Akin, Gump, Strauss, Hauer & Feld LLP
Robert Langer Partner
Vladimir Lechtman Partner

Akin, Gump, Strauss, Hauer & Feld, L.L.P., a leading international law firm, numbers 1050 lawyers with offices in Austin, Brussels, Dallas, Denver, Houston, London, Los Angeles, Moscow, New York, Northern Virginia, Philadelphia, Riyadh (affiliate), San Antonio and Washington. The firm has a diversified practice and represents regional, national and international clients in a wide range of areas. Since the opening of the Moscow office in 1994, our lawyers have advised major financial institutions and Russian issuers on diverse and complex debt and equity transactions and have represented Russian, U.S., U.K. and European companies in the acquisition and operation of Russian businesses and the formation of joint ventures. Lawyers in our Moscow, London, and New York offices form the core of our capital markets practice, which has handled some of the most innovative capital markets transactions to date in the former Soviet Union. For additional information, please visit our Web site at www.akingump.com

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Alfa Bank
Alex Knaster CEO

Founded in 1990, Alfa Bank has developed rapidly to become Russia's largest privately owned bank. Alfa Bank is a universal bank, providing commercial banking, investment banking, asset management, trade finance and insurance.

Alfa Bank has more than 80 branches across Russia and the CIS and subsidiaries in Ukraine, Kazakhstan, the United Kingdom, the United States and the Netherlands.

The Bank’s fast growing brokerage business has a FSA authorised arm in London — Alfa Securities Limited — and a NASD regulated operation in New York — Alfa Capital Markets Inc. Inside Russia, Alfa Bank is a leader in mergers and acquisitions and one of the biggest issuers of banking cards. the Bank also runs the country’s largest mutual fund.

The Bank is a core holding of Alfa Group Consortium, a privately owned financial industrial group with interests ranging from oil and telecommunications to supermarkets and commodities trading.

As of 30 June 2001 Alfa Bank had assets of $2.1 billion and shareholders’ equity of $188 million. Net profits in 2000 were $77 million compared with $50 million in 1999.

Alfa Bank has a mix of Western and Russian management and aims to provide expertise in Russian markets with the highest standards of international business practice.

Alfa Bank honoured its financial commitments to western institutions before, during and following Russia’s 1998 devaluation and in 2000 became the only Russian issuer to repay its Eurobond in full and on time.

Alfa Bank is rated B- by Fitch IBCA, B1 by Moody’s and CCC+ by Standard & Poor’s. These are the highest ratings for a private financial institution in Russia.

The Bank has won numerous press awards, including Global Finance’s Best Russian Bank in 2001 and Bank of the Year 2000 in the Banker.

For more information please visit: www.alfabank.ru or www.alfabank.com

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ALROSA

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

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Bank Zenit
Alexey Panferov, Head of Investment Banking, Member of the Board

Bank ZENIT is one of the most dynamic growing Russian banks, which provides corporate and investment clients with comprehensive services. With total assets at approximately $700_ and $100_ capital, Bank Zenit is ranked among top twenty Russian banks.

The Bank’s customer base includes oil producers, oil refineries and oil traders, as well as mechanical engineering, steel and iron, energy, telecommunication and external trade companies, trade intermediaries, gold producers, financial institutions, regional and municipal authorities. The Bank’s Main shareholders are JSC Tatneft, JSC Novolipetsky Iron and Steel Corporation, Corus-Holdings, JSC Russian Innovation Fuel and Energy Company, JSC Almetievsky Oil Pump Factory and others.

The main Bank’s activities are:

• Financial support for customer’s export-import operations;
• Lending to customers;
  
• Investment banking:
  
• Brokerage for customers in various market sectors (Eurobonds, equities, ADRs, corporate ruble-nominated bonds);
• Debt origination;
• M&A Advisory Services.
  
• Custody and Clearing
  
• Asset management

Bank ZENIT has achieved it’s market position by utilising advanced banking technologies and boasting an experienced and pro-active workforce.

For further information on the Bank please visit our web site www.zenit.ru or call + 7 (095) 937-0737 or +7 (095) 933-0733.

