Arkady Dvorkovich was appointed Head of the Presidential Experts Directorate of the President Executive Office in April 2004. Mr. Dvorkovich graduated in economics from the Moscow State University, Russian Economic School and Duke University (USA). From 1994 to 2000, he worked for the Economic Expert Group of Russia’s Ministry of Finance. In 1997 - 2000, he was Head of the Economic Expert Group of the Finance Ministry. From August 2000, he was Adviser to the Minister of Economic Development and Trade of the Russian Federation, and in 2000 through 2001 - Expert of the Strategic Research Center. From 2001 until 2004, Mr. Dvorkovich was Deputy Minister of Economic Development and Trade of the Russia. Arkady Dvorkovich was born in Moscow in 1972.

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Equity Investment Manager - London : Investment Experience: 9 Years

Ghadir joined Baring Asset Management in February 1997 as a senior investment Analyst. She became an Investment Manager on our Global Emerging Markets Equity Team during the first quarter of 2000, with responsibility for research and stock selection within the Emerging Europe, Middle East and Africa region. Ghadir is the head of the Materials Sector Team and is a member of the Telecoms and Resources Global Sector Teams. She joined the firm from BZW Asset Management, where she specialised in the Middle East, North Africa and Latin America. Ghadir has a BSc and a PhD in theoretical physics from Durham University and is fluent in Arabic. She currently manages the Baring Russia Fund and co-manages the Baring Global Resources Fund.

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Sergey Pakhomov, Chairman
State Debt Committee of the City of Moscow

Sergey B Pakhomov graduated from Voronezh State University with a degree in English language & history in 1975. He continued with post graduate studies between 1976 and 1979. Mr. Pakhomov then spent the next twelve years in scientific research, consisting of Western economic history and the Western financial and banking system, in different research institutions. In 1992 - 1993 he worked as a consultant for International Banking and Finance and in 1993 he moved on to be Director of Investment Department for the Russian National Commercial Bank. In 1995-1997 Mr. Pakhomov was Director of Investment Division and Director of Treasury Division in Moscow Bank for Reconstruction and Development. Mr. Pakhomov started his work in State Debt Committee of the City of Moscow (former Moscow Municipal Debt Committee) in 1997 as First Deputy Chairman, and in 2000 was appointed the Chairman of the Committee.

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Mrs.Irina Klimenko is the Chief Financial Officer of EAST LINE Group. She graduated from Economics Department of National Economy Institute of Alma-Ata in 1981 and has a degree in Economics. Prior to the appointment in EAST LINE Irina Klimenko occupied different positions in state and commercial structures of Kazakhstan and Russia. Mrs. Klimenko has been with East Line since 1996. She started her activity in EAST LINE as the Head of the Payroll Department in of the General Finance of Airport Management Company Limited, the Managing Organization of EAST LINE Group. She has occupied the position of the Chief Financial Officer of EAST LINE Group since 1998. Since then Mrs. Klimenko has headed the activity on setting and automation of financial accounting, as well as unitary financial policy development for EAST LINE companies. Mrs. Klimenko has been serving as the Deputy General Director since June 2002. Irina Klimenko is a Member of the Management Board of EAST LINE Group. All the financial organizational units of EAST LINE Managing Organization, as well as the financial services of Group companies are subordinated to Mrs. Klimenko. Being with EAST LINE for 8 years Mrs. Klimenko coordinates the activity regarding strategy planning of the Group financial policy and the external borrowing strategy aiming on successful implementation of the investment projects. Irina Klimenko was born in Alma-Ata in November 1959.

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Laurent Ruseckas is Director of the Europe & Eurasia Practice at Eurasia Group. Formerly the head of the Caspian Energy practice at Cambridge Energy Research Associates, Laurent has more than a decade of experience advising energy companies, financial institutions, and governments on issues of political risk, investment climate, and oil and gas economics in Eurasia and Turkey.

A Russian speaker, Laurent holds a BA with honors in Russian and Soviet Studies from Harvard College, and he is a Ph.D. candidate in Political Science at Columbia University. He is a frequent speaker at international industry conferences and policy symposia, and his analyses have appeared in the Journal of International Affairs, AccessAsia Review, and edited volumes published by the East-West Institute and the Emirates Center for Strategic Studies and Research.

