The Baring group was founded in 1762 and the UK asset management team was established in 1958. Baring Asset Management was among the first to open an investment management office in the Far East over 20 years ago and launched investment operations in the US in the late 1970s. These activities were combined in one division, Baring Asset Management, in 1989.

As a global investment management company we manage over £19 billion on behalf of clients located around the world. We offer a wide range of equity and fixed income funds in both domestic and international markets, through mutual funds and segregated accounts.

We operate today as part of the ING Group, one of the largest financial institutions in Europe and one of the world's largest providers of integrated financial services. ING is committed to being a major competitor in the global asset management business through a number of its operating entities that serve different markets. Baring Asset Management represents a critical component of that strategy. In many of the world's major pension markets, Baring Asset Management is the flagship of ING's investment management activities.

Baring Asset Management has been investing in Emerging markets since 1991 when we established a Global Emerging markets team in our London office to offer an Emerging markets product..

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The State Debt Committee of the City of Moscow was established on July 22, 1996 in accordance with the Resolution of the Mayor of Moscow to arrange and execute borrowing on behalf of the City through placement of securities. The Committee is the only borrower on behalf of the Government of the City of Moscow in relation to all kinds of debt guaranteed by the City budget.

The main objectives of the Committee are as follows:

• Debt origination on behalf of the City of Moscow;
• Management of the City of Moscow debt;
• Borrowing for the City of Moscow Investment program;
• Ensuring functioning of the City of Moscow Investment-Borrowing System;
• Use of capital market instruments to provide solutions for the City of Moscow development needs.

www.moscowdebt.ru

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East Line Group (EL) is a leading transportation services company based in Russia. The main operation of EL is the management of Domodedovo Airport (“DME”), which is located 22km south of Moscow. DME is the second largest airport in Russia and Eastern Europe in terms of passenger flow and the largest airport in Russia and Eastern Europe in terms of cargo throughput.

EL provides a comprehensive set of services to airlines, passengers and cargo firms using Domodedovo Airport, from providing jet fuel, airfield supervision, airplane maintenance, catering, hotel, as well as providing services in customs clearance, storage and delivery of cargo.

Moscow aviation hub (“MAH”) serves one of Europe’s largest cities, a capital city of a major European nation, and gateway to Russia. In terms of passenger flow, Moscow is now comparable with Barcelona and Munich and has huge potential to outgrow these markets. Moscow produces approximately 20% of Russian GDP and in 2002 accounted for more than 60% of the total Russian passenger and cargo flow.

Following the reconstruction of the passenger terminal, DME has shown strong and consistent growth dynamics in terms of the passenger flow. In 2002 passenger growth was 73% and in 2003 DME served 9.4 million passengers (40.3% growth vs 2002). The passenger flow in 1Q 2004 demonstrated 48% growth in comparison with the same period of 2003.

DME benefits from being the only airport in Russia operated and managed by a fully private company, with no state ownership, which EL believes makes it more sensitive to market and customer needs.
EL features a strong financial profile: 1) Central cash and profit management has been set up to support individual Group companies. 2) To date, investments and capex have been financed largely by equity and internal cash flow generation only. Existing debt remains modest.

Credit Ratings: Moody’s: B3 / Standars&Poor’s: B-.

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The European Bank for Reconstruction and Development was established in 1991 when communism was crumbling in central and eastern Europe and ex-soviet countries needed support to nurture a new private sector in a democratic environment. Today the EBRD uses the tools of investment to help build market economies and democracies in 27 countries from central Europe to central Asia.

The EBRD is the largest single investor in the region and mobilises significant foreign direct investment beyond its own financing. It is owned by 60 countries and two intergovernmental institutions. But despite its public sector shareholders, it invests mainly in private enterprises, usually together with commercial partners.

It provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. It also works with publicly owned companies, to support privatisation, restructuring state-owned firms and improvement of municipal services. The Bank uses its close relationship with governments in the region to promote policies that will bolster the business environment.

The mandate of the EBRD stipulates that it must only work in countries that are committed to democratic principles. Respect for the environment is part of the strong corporate governance attached to all EBRD investments.

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Profile to follow shortly.