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Baring Vostok Capital Partners
Michael Calvey Managing Partner

Baring Vostok Capital Partners is an investment management company focusing on private equity in the former Soviet Union. Baring Vostok manages or advises 4 investment funds with total capital in excess of $400 million. Baring Vostok’s first fund, the First NIS Regional Fund, was launched in 1994 with initial capital of $160 million, and has returned $237 million in dividends to shareholders since inception. The NIS Fund continues to hold substantial or controlling stakes in over 10 local enterprises. Baring Vostok also recently launched a new fund, the Baring Vostok Private Equity Fund, which has total capital of $205 million. www.bvcp.ru

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Deutsche Bank
Alex Rodzianko, Managing Director Global Corporate Finance

Deutsche Bank Ltd. (Moscow) started business as a subsidiary of Deutsche Bank AG in 1998. It is a universal bank providing a range of financial services and it counts the largest Russian and Multinational companies among its clients. The following highlights are evidence of the high position Deutsche Bank holds in the Russian financial market: in 2000 Deutsche Bank managed the initial Public Offering for OJSC “Mobile TeleSystems” (a total US$ 371 million worth of shares were placed on the NYSE) and was appointed as local depositor for the ADR programs of some prominent Russian companies; in 2001 Deutsche Bank Moscow started to provide depository services for the ADR RAO UES and YUKOS programs. Deutsche Bank is the most highly capitalized bank among subsidiaries of foreign banks in Russia.
www.deutsche-bank.de

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Hermitage Capital Management, Moscow
William Browder Managing Director

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.

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International Bank of St. Petersburg
Sergey Bazhanov President

The Open Joint Stock Company “International Bank of St. Petersburg” (IBSP), former Lesopromyshlenny Bank is 12-yer old. The new management team brought a new expertiese into the Bank and successfully turned the Bank around converting it into a profitable and actively growing financial institution. Now this is one of the leading and the most rapidly growing full service financial institutions in St. Petersburg, Russia, with the significant presence in St. Petersburg, branch in Moscow and rep.office in Helsinki, Finland. Amongst its clients the Bank currently has some of the largest and most prominent companies of St. Petersburg and North-Western Russia.
The Bank became the first Russian financial institution to open a representative office in Helsinki, Finland. Due to the booming business between North-Western Russia and Scandinavia, this representative office will initially provide services to such cross-border business. In the near future, the status of the representative office will be upgraded for that of a fully fledged branch.

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Lenenergo
Andrei Likhachev, General Director

In 2001, Financial Times rated Lenenergo Ltd. for the first time among Eastern Europe’s one hundred leading companies by market capitalization value. Lenenergo’s market capitalization topped $400 million in January 2002, a strong leap from just $60 million 18 months before.

In December 1999, Lenenergo was headed up by a new executive team that immediately set out to steadily optimize the company’s performance, boost its profits, and give greater protection for its shareholders’ investments.

From year-end 2000 profit of 26 million rubles, the Company shot ahead to make almost 725 million rubles in the six months of 2001, with year-end 2001 profit expected to reach 950 million rubles.
Lenenergo is one of Russia’s top three power companies offering the greatest prospects for investors.

On June 13, 2001, Lenenergo launched a program to convert its ordinary shares into American Depository Receipts, Level 1. The program is administered by JP Morgan bank.

Over the six months of 2001, the Company’s ordinary shares stayed ahead of the stocks of St. Petersburg’s other issuers in growth rates and turnover totals. Market analysts explain Lenenergo’s striking performance to growing public confidence in the Company’s managers named in 2001 Russia’s best in the CORE rating and put on JP Morgan’s top list of the world’s 1,000 finest management teams, and also in the Company itself, which flawlessly supplies 100% of the power and 55% of the heat needs to over six million residents of St. Petersburg and the Leningrad Region.

Lenenergo Ltd. is the biggest power company in Russia’s Northwest, selling its services to a 6.5 million population on an area of around 86,000 square kilometers.

Lenenergo’s thirty-six operators – power plants, power grid distributors, heat supply network, and general system operators – have a total work force of 18,000.

The power system’s engineering infrastructure comprises 14 power plants and a developed network of overhead and cable power transmission lines of a total length of around 53,500 kilometers.
Lenenergo’s important competitive advantage is its large share of hydroelectric power plants, at 12%, in its total generating capacity.
Lenenergo’s power plants gross an installed capacity of 5,341.5 MW.

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MDM Bank
Vladimir Rashevsky CEO