Laurent’s areas of expertise include Russian politics and investment, Caspian region oil and gas economics, US policy toward Eurasia, Baltic energy issues, Turkish and European gas markets, and upstream oil and gas investment in Eurasia and the Middle East. .

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Hubert Pandza leads the Russia & Central Asia Business Group and Group for Small Business as Business Group Director. At EBRD Headquarters London since October 2002, he determines the strategies and directs the Bank’s activities in the region’s countries of operation. The business group currently operates out of its London Headquarters and 10 resident offices.

The Russia and Central Asia region accounts for 31% of the Bank’s current portfolio, which was EUR 4.5bn as of end of March 2004. In 2003, the Bank generated business volume of approximately EUR 1.4bn in the region, with 90 projects in the following sectors: Financial Institutions, General Industry, Infrastructure, Energy and Specialized Industries. In Russia, the efforts are concentrated on diversification of a natural resource based economy; promotion of private sector development; modernization and restructuring of the industrial complex; enhancing competition through financial sector reform and small business development; and expanding into the regions. In Central Asia, the Bank supports critical infrastructure development; small and medium business development; and strengthening the investment climate by promoting sound corporate governance standards and legislative reforms.

The Group for Small Business currently covers micro and small finance as well as institution building projects in 20 of EBRD’s countries of operation. The Group works with 54 financial intermediaries, including 14 “greenfield” microfinance banks/institutions, to develop financial services for a wide range of micro and small enterprises. A total of 520,000 loans to micro and small enterprises have been provided through these projects in the amount of EUR 2.9bn. Technical assistance to the partner financial intermediaries, funded by donor agencies, plays an important role in the work of the Group for Small Business.

Prior to joining EBRD, Mr. Pandza’s 26 year career with Deutsche Bank AG found him assigned to the Eastern Europe and Central Asia Division, working to define and implement regional strategies as well as establish subsidiaries and representative offices. In 1998, he assumed the role of CEO, Deutsche Bank Moscow, developing Deutsche Bank’s business in Russia and other countries of the CIS, including coverage of major international clients and local clients as well as the local entity management.

Mr. Pandza holds a Masters of Science in International Economic Relations from the University of Saarbruecken. He speaks German, English, Russian and Polish.

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Oleg Vyugin was appointed Chairman of the Federal Financial Markets Service on 23 March 2004. He graduated from the Lomonosov Moscow State University in the mechanics and mathematics in 1974 and finished a post-graduate course in the theory of probability at the mechanics and mathematics department in 1977. From 1989 to 1993 Mr. Vyugin was appointed the senior expert and head of the laboratory at the Institute of Economic Forecasting of the Russian Academy of Sciences. In 1993-1996 he was Head of the Macroeconomic Policy Department at the Russian Ministry of Finance, in 1996-1999 - Deputy Minister of Finance. From 1997 to 2000, Mr.Vyugin was member of the Federal Commission for Securities Market. In 1999-2002, he was appointed Executive Vice-President and Chief Economist of Troika Dialog Investment Company. Between April 2002 and March 2004, Mr. Vyugin was First Deputy Chairman of the Central Bank of Russia. He was also Consulting Advisor to the head of the Russian government in 2000-2004. Mr. Vyugin was born in July 1952 in the city of Ufa, the Republic of Bashkortostan.

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Tom Adshead was appointed Director of Investor Relations at Golden Telecom, Inc. in April 2003. He was previously a Telecoms Analyst at Troika Dialog, a Moscow-based investment bank. Prior to that, he was head of research at United Financial Group, and a Russian Telecoms Analyst at Credit Suisse First Boston. He started his career at the European Bank for Reconstruction and Development. Tom Adshead holds a BA in Economics from Cambridge University, and a Postgraduate Diploma in Russian from Glasgow University.

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Mr. Ambartsumov is a Fund Manager at Hermitage Capital Management. He is responsible for trading, portfolio management and investment analysis. Prior to joining Hermitage in 2001, he was as a senior equity research analyst with Alfa-Bank, one of the leading investment banks in Russia. In 1994-1997 he managed the proprietary trading desk (equities and fixed income) at Bank of Investments. Mr. Ambartsumov is a member of Dow Jones RusIndex Advisory Committee responsible for advising Dow Jones Indexes on a composition of DJ RusIndex Titans 10. Mr. Ambartsumov received his MBA from INSEAD and MSc in Accounting and Finance from the London School of Economics.

