ALROSA
Vyacheslav Shtyrov, President

ALROSA is a corporation established by the decree of the President of the Russian Federation. With its share of 99,8% in Russia’s total diamond production and the monopoly in rough diamond export. ALROSA is a core of Russia’s diamond industry and one of the world’s major producers of natural diamonds.

The Company’s production volume is constantly growing and in 2000 reached 1, 623 billion USD (in 1999 it was 1,41 billion USD). When ranked by profit volume, ALROSA is among the top ten Russian companies.

The Company employs over 39 thousand people, or 75% of all people working in the Russian diamond industry. It amalgamates the main technological links of the country’s diamond industry, such as geological exploration, capital construction, transportation, mining, ore-dressing, sorting, evaluation, diamond trade in the domestic and external markets, and industry-related research.

The employees’ unique skills and expertise makes it possible for ALROSA not only to remain competitive and retain its share in exports to the world market but also to aggressively implement investment projects including international ones.

The Company’s investment volume is rising rapidly. In 1995-2000 it invested around 1,2 billion USD and for 2000-2005 is planning to invest around 2,5 billion USD.

ALROSA pays a lot attention to developing its operational capabilities, and is currently performing surveys and exploration in six diamond regions of Yakutia, as well as in Krasnoyarsk and Irkutsk regions. In 1999 ALROSA started geological exploration in Arkhangelsk oblast. The project in Karelia is about to start, where ALROSA will be involved in joint diamond exploration with Australian Ashton Mining. In 2000 ALROSA acquired from De Beers 39% share of "Severalmaz". "Severalmaz" is involved in diamond mining activity in Arkhangelsk oblast and the established value of the deposit reserves is about 12 billion USD.

ALROSA’s diamond mining joint venture "Catoca" is successfully operating in Angola. In 1999 its production volume reached 127 million USD and in 2000 – 150 million USD. The Company plans to increase its production in 2001, and is currently preparing to commission the second phase. In the future, ALROSA is planning to start exploration in Namibia.

The Company is increasing its diamond-cutting capabilities as well. This year cut diamond sales volume exceed 200 million USD, where half will be produced at the Company’s own facilities. ALROSA is currently developing the "Almazny Dvor" project, aimed at selling exclusive jewelry and certified diamonds in Moscow.

ALROSA has opened its representative offices in Great Britain, Belgium, Angola and Israel.

ALROSA has been successfully transforming and developing itself into a modern multinational world-class diversified financial and industrial corporation.
www.alrosa.ru

Hermitage Capital Management, Moscow
William Browder Managing Director

Hermitage Capital Management Ltd. (“HCML”) is an investment management firm that specializes in the Russian and CIS equity markets. HCML is the Investment Adviser to The Hermitage Fund. HCML currently has $400 million under management and is one of the largest players in the Russian public equity market. HSBC is a major shareholder and partner in Hermitage Capital Management.

William F. Browder is the Managing Director and Chief Investment Officer of HCML. HCML employs a team of 12 people located full time in Moscow, Russia and 8 people in Guernsey, Channel Islands. Administration and back office are provided by HSBC in Guernsey. Credit Suisse (Moscow) acts as custodian for Russian shares of the fund.

The Hermitage Fund has been ranked number one in the world by:
Standard & Poor’s Micropal (April 30, 1996 to September, 1997 and December 31, 1996 to December 31, 1997)
Lipper Analytical Services (April 30, 1997 to July 31, 1997)
Nelson Information (June 30, 1996 to June 30, 1997)
Managed Account Report (January 1, 1997 to July 31, 1997)

JSC TransTeleCom
Konstantin Shapovalenko President
Kirill Klip Member of the Board

TransTeleCom, an emerging leader in reliable, scalable and secure broadband communications, has charged into the new millennium’s first year with ground-breaking information transit shortcut, that brought Europe and Asia as close as never before. The new dynamic Russian company has just completed an all-fiber, all-digital network that will boost cooperation between telecommunication and Internet services providers of Europe, Asia and the Americas.

TransTeleCom was founded in 1997 to leverage the extensive telecommunications infrastructure of the existing industrial network. Building on it, in just three years it created a formidable fiber optic net that now embraces Russia’s 56 regions, effectively covering 1/6 of the Earth. Through its 15 affiliates TransTeleCom is now able to render services to 90% of Russia’s population, effectively becoming the nation’s leading telecommunications company.

TransTeleCom takes pride in its network reliability and availability. To ensure seamless information traffic transit, it made additional investments to provide back-up access through circular connections that span Russia’s major metropolitan areas.

Convenient geographical position, innovative transport services, competitive client-oriented prices make the network attractive to a wide variety of customers who need reliable and cost-effective telecom transit between Europe and Asia. International carriers, business and individual subscribers located in Russia and worldwide can benefit from this innovative information traffic shortcut.
www.transtk.ru

LeBoeuf, Lamb, Green & MacRae L.L.P
Brian Zimbler Partner

LeBoeuf, Lamb, Greene & MacRae is an international law firm headquartered in New York, with over 750 attorneys in 24 offices worldwide. Outside the U.S., the firm has ten strategically located offices on four continents – in London, Paris, and Brussels; Moscow and three other capitals in the former Soviet Union; and Beijing, Riyadh, and Johannesburg. We represent a wide range of multinational clients in varied fields of investment, corporate and commercial activity. A substantial portion of our practice involves cross-border transactions.