Market position Created in 1993, MDM had by the end of 2000 grown into one of the largest five commercial banks in Russia as measured by IAS Capital (The Banker magazine, July 2001).
Corporate banking is MDM’s largest business, accounting for over 60% of revenues. MDM’s customers include around 40 of Russia’s top 100 companies, amongst whom are market leaders in the ferrous and non-ferrous metals, oil and gas, mining, machinery, consumer goods, transportation, trade, insurance and real estate sectors.
MDM has strong corporate lending and structured finance businesses, and also offers a competitive range of fee and commission-based services such as payroll and settlements.
Financial markets is MDM’s second largest business, generating over 30% of total revenues. MDM has strong securities, foreign exchange and precious metals trading businesses, is Russia’s number one importer of banknotes and a leading underwriter of local corporate bond issues.
Retail banking is a strategic priority and growth area for MDM. Retail deposits grew more than seven-fold in 2001 and are set to at least double in 2002. The Bank also operates the largest affinity card programme in Russia.
Business development is being supported by the implementation of a programme to adopt best international corporate governance and management standards. This includes the streamlining of ownership and corporate structures and the delineation of ownership and management functions. The Bank is centralising its risk control function and continually updating its ‘Know Your Customer’ policies and procedures and anti-money laundering controls in line with current international and Russian legislation. Annual IAS financial statements have been published since 1994 and disclosure will be further improved in 2002 with the publishing of quarterly IAS accounts.
A key aspect of MDM’s strategy is to develop further its international business. During 2002 business will focus on trade finance, loan syndications and ECA-backed financing. MDM obtained the first post-crisis uncollateralised syndicated loan in November 2001, and in January 2002 became the first Russian bank since the crisis to receive a US Eximbank guarantee for a transaction. MDM plans to launch its international funding programme in late 2002 or early 2003, subject to favourable market conditions.
The Bank’s credit ratings are ‘B-‘ (long-term) and ‘B’ (short-term) from Fitch and ‘CCC’ (long-term) and ‘C’ (short-term) from Standard & Poor’s. The rating outlooks from both agencies are positive.
www.mdmbank.com

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NIKoilFinancial Corporation
Maarten Pronk, Chief Executive Director

Financial Corporation NIKoil enjoys one of the highest levels of capitalization among Russian financial corporations, at present its capital exceeds $800 mln. NIKoil has been recognized as the leader in financial services innovation domain. As such, in addition to running a sizable commercial banking business, it controls, for instance, more than 80% of the factoring market and over 60% of the unit funds market (about 80 thousand investors). The corporation works actively with precious metals in the Russian and international markets and is one of the equity brokerage leaders in Russia. The corporation includes a Depositary, which provides safe custody services for more than $1bln.

Client-oriented business is the priority for the Bank and Corporation. NIKoil's client network involves such large companies and enterprises as Gazprom, RJSC UES, LUKoil, Commercial Port of Novorossiysk, Rosneftegazprom, Sukhoy and many others.

NIKoil’s FITCH ratings: Foreign currency Short-term senior B, Long-term senior B-, Individual D; Support 5T.

• Arthur Andersen has been NIKoil’s auditor since 1996.

www.nikoil.ru

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The Nixon Center
Dimitri K. Simes President

The Nixon Center is a non-partisan public policy institution, committed to the analysis of policy challenges to the United States through a prism of American national interest. Created by President Nixon shortly before his death, the Center is a programmatically independent division of the Richard Nixon Library & Birthplace. Nixon Center staff conduct research and organize conferences, seminars, and lectures in six main program areas: U.S.-Russian Relations, National Security Studies, Chinese Studies, Regional Strategy, Immigration, and International Economics. Nixon Center publications, including the Center's recently released report on Russia policy to the new administration, are available on the Center's website at www.nixoncenter.org.

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RAO UES of Russia
Viatcheslav Sinyugin Deputy COB

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.

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Russian Aluminium
Alexander Boulygine, COO

Russian Aluminium (RUSAL), founded in March 2000, is the second largest primary aluminum producer in the world. It was created out of the merger between Russia’s major aluminum producers and a number of plants located in the Commonwealth of Independent States. RUSAL is vertically integrated with a complete production cycle from bauxite mining and the production of primary metal, to the fabrication of high value aluminium products. RUSAL accounts for a total of 75% of Russia’s and 10% of the global primary aluminum output. Consolidated annual sales are over $4 billion. Assets exceed US$4.1 billion and equity is over US$2 billion.

At present, RUSAL has consolidated a bauxite mine, three alumina refineries, four aluminum smelters, three rolling mills, two foil mills, a beverage can producer and other facilities. Most RUSAL plants are ISO 9000-9002 certified.

RUSAL is committed to delivering value for its shareholders, consumers and communities and continuing its global development as a vertically integrated company via:

• strengthening of the raw material base;
• modernization of its smelters;
  
• moving towards high-end products;
  
• building an international marketing presence;
• tapping international capital market

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Surgutneftegas Oil Company
Vladimir Bogdanov President

Surgutneftegas Oil Company was established in March 19, 1993 as a vertically integrated company. Vladimir Leonidovich Bogdanov has been the president of the company since its foundation. Production units of the oil company operate in Khanty-Mansiysk Autonomous Territory – major oil and gas region in Russia.
An upstream unit, an oil refinery and 5 marketing companies are in the North-West of Russia.

Company’s activities:
• Oil and gas exploration
• Drilling of oil and gas wells
• Production, treatment and transportation of oil and gas
• Oil and gas refining
• Research and development
• Investment activity
• Capital construction

Today the Company explores and develops 25 fields.

