Morgan Stanley

Elena Titova to Join Morgan Stanley in Russia

Feb 2, 2006

Moscow —

Morgan Stanley today announced the appointment of Elena Titova as a Managing Director and Head of the Firm's representative office in Moscow, effective May 2006.

Elena joins from Goldman Sachs where she was President and Head of its Moscow office. In her new position, Elena will play a key role in further developing Morgan Stanley's activities in the region under the continued strong leadership of Rair Simonyan, Chairman of Morgan Stanley Bank Russia.

Morgan Stanley has recently expanded its operations in Russia which it has identified as a key emerging market targeted for continued growth. Chairman and CEO John J. Mack visited Moscow in October 2005 to mark the Firm's expansion to include a bank and broker-dealer and the start of securities trading in Moscow.

Morgan Stanley is a global financial services firm and a market leader in securities, investment management, and credit services. With more than 600 offices in 28 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.


Elena Titova

Qualifications: Diploma in international economics, Moscow State University; Master of Management, J.L. Kellogg Graduate School of Management, Northwestern University.

Career History:

• 2003-Current: Goldman Sachs, President and Head of Russian office.

• 1994-2003: Goldman Sachs. Held variety of roles in Moscow and London, including:

- Coverage and execution of M&A and financing transactions for international clients in the oil and gas, and power sectors in Russia, Italy, France, the Netherlands and Norway.

- Lead banker for client coverage and execution in Central and Eastern Europe, Russia and CIS.

• 1990-1993: W. R. Grace & Co. International market specialist - market development.

Morgan Stanley in Russia

• In April 1994, Morgan Stanley opened its representative office in Moscow, from which it conducts its investment bank advisory business.

• In October 2005, Morgan Stanley acquired full banking and broker-dealer licenses and opened a subsidiary bank, OOO Morgan Stanley Bank, for equities and fixed income sales and trading.

• Morgan Stanley's Investment Banking Division raises capital and provides advice to Russian corporate clients and global corporates looking at strategic investments in Russia. Morgan Stanley manages and underwrites public offerings of debt and equity securities in all major markets, arranges private placements of securities, and provides advisory and other services in connection with mergers, acquisitions, restructurings, and other major financial transactions.

• Morgan Stanley Investment Management is one of the largest western institutional investors in Russia with over $620 million invested to date.

• Morgan Stanley is one of the most active traders of Russian fixed income instruments, including MinFin Bonds, Eurobonds, Vnesh Principals and IANs.

• Morgan Stanley also has a team of professionals trading in Russian equities in both London and New York.

• Morgan Stanley publishes Russian equity research, which targets international institutional investors.

• Morgan Stanley Commodities Group is an active trader of Russian crude oil and offers risk management services for large Russian oil exporters.

Industry Leading Transaction Track Record

• Mandated Lead Arranger for $13.1 bn acquisition financing for Gazprom's purchase of Sibneft, Russia's largest ever loan financing (October 2005).

• Mandated Lead Arranger and Bookrunner for $7.5 bn Rosneft Short-Term Facility (September 2005).

• Joint Global Coordinator and Joint Bookrunner for $966 mm IPO of Novatek, Russia's largest independent gas producer (July 2005).

• Sole Global Coordinator and Joint Lead Manager for $422 mm IPO of Evraz Group, Russia's largest steel company (June 2005).

• Joint Bookrunner for $639 mm IPO of Pyaterochka, Russia's largest and fastest growing retailer (May 2005).

• Financial Advisor to Russian government on Gazprom / Rosneft valuation (2004-2005).

• Joint Bookrunner and Joint Lead Manager for $1.56 bn IPO of OJSC Sistema, the largest Russian IPO ever (February 2005).

• Financial Advisor to TNK-BP on its $18.6 bn corporate restructuring and minority offer (2005).

• Joint Bookrunner and Joint Lead Manager to Norilsk Nickel on its debut $500 mm Reg (S) bond offering (September 2004).

• Joint Bookrunner and Joint Lead Manager to Gazprom on its debut secured bond financing, a $1.25 bn transaction rated BBB- by S&P and Fitch, representing the first investment grade offering ever by a Russian corporate (July 2004).

Euart Glendinning

Corporate Communications

(+44 20) 7425 4942