The Firm prides itself on its strong and long-standing commitment to its Russian and Former Soviet Practice. We are perhaps the leading international law firm in the region, with offices in Kazakhstan, Russia, Uzbekistan and Kyrgyzstan, and numerous lawyers with relevant language capabilities and regional experience located in London, New York and elsewhere around the world. The firm has represented multinational and government clients in some of the largest transactions in the region, representing billions of dollars in investments.
www.llgm.com, www.russianlaws.com

Prosperity Capital Management
Paul Leander-Engström Director

Prosperity Capital Management (PCM) is an investment management company specializing in Russian equities. Our first fund The Russian Prosperity Fund was set up in 1996. PCM now manages four funds. The Russian Prosperity Fund, The Prosperity Cub Fund, The Prosperity Quest Fund and The Prosperity Russia Fund. PCM also manages a number of investment mandates. Total funds under management are $110 million in Russia. Our client base consists mainly of institutional investors and High net worth individuals. The Prosperity Russia Fund is directed also to retail investors. PCM prides itself of its independent research, its long-term value seeking investment style and its activist stance in terms of tackling Corporate Governance issues. PCM has offices in Moscow and Stockholm. The Russian Prosperity Fund was named Best Offshore Fund in the world by Business Week magazine in 1997 and was among the Top Ten Offshore Funds in the world in 2000 according to Portfolio International Magazine.
www.prosperitycapital.com

RAO UES of Russia
Viatcheslav Sinyugin Member of the Management Board, Head of Corporate
Strategy Department

THE UNIFIED ENERGY SYSTEM OF RUSSIA (UES OF RUSSIA) is a unique system which creates significant economic benefits for both the Russian people and Russia's industry.

The technical basis of UES of Russia is comprised of:

• 440 electric power stations with total installed capacity of over 197 thousand MW, including 21 thousand MW at nuclear power stations, which produce 787 billion kWh of power a year;
  
• a total of 3,018 thousand km of electric power lines;
  
• a supply regulation system that unites physically all power installations with a single 50 Hz current frequency.

The organisational basis of UES of Russia is comprised of:

• RAO UESR, which acts as a central locus that implements the functioning and development criteria established by the government based on effectiveness and provides operational supply management aimed at increasing economic efficiency at UESR;
  
• 74 power suppliers that supply electric and heat power to consumers throughout the Russian Federation;
  
• 34 large electric power stations that operate independently on the federal (national) wholesale electric power market;
  
• over 300 organisations providing technological back-up and development for UES of Russia, and which ensure the viability of the industry as a whole

RRC Business Telecommunications
Konstantin Sidorov President

RRC Business Telecommunications was established in 1992 and since then has developed to become one of the largest distributors of networking and telecommunication products with full-power operations set up in most countries of the CIS and Eastern Europe. The role of RRC on the market of information technologies lies in value-added distribution of networking and telecommunication hardware to resellers throughout the territories of Eastern and Central Europe. RRC provides long-term investments into market development and innovative initiatives, based on providing customers with a new technology, products and value-added services.

In 2000, RRC was named one of the five best distributors of network equipment by “Computer Elite”. In 2001 the company received a “3Com Focus” award for opening up offices in Europe along with an “IT-Forum 2001” award for the input into distribution channel building in Russia.
www.rrc.ru

Teton Petroleum Company
H. Howard Cooper President

Teton Petroleum Company is a US exploration and production company headquartered in Steamboat Springs. Colorado, which trades in US dollars on the Canadian Venture Exchange (CDNX: YTY.U). The company has been developing a large oil field in Western Siberia and it is exporting oil for hard currency and rubles since 1997. Teton Petroleum conducts its business through a 50% ownership interest in Goltech Petroleum LLC, which, in turn, operates solely through ownership of a 70.59% interest in Goloil; a Russian closed Joint Stock Company. Goloil is currently producing 1500 barrels of oil a day through a 40-kilometer pipeline in western Siberia. Goloil is currently drilling six wells in Siberia.
www.tetonpetroleum.com

United Financial Group
Stephen O’Sullivan Head of Research

United Financial Group is Russia’s leading independent investment bank. We provide quality client-driven services based on sound research, sharp analysis and the best mix of Russian and western expertise. UFG offers a broad range of services, including sales and trading, execution of capital market and private equity transactions, advice on mergers and acquisitions, structured products, in-depth research and asset management. We satisfy our clients by maintaining high standards of integrity and commitment to innovation.

UFG has successfully identified trends emerging in the Russian market and offers clients creative financial instruments to access opportunities. ru-Net Holdings Ltd., Russia’s first Internet aggregator which was co-founded by UFG and its clients, exemplifies this creative spirit. And while exploring new ideas is just one of our strengths, we believe our reputation is enhanced just as much by the deals that we did not do as by those that we did.

