00000 RUB RAISED FOR TREATMENT AT THE RCCH THE AT TREATMENT FOR RAISED RUB RUB FOR SCHOOLCHILDREN FOR RUB 5 300 600 CHILDREN’S WISHES FULFILLED WISHES CHILDREN’S 52 RUB TOWARDS A CHILDREN’S HOME CHILDREN’S A TOWARDS RUB RUB TOWARDS HOMELESS CHILDREN HOMELESS TOWARDS RUB 00 300 600 921 RUB FOR “SOS” 200 26 34 4 7 5 69 - video video

fridge fridge for Chil

In addition, Troika’s employees, in Ukraine School No. 3 in Pereslavl-Zalessky, Pereslavl-Zalessky, in 3 No. School ing School No. 3 in Pereslavl- burg took part in a charity mini ing assistance to this children’s home: they pay for repairs, con- brushes, and from morning un- in the Krasnoyarsk Territory. lives tableware and a the clean-up participants with tea with participants clean-up the their relatives and friends ticipated in par- a Saturday clean-up til lunch planted currant bushes, to repair the Children’s Home sumables, stationary and books. saplings and seeds, paint and joyed the spring weather. The pastries. and pies homemade and Mood” charity drive raised 5,500 and 5,300 roubles for Children’s Home No. 11 in Moscow. Home No. 11. We purchased soil, Children’s Home Children’s Home Children’s Zalessky. Also we provided Our colleagues from Ekaterin- projector, projector, furniture and - table painted benches and simply en- roubles for improving the grounds ware to Children’s Home-Board- which took place at Children’s 7,000 hryvnia. This year they donated over Troika Dialog Ukraine’s employ- We donated 12 computers, a computers, 12 donated We The participants of the “Spring We We donated 200,000 roubles dren’s Home No. 11 in Moscow. ees are very active in provid- employees at the home thanked of Children’s Home-Boarding We play football We We We help Gnezdyshko We give the gift of comfort give We up people’s brighten We We help the Ust-Labinsk We includ- benefit roubles roubles

other funds and

charity evening held on

the

in donations to benefit “Faith” had an enjoyable time buying Not just a forum foundations. from August 10 to September food and goods at our market. the World Wide Fund for Nature Nature for Fund Wide World the the “Gift of Life” fund. the “Gift of Life” charity fund. February 4 at TV station “Dozhd”, a number of Heart” charity fund; the Inter- anniversary held at Manezh Charity Hospice Fund. Central Exhibition Hall, guests national Eisenstein Centre and roubles at a charity auction roubles in donations to of communication 23. All funds were donated to we gathered 2,300,000 which was held at our company company our at held was which We We support the programmes of We We raised a total of 85,300 The event gathered 500,000 The Russia Forum 2011 Y T R I H A C of memorable MTS numbers, ed several charity drives. At the the At drives. charity several ed celebration of Troika’s 20-year We help protect nature help protect We We give the joy give We At As with previous Russia Forums, (WWF). the troiker LEISURE CORPORATE CLUBS

the league

anniversary. Sberbank also has long- standing sporting traditions, for example, the Sberbankiada, where employees of the central office and those from regional and subsidiary banks take part.