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Hermitage Capital Management is one of the largest investment management firms that specializes in the Russian equity market. The firm makes significant minority investments in large public Russian companies and uses its influence to make positive changes in the corporate governance of those companies. The firm is an affiliate of HSBC and has offices in Guernsey and Moscow. The main product of the firm is the Hermitage Fund.

www.hermitagefund.com

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The Lombard Odier Darier Hentsch Group has an active presence in the world's leading financial centers with over 20 offices and branches in 14 countries worldwide. With some CHF 119 billion under management, the Group employs nearly 1,700. The bank offers its clients a broad range of asset management advice, financial products and specialized services.

Founded in 1796, Lombard Odier Darier Hentsch & Cie is the oldest firm of private bankers in Geneva and one of the largest in Switzerland and in Europe. Highly committed to its independence, which assures freedom of judgment, the Bank’s exclusive vocation has always remained the same: to preserve and grow the assets entrusted by its clients, and to help them pass these assets down to future generations.

As a partnership, Lombard Odier Darier Hentsch & Cie is owned and directed by twelve Managing Partners who are jointly and severally liable for the Bank’s commitments to the full extent of their personal assets. They represent the seventh generation of bankers in charge of the Bank and are as actively involved in its strategic management as they are in serving clients.

Lombard Odier Darier Hentsch & Cie’s portfolio managers enjoy the privilege of sharing their clients’ confidence. Together they build up a relationship of trust, based on continuity and the greatest respect for personal privacy. By listening attentively to their clients’ needs, they are able to take a global approach to each financial situation and come up with tailor-made solutions meeting the highest professional, ethical and quality standards.

Managing Partners of Lombard Odier Darier Hentsch & Cie
Pierre Darier, Thierry Lombard, Jean Bonna, Eric Demole, Patrick Odier, Richard de Tscharner, Jacques Rossier, Jean Pastré, Barthélemy Helg, Bernard Droux, Anne-Marie de Weck, Christophe Hentsch.

Worldwide Offices
Geneva, Amsterdam, Bermuda, Brussels, Gibraltar, Hong Kong, Jersey, Lausanne, London, Lugano, Montreal, Nassau, New York, Paris, Rio de Janeiro, São Paulo, Sion, Tokyo, Vevey, Zurich.

www.lombardodierdarierhentsch.com

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OAO Severstal-auto
Nikolay Sobolev, Chief Financial Officer

OAO Severstal-auto (“Severstal-auto” or the “Company”) is a Russian automotive holding company that holds a controlling stake in the Ulyanovsky Automobile Plant (“UAZ”) and Zavolzhvky Motor Works (“ZMZ”).

Severstal-auto’s subsidiaries represent the leading Russian automotive brands and command leadership of their respective market segments.

UAZ is the leading Russian manufacturer of four wheel drive vehicles: the legendary UAZ off-road vehicles, light trucks and minibuses.

ZMZ is the largest Russian producer of four- and eight-cylinder petrol engines for the following vehicles: class E vehicles, off-road vehicles, busses, light trucks and special-purpose vehicles.

Severstal-auto was incorporated in 2002 as a center of the newly established automotive division of the Severstal Group to manage the automotive assets of UAZ and ZMZ acquired by the the Severstal Group at the end of 2000.

Since its establishment, Severstal-auto has taken many steps to raise the efficiency of business, which led to substantial improvements in operating and financial performance of UAZ and ZMZ. Today Severstal-auto is one of the fastest-growing automotive companies in Russia.

www.severstalauto.ru

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Standard & Poor’s
Konrad Reuss, MD

Over 140 years of independent insight for the global financial community.

Who we are: A merger in 1941 of Standard Statistics and Poor's Publishing Company traces its roots to 1860 when Henry Varnum Poor published his History of Railroads and Canals of the United States. Mr. Poor was a leader in establishing the financial information industry on the principle of “the investor's right to know.” Today, more than 140 years later, Standard & Poor's is the pre-eminent global provider of independent highly valued investment data, valuation, analysis and opinions and is still delivering on that original mission.