UFG also boasts the market’s leading Investment Banking team, providing structured products, corporate finance and mergers and acquisitions advisory services. Our collective talents and experience cover a diverse range of the most important Russian economic sectors, including oil and gas, telecommunications, technology and media, power generation, consumer products and transportation.

United Financial Group is a truly independent investment bank in a market characterized by financial-industrial groups. We understand the value of our independence, which in turn shapes our unique view of the market. By focusing on long-term solutions rather than short-lived advantages, we offer a fresh market outlook based on objective and unbiased information and sound analysis. UFG’s strategy is founded on the principle that the best way to ensure our own profitability is to guard and serve our clients’ interests.

For almost six years, UFG has been dedicated to assisting the premier institutional investors, corporations and high net worth individuals in navigating the turbulent Russian capital markets. We negotiated the Russian financial crisis of 1998 with our capital, team and reputation intact. We not only survived the storm, but also improved the quality and scope of the services we provide to our clients. We are committed to the belief that Russia’s renewed economic and political stability will bring the exceptional opportunities and returns our clients expect.

www.ufg.com

Wimm-Bill-Dann
Sergei Plastinin Chairman of the Board

Wimm-Bill-Dann Group of Companies is the market leader among producers of juices, juice-containing drinks, dairy products and children's foodstuffs in Russia. Over 2,500 stores in Moscow conduct business with the Wimm-Bill-Dann. These stores earn steady profits and the loyalty of their satisfied consumers. The company offers a wide range of our products: 266 of types dairy products and 149 types of juice and juice-containing drinks. According to market research data, Wimm-Bill-Dann controls more than 7 percent of the dairy market and 38 percent of juices and juices-containing drinks market in the country. The company's distributors operate in more than 40 cities throughout Russia and the Commonwealth of Independent States (CIS.)

Wimm-Bill-Dann has the HACCP world's quality system in place at all the production facilities. All of the company's production facilities are operating with the use of the world-class equipment and technologies.

The company's management structure is top down and consists of competent and well-educated staff throughout the company. Wimm-Bill-Dann currently employs more than 7,200 people. Wimm-Bill-Dann has corporate affiliates in Moscow and Moscow Region, Novosibirsk, Yekaterinburg, St. Petersburg, Nizhny Novgorod, Rostov-on-Don, Vladivostok, Voronezh, Irkutsk, Samara, Krasnodar in Russia, also in Kiev, Ukraine and Bishkek, Kyrgyzstan. The company operates sales offices in Israel, the Netherlands and Germany.

YUKOS
Bruce Misamore Chief Financial Officer

Headquartered in Moscow, Russia, YUKOS is one of Russia’s largest publicly traded, fully integrated petroleum companies, by the size of its reserves, production and refining. Through its two operating segments ­ Exploration & Production (EP) and Refining & Marketing (RM), YUKOS is involved in every aspect of the industry. EP comprises the following production units: Yuganskneftegas, Samaraneftegas, Tomskneft and Eastern Siberian Oil and Gas Company. RM consists of four refineries: Kuibyshev, Novokuibyshev, Syzran and Achinsk. It also includes twelve marketing companies and 1,278 gas stations. YUKOS currently employs over 110,000 people. The company is steadily implementing western management practices, improving efficiency and performance, and creating superior value for shareholders, customers, and employees.

Reserves YUKOS’ total proven reserves amounted to 11.4 billion barrels, according to the December 31, 1999 audit by Miller & Lents. Most of the reserves are located in west Siberian fields, but some are located in European Russia, closer to customers. Reserves include one of Russia’s largest oil fields, Priobskoye, with proven reserves of 4.1 billion barrels. YUKOS plans further acquisitions and exploration ventures this year both in Russia and abroad.

Production YUKOS’ three main production units are Samaraneftegas in European Russia, and Yuganskneftegas and Tomskneft in Siberia. YUKOS now controls more than 90 percent of the shares in each subsidiary. Yuganskneftegas is the largest, accounting for 59 percent of output. YUKOS’ total production in 1999 amounted to 44.5 million tons or 15 percent of the Russian industry’s total. The year 2000 saw an unparalleled growth of 11.4%, or 5.1 million tons, in YUKOS’ oil production, which amounted to 49.6 million tons of crude according to preliminary estimates.

Refining YUKOS’ four refineries, three in the Samara region and one in Achinsk had a combined refining throughput of 26.7 million tons of crude in 2000 according to preliminary estimates. Together they account for 17 percent of oil refined in Russia, and produce a broad range of products from diesel and gasoline to lubricants and solvents.

Marketing YUKOS exports approximately a third or more of its crude, including to the CIS countries, mainly via the Baltic Sea ports, the Black Sea and the Druzhba pipeline to Western Europe. Oil products are predominantly sold on the domestic market, both at the refinery gate and through local wholesale and retail networks. Approximately 35 percent of products are exported. YUKOS is investing heavily to further develop its domestic retail systems, especially its network of gas stations, which already is the biggest in Russia.

Services To further increase efficiency and, as is standard practice in the oil industry, YUKOS has set up a separate oil service company currently employing 45,000 people.

www.yukos.com