This year Troika’s football team In the past half year, Troikers have was unable to become four-time taken part in various sporting events. RTS League Cup champions, but Our colleagues have time and time again we played well and are certain that our Those who prefer to win in intellectual shown that they are “faster, higher, footballers, with inspiration provided competitions have founded a Troika OF EXTRAORDINARY GENTLEMEN stronger”. To start with, in August by a friendly crowd of fans, will take chess club, which is open to all interested For the past 16 years at Troika we have our team took second place out of the champions’ trophy next year. And grandmasters. Club members sharpen In 2011, the “portfolio” of Troika’s maintained a great tradition of uniting the corporate teams in the 21.5 km although the football season has already their chess skills at regular tournaments. corporate clubs was increased – our strengths in order to strive to become Adidas Half Marathon. This year the total finished, there’s no need to throw your The Troika Mafia club, which was reborn the best players on both the financial number of participants hit a new Troika fan paraphernalia into a dark in April this year, is actively developing the Troikers organised six new clubs market and the football pitch. Our record – 7,000 people ran at the same cupboard. Why not? Because in October and even plays away games. Our novice football team was the first corporate club time! In addition, Troikers put in high the 2011-2012 Russian Friendly Hockey “Mafiosos” took a few lessons in mastery at Troika and it exists to this very day. class performances in aristocratic games League season began, in which our from the gurus of the game at Moscow’s like golf. In September, the Russian team is battling for the League Cup! oldest Mafia club. Troikers organised six new clubs in 2011, Financial Market Golf Cup was held. Last but not least, Troika also has including sporting clubs and clubs Our colleagues finished among the top a basketball team and a volleyball After taking a look at the extensive focusing on employee interests, namely: three in both the team and individual team. Our basketballers have been activities of our corporate clubs, we can hockey, basketball and volleyball teams, competitions. The sportiest Troikers took putting on some stunning performances safely say that the leisure time Troikers as well as a Mafia club, tennis club and part in the FFMS Sports Festival. Football, in the Business Champions League. spend with colleagues is active, fun, and a chess club. Colleagues have started table tennis and darts tournaments were helps them keep in shape, both physically to spend more time together outside held as part of the event. At the end and mentally. the office and socialise in an informal of October, employees took part environment. in a tennis tournament, the Sberbank You can keep up with club news on the Open, which was held as part of intranet by going to the “Corporate Clubs” Sberbank’s celebration of its 170th section.

the troiker issue #11 59 E D U C A T I O N

An internship at Troika Dialog means up of several stages: the qualification many things: a “winning ticket” to the process, business games, a lecture course, investment business, a quick start to your and finally, the internship itself. At the end of career, a good line in your CV, practical the internship a decision is made concerning experience of working at a major investment the intern’s future prospects at the company, company and the chance of learning from which depends on his or her performance. market experts and making useful contacts. This year we held the internship programme The internship programme is open to final for the tenth year in a row, and this time year students and graduates of Moscow it featured an extended format – we and regional universities who have a good went beyond Moscow and included 11 knowledge of English. Troika Dialog’s Russian regions, as well as Ukraine and summer internship programme is made Kazakhstan. The guys and girls underwent

at our company remains consistently high and we constantly improve the programme. After all, these trainees are the very backbone of the future of the industry and will eventually take charge of business. The programme has traditional features, for example, we consult future interns on career options. All the participants of the Summer Class take Dimensions and TalentQ tests, which help them to identify their aptitudes and determine the most fitting place for internships and future work. Unlike many other Russian companies, we did not suspend our programme during 10 YEARS OF INTERNSHIPS, a strenuous selection process characteristic the years of the crisis, and now it is even of the company: 100 people were chosen out bigger than before. You can keep up with 20,000 STUDENT AND GRADUATE of the 1,500 applications submitted, and as the successes of our interns on the Troika a result of all the qualification stages, only 63 New Talent page on Facebook. The group CVS, 200 EMPLOYEES THAT WERE Moscow-based trainees and 18 in the regions already features many interns, as well as ONCE INTERNS – THESE ARE were approved for the two-month internship. current and former company employees. This year, interns were final year students and In essence, it is an alumni club, which THE FIGURES OF TROIKA’S graduates of higher education institutes of the gives interns the chance to get a complete SUMMER INTERNSHIP Russian capital as well as those of the regions picture of Troika’s corporate life. Join us! and the leading universities of Ukraine PROGRAMME, WHICH MARKED and Kazakhstan. The main “prize”, a job ITS DECENNIAL ANNIVERSARY offer, was won by 33 interns who performed THIS YEAR outstandingly throughout their internships.

Ma r i a Ya n i n a , Learning & Development Manager: – Each year the number of people who want to undergo an internship THE BEST OF THE BEST

the troiker