In 2000 Company produced 40.6 million tons of crude and 11.1 billion. cub m. of gas. Refinery output accounted for 17.3 million tons.

OAO “NK“Surgutneftegas” currently employs 84 466 people. Company has achieved great success over the years of its existence and ranks first in terms of development and exploratory drilling, gas production and capital expenditures. Company’s refinery ranks first in terms of refinery output in Russia.

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TNK / Tyumen Oil Company
Iosif Bakaleinik Senior Vice President

Tyumen Oil, established in 1995 and owned by the Russian Alfa Group and US-Russian Access/Renova, has proven crude oil reserves of more than 7.7 billion barrels and produces more than 708, 000 barrels of crude oil per day. It ranks No. 3 in reserves and No. 4 in production among Russian oil companies, and was named the world's “Best Oil and Gas Company” of 2000 by Financial Times Energy. Tyumen Oil owns and franchises a chain of nearly 1,000 branded retail gasoline stations in Russia. For further information, visit www.tnk.ru

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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.

Former Minister of Finance Boris Fedorov, who founded UFG in 1994, set the firm on a course to provide research and advice to that rare breed of professional investor who saw opportunity in the unleashing of market forces in Russia. Investing in this dynamic environment, characterized by inadequate market infrastructure and poor transparency, requires an unusual investment firm – one dedicated to excellence and, in particular, to reliable and innovative execution suited to clients’ changing needs.

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.

We play an active role in developing Russia’s market infrastructure and promoting the adoption of a market-oriented and transparent corporate culture. UFG professionals dedicate their time to serving on the boards of all the market’s self-regulatory organizations, major exchanges and investor protection associations. We view this work as an integral part of our service to clients.

We support the creation of a civilized market in Russia by actively promoting clients’ efforts to gain representation on the supervisory boards of Russia’s major companies. Boris Fedorov has championed the cause of better corporate governance in concert with our clients by representing them on the boards of several leading Russian corporations.

UFG’s internationally-ranked Research Department prides itself on producing comprehensive reports on Russia’s major companies, macroeconomic and political developments and market trends. Clients rely on our research in formulating their investment strategies in Russia. They know they are in good hands, entrusting the execution of their plans to our experienced Sales and Trading team.

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

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YUKOS
Bruce Misamore CFO

Who We Are

• One of Russia's largest publicly traded companies
• Second-largest fully integrated petroleum company in Russia
• One of the world's largest non-state oil companies by proven reserves
• A retail network of more than 1,400 branded filling station
• A group of approximately 100,000 dedicated people
• Incorporated in 1993
• Publicly traded through Russian Trading System (RTS), Moscow Stock Exchange (MSE), MICEX, and Level 1 ADRs on US OTC and Munich, Berlin and London Stock Exchanges
• Headquartered in Moscow, Russia

Reserves

• Proven oil reserves of 11.8 billion barrels
• 2.59 trillion cubic feet of proven gas reserves as of end-2000
• Most reserves located in Western Siberia, including one of Russia's largest oil fields, Priobskoye, with proven reserves of 3.5 billion barrels.

Production

• Average daily output of 1.2 million barrels
• Total production of 58.07 million tons in 2001
• 17% of Russian oil production
• 17.2% production growth in 2001
• Target of 75-80 million tons by 2005

Refining

• Five refineries — three in Samara region, one in Achinsk and one in Angarsk
• Combined refining volume of 29 million tons
• Accounts for 17.5% of all oil refined in Russia, more than any other company
• Russia’s biggest refiner of gasoline and diesel fuel, with 18% of the market

Marketing

• Exports 45% of crude oil produced, including to other CIS countries and via the Baltic and Black Seas and the Druzhba pipeline
• Majority of oil products are sold on domestic market, both at refinery gate and through local wholesale and retail networks
• One of the largest chain of filling stations in Russia — more than 1,400 nationwide

Corporate Governance

• New corporate governance charter approved in June 2000
• Reporting of corporate accounts utilising U.S. GAAP (Generally Accepted Accounting Principles) quarterly and annually
• Provided $100 and $300 million dividend payout in 1999 and 2000 respectively
• Interim dividend of USD 200 million for 2001
• Improved balance sheet and liquidity

Environment, Health and Safety Policies

• Implementing internationally recognised guidelines for environmental protection, health and safety
• Special ecological units at the company's production enterprises
• Adherence to QHSE (Quality, Health, Safety, Environment) management system

Building a World Class Team

• Significant investments in employee training and continuing education
• Performance-based compensation instituted in 2000
• Developing employee health and retirement programmes

www.yukos.com