LETTRE D'AVERTISSEMENT AUX INVESTISSEURS (mise a jour)

Chers amis,

Vous le savez, en ce moment se deroule (du 30 mai au 1er juin) au Marriott Grand Hotel de Moscou le deuxieme forum ADAM SMITH intiltule "RUSSIA IN THE CAPITAL MARKETS, successful investment into securities by Russian issuers" (LA RUSSIE DANS LES MARCHES DE CAPITAUX, investir avec succes dans les titres d'emetteurs Russes) http://www.adamsmithconferences.com/pdf/finance_may07.pdf , dont l'un des sponsors officiels est la societe EURONEXT qui, tout en refusant de coter les emprunts russes pourtant inscrits a Paris depuis plus de cent ans, est desireuse de capter une part des importantes emissions de titres russes, qui ont draine plus de $16,7 milliards en 2006.

J'ai mis a jour ci-dessous un avertissement aux investisseurs, en Anglais, que j'aimerais vous demander d'envoyer aux adresses electroniques egalement listees ci-dessous. Si l'avertissement est particulierement d'actualite a cause de la conference moscovite, je pense qu'il est primordial pour nous d'envoyer ce message en permanence, "par tous les temps". Aussi je voudrais vous demander de l'envoyer tous les jours, constamment...

S'y trouvent pele-mele des adresses d'analystes financiers, d'agences de notation (celles-la memes qui refusant de considerer le gouvernement russe redevable de $90 milliards envers les porteurs Francais lui accordent des notes de bon payeur), de presidents de Banques, d'agents de change, d'avocats internationaux, etc. J'interviens directement sur cette liste pour y ajouter des adresses regulierement, pensez donc vous aussi a le mettre a jour de temps en temps.

J'ai formate les adresses de telle sorte quelles puissent etre "copie-collees", ainsi l'operation d'envoi de l'avertissement (dont le texte peut lui aussi etre copie-colle dans le corps d'un message electronique) ne doit pas prendre plus d'une minute.

Si vous avez du mal a "copier-coller" demandez a quelqu'un de vous aider pour la premiere fois, vous verrez que l'operation est simplissime.

Je ne desespere pas que nous puissions mieux organiser nos operations a l'avenir. En attendant nous devons maintenir notre capacite de nuisance maximale et notre presence comme nous le pouvons.

Bien cordialement,

Karloman1

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RUSSIAN IPO INVESTOR ALERT


French holders of Russian government bonds remind investors that the Russian Federation is still in default today (May 2007) on their estimate of some US$ 90 billion owed to them since the Bolshevik, then the Soviet, and now the Russian Federation governments have all unilaterally repudiated Tsarist debt and refused any form of contact or dialogue with their legitimate bona fide creditors.

They also remind investors that in its Sep. 15th 2006 report entitled "Governance matters: a decade of measuring the quality of governance", the WORLD BANK has rated Russia's governance comparable to that of Swaziland, Zambia and Kazakhstan. Russia came 151st out of 208 countries in terms of (...) accountability, quality of regulatory bodies, and rule of law, (...). In particular, rule of law (i.e. the courts and the quality of contract enforcement) was judged as effective in Russia as it is in Ecuador, Indonesia, and Bangladesh. Nicaragua, East Timor, and China's ability to control corruption was judged similar to Russia's.

On February 26th 2007 the St. Petersburg Times, quoting a report from Vedomosti, wrote that "Surgutneftegaz managers covertly hold 72 % of the secretive oil firm" and that Deutsche UFG analysts had had to "raise its estimate number of outstanding shares from less than 26 billion to (...) 43 billion" which "implies a 40% dilution in the value of the stock".

In Paris on April 3rd 2007 to launch the merged NYSE-EURONEXT entity Mr. John Thain, the New York Stock Exchange CEO, warned that he was "very concerned about the quality of corporate governance, the transparency of company financials and the protection of minority shareholders. A number of Russian companies raise serious questions around these issues."

Despite these findings, and the main rating agencies' knowledge that Russia is in default on US$ 90 billion of Tsarist debt, Russia is rated "INVESTMENT GRADE" whereas it should clearly be in "SELECTIVE DEFAULT".

French bondholders intend to pursue their claim until full settlement at present value, by any legal means and in any jurisdiction they deem appropriate.

EVERY POTENTIAL INVESTOR IN RUSSIA MUST BE MADE AWARE OF THESE RISKS.

FRENCH CREDITORS OF THE RUSSIAN FEDERATION STRONGLY ADVISE AGAINST ANY FORM OF INVESTMENT IN A COUNTRY WHOSE SOLVENT GOVERNMENT HAS IN THEIR VIEW SYTEMATICALLY REFUSED TO FULFIL ITS NATIONAL AND INTERNATIONAL CONTRACTUAL OBLIGATIONS, REFUSES ALL CONTACT AND DIALOGUE WITH ITS LEGITIMATE BONA FIDE CREDITORS, AND REFUSES TO DISCLOSE LIABILITIES WORTH US$ 90 BILLION.

May 2007

Voila c'est fait