What we bring to the marketplace: As the financial markets have grown more complex over the last century, the financial community has increasingly sought out Standard & Poor's rigorous, independent analysis, and information on stocks, bonds, mutual funds and many other complex investment vehicles. The critical thinking, opinions, news and data offered by Standard & Poor's have become an integral part of the global financial infrastructure.

Our unique power: creating independent benchmarks

• $1.5 trillion in investors' assets indexed to Standard & Poor's indices, including the premier U.S. portfolio index, the S&P 500;
• One of the world's top providers of stock quotes and related financial content to Internet sites globally;
• A global leader in providing objective information, insight and analysis to customers in the equities, fixed income, foreign exchange and mutual funds markets;
• Investors globally look to Standard & Poor's credit ratings for objective, insightful analysis on the ability and willingness of governments, corporations and others to repay their debts on time and in full with trillions of debt rated globally;
• The world's leading credit rating service, operating through a global network of 18 offices and seven affiliates.

The heart of Standard & Poor's investment skill is its analysts, over 1,250

• They include some of the world's foremost economists;
• Experienced analytical teams thoughtfully set criteria, and ensure consistent, predictable methodology for all commentary and analysis.

Our history: creating standards, carving out firsts Standard & Poor's plays a truly unique role in the capital markets. It has been aiding the creation of market transparency since its inception in 1860, when Henry Varnum Poor began supplying financial information at a time when Europe sought to know more about its holdings in the newly developing infrastructure in America. The cardinal tenet of Poor's investment reference publications was “the investor's right to know.”

• In 1906, the Standard Statistics Bureau was formed to provide previously unavailable financial information on U.S. companies;
• In 1916, Standard Statistics began to assign debt ratings to corporate bonds, with sovereign debt ratings following shortly thereafter;
• In 1940, municipal bond ratings were introduced;
• In 1941, Poor's Publishing and Standard Statistics merged to form the Standard & Poor's Corporation;
• In 1966, The McGraw-Hill Companies, Inc. acquired Standard & Poor's.
  Standard & Poor's has a long history of creating standards for the financial industry. For example, we were the first to rate:
  – Securitized financings;
  – Bond insured transactions;
  – Letters of credit;
  – The financial strength of non-U.S. insurance companies;
  – Bank holding companies
  –Financial guaranty companies

On the equity side, we led the way with:

• Index tracking systems;
• Exchange Traded Funds;
• A database standardizing information on publicly-traded companies, enabling financial professionals to readily make comparisons across categories;
• A series of web-based services that support analytical, planning, and investment professionals globally.

Today, Standard & Poor's employs more than 5,000 people working in 18 countries.

As always, a beacon for the financial community Standard & Poor’s, a division of The McGraw-Hill Companies (NYSE:MHP), provides independent financial information, analytical services, and credit ratings to the world’s financial markets. With 5,000 employees located in 19 countries, Standard & Poor’s is an integral part of the global financial infrastructure. For more information, visit www.standardandpoors.com.

Founded in 1888, The McGraw-Hill Companies is a global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, Business Week and McGraw-Hill Education. The corporation has more than 300 offices in 33 countries. Sales in 2001 were $4.6 billion. Additional information is available at www.mcgraw-hill.com.

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Wimm-Bill-Dann Foods OJSC is a leading manufacturer of dairy and juice products in Russia. The company was founded in 1992.

The Company currently owns 24 manufacturing facilities in 20 locations in Russia and the Commonwealth of Independent States (CIS), as well as affiliates in 26 cities in Russia and the CIS.

Wimm-Bill-Dann has a strong and diversified branded portfolio with over 1,100 types of dairy products and over 150 types of juice, nectars and still drinks. The company currently employs over 18,000 people.

Wimm-Bill-Dann was rated first best out of 45 firms in terms of transparency in the S&P survey of leading Russian companies, and was rated third best in the latest Brunswick UBS Warburg survey of corporate governance in Russia.

Wimm-Bill-Dann was awarded best European Equity Deal of 2002 by Euroweek and Institutional Investor magazines, as well as Grand Prix for Best Overall Investor Relations among companies with small and mid capitalization in the First Annual IR Magazine Russia Awards 2004 organized by IR Magazine and Assosiation of Investor Relations Professionals.

www.wbd.com

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