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11 years investment experience.

Business Experience:
1998 to date: Lombard Odier Darier Hentsch & Cie
1996 - 1998: Pioneer Securities, Moscow, Head of Sales, Russian Equities
1995 - 1996: AIOC Capital, NY, Institutional Sales, Russian Capital Market Sales
1994 - 1995: H. Rivkin & Co, NY, Institutional Research/Sales, Bankrupt & Distressed Debt
1993 - 1994: Fuji Bank, NY, Assistant FX Trader, FX Trading

Qualifications:
- BA International Relations, University of Virginia, USA
- CFA Level II Candidate, AIMR, Series 7 National Association of Securities Dealers (NASD).

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Svetlana joined the London Stock Exchange in February 2003 and, as EMEA Manager, is responsible for international business development in Europe, Middle East and Africa. She has over six years of experience in the financial services industry, having worked at KPMG Corporate Finance in the UK, Credit Agricole Indosuez in France and Nikoil Investment Group in Russia. Svetlana received her MBA from the HEC School of Management in France (2001) and a law degree from Moscow State University (1992).

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Non-Executive Deputy Chairman since 1990. He is a Director of Tilney Investment Management London who recently took over SG Investment Management Ltd where he had been Managing Director. He is a member of the Finance Committee for the City Take Over Panel and sits on the Code Committee. He also served on the Financial Reporting Council for eight years and is a member of the UK Listing Authority Advisory Committee.

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Nikolay Sobolev is Chief Financial Officer at Severstal-auto since October 2002, and the Director of Economics and Finance of the Ulyanovsk automotive plant (“UAZ”), one of the major subsidiaries of Severstal-auto, since August 2002. He is a member of the UAZ Board of Directors.

Mr. Sobolev is one of the key members of the management team who made a considerable contribution to Severstal-auto’s reputation of a dynamic, efficient and transparent company. He has been leading such projects as development and implementation of the cost reduction program, re-organization of the management accounting system, adoption of International financial reporting standards for preparation of consolidated financial statements. Mr. Sobolev supervises the corporate governance system and investor relations. In January 2004, the improvement of Severstal-auto’s investment attractiveness resulted in a successful placement of Severstal-auto bonds at 1,500 million rubles on Russian market.

Before his appointment to Severstal-auto Nikolay Sobolev was the First Deputy CEO of Yuzhuralmash holding, Vice President and the Member of the Board of Directors at ORMETO-YUMZ-Heavy engineering in 1998 – 2002.

Mr. Sobolev graduated the Moscow State University with MSE and PhD in Economy, the Academy of National Economy with Master of Financial Management Degree, and the Business School of Kingston University, England with the MBA.

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Konrad J. Reuss is managing director of Standard & Poor's sovereign ratings group. Based in London, he heads the London team of analysts that evaluate the credit standing of sovereign governments, sovereign-supported issuers and multilateral lending institutions in Europe, Middle East and Africa.

Prior to joining Standard & Poor's in 1993, Mr. Reuss worked for seven years at Deutsche bank AG, Frankfurt.

Mr. Reuss holds an M.Sc. (Econ) degree from the University of Wuerzburg, Germany.

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Michael Workman is the head of Fixed Income research at TRUST Investment Bank. Mr. Workman has been active in global emerging and fixed income markets for the past eight years. Prior to joining TRUST he was a senior fixed income analyst with Goldman Sachs & Co. in London where he was responsible for the bank's coverage of emerging market corporate bonds in Eastern Europe, Middle East and Africa. Before moving to Goldman Sachs, Mr. Workman worked in Moscow with Renaissance Capital as Vice President of Fixed Income Sales & Trading. He began his career as an analyst with ABN AMRO N.V. and graduated from the University of Notre Dame with degrees in Finance & Business Economics and Russian.

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Sergei Plastinin was born in 1968 in Russia (Arkhangelskiy region). In 1985 he finished specialized chemical- mathematical boarding-school in Saint-Petersburg and entered Moscow Electronic Techniques Institute. From 1987 to 1989 Sergei served in the Army. In 1992 Wimm-Bill-Dann Company was established where Mr.Plastinin was one of the major founders. Now Plastinin Serguei is the Chief Executive Officer in Wimm-Bill-Dann and the Chairman of the Council of the Russian Dairy Union.

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