| Robert
Langer , Partner Robert E. Langer is a partner in the corporate practice group of Akin, Gump, Strauss, Hauer & Feld, L.L.P. in New York. He recently transferred from the Moscow office, where he was the senior resident partner. Prior to joining Akin Gump, Mr. Langer was the managing partner of Chadbourne & Parke, L.L.P. in Moscow. During more than fifteen years of practice in the former Soviet Union and Russia, Mr. Langer advised Russian and foreign companies in structuring strategic and portfolio investments in Russia and the former Soviet Union, and assisted Russian companies in raising capital on foreign debt and equity markets. His clients include Russian and multinational companies, commercial banks, financial institutions, international development funds, major international investment banks and lending institutions, emerging market funds and securities houses. Mr. Langer is one of the lead attorneys on most financings involving Russian entities and on debt offerings by Russian entities and municipalities, and is generally responsible for the drafting or review of Akin Gump's legal opinions in connection with Russian transactions. Mr. Langer received his B.A. with high honors in Russian and East European studies from the University of Michigan in 1982 and his J.D. magna cum laude in 1989 in Soviet and comparative law from Tulane University Law School, where he was a member of Order of the Coif. He did his master’s work in Russian Language and Literature at Norwich University Russian School. In 1985-86 he was a visiting scholar of international law at the Institute of State and Law of the USSR Academy of Sciences under a joint grant from the USSR Government and the U.S. Information Agency. Mr. Langer writes extensively and is a frequent speaker at conferences and universities on legal developments in Russia and the CIS. |
 |
| Simon
Vine, Managing Director, Head of Fixed income Simon Vine is Head of the Fixed Income and Currency
Markets Division of Alfa Bank. His responsibilities include structured
finance, fixed income sales and trading, international and local
markets, and foreign exchange (FX). His division provides a world-beating
financial advisory service, and currently accounts for over 40 per
cent of the Russian inter-bank market volume in FX trading. |
 |
| Christopher
Weafer , Chief Equity Strategist Christopher Weafer is 46; he was born and educated
in Ireland. Christopher Weafer is a member of the Equity Advisory Group on “corporate governance and transparency in emerging markets for the Institute of International Finance. |
 |
| Andrew
Somers, President From 1989-1995, Mr. Somers was Executive Vice President, General Counsel and member of the Board of American Express TRS Company, with operations in over 70 countries and generating most of the revenue of the American Express group of companies. Mr. Somers was also special adviser to the Chairman of the Board of American Express Company on the Russian market. From 1973 to 1989, Mr. Somers held legal positions for American Express in New York and London. Subsequent to his corporate career Mr. Somers formed his own consulting firm. He made extended business trips throughout the Russian Federation and gained extensive knowledge of the Russian marketplace. He successfully negotiated with regional Russian authorities to secure federal intervention against local regulatory obstacles. His firm organized development ventures among international hotel companies, construction and architectural firms and local governments, providing clients with practical and legal advice on overcoming barriers to foreign investment. Mr. Somers also maintained his own law firm in New York, advising both the U.S. State Department and private clients on commercial and legal issues involving the U.S. and Russian interests. He received his law degree from Columbia University and a Master’s Degree in Russian History from Columbia University's Harriman Institute. |
 |
| Nikita
Ryauzov, Member of the Board, Head of Investment Banking Nikita Ryauzov was born in Moscow on 13th June 1976. In 1998 he graduated from the Finance Academy under Government of the Russian Federation as a specialist in Finance and Credit. He is currently a post-graduate student of the Institute of Economics. Nikita Ryauzov began to accumulate experience in the banking sector prior to completing his studies at the Academy, working as a specialist in the Credit Department of Roseksimbank. In 1998 Mr Ryauzov joined Zenit Bank’s Investment Department team as an economist in the client relations sector. His main task was to broaden the client base of the Department and this gave him the opportunity to learn about all areas of the Trade and Sales work, and to establish good relationships with the Bank's clients. Following a reorganisation Mr Ryauzov became Head of the Sales Department. In 2002 Nikita Ryauzov was appointed Head of the Investment Banking and became a member of the Board of the Bank. |
 |
| Adel
Kambar, Director Prior to joining DrKW Adel was at UBS Warburg for 5 years in Debt Capital Markets. During this time Adel worked on many major Corporate and Sovereign transactions including the Russian Federation, Ukraine, Lebanon and Cyprus. |
| Yevgeny
Yakovlev, General Director Yevgeny Yakovlev became General Director of Power Machines Group, the largest producer of power generating equipment in Russia, in 2000. Prior to that he held important positions at a number of major Russian corporates, including LMZ-Engineering (General Director, 1999-2000), RAO Norilsk Nickel (First Deputy General Director, 1997-98) and North-West Shipping Company (Chairman of the Board of Directors, 1996-99). Mr Yakovlev has obtained extensive experience in finance having served for six years at international financial institutions – as a senior banker at the EBRD in London (1994-96) and, prior to that, as a Director of Eurobank in Paris (1990-94). Mr Yakovlev started his career in the domestic banking sector, where he spent several years first at the Bank for Foreign Trade of the USSR and then at Vnesheconombank. Mr Yakovlev was born in 1958 in Moscow. He graduated from the Moscow Finance Institute, Faculty of Foreign Economic Relations, in 1981. He speaks fluent English and French. |
 |
| David
Stewart, CFO David Stewart has been appointed as Chief Financial Officer for Golden Telecom in October 2001. Mr. Stewart joined Golden Telecom as Finance Director of TeleRoss in 1996. Since that time David Stewart has served as Finance Director of the other companies of Golden Telecom Group: ROL Holding, Cityline, PTK and KIS. Prior to joining Golden Telecom, Mr. Stewart worked in Audit Department of Ernst & Young offices in Australia and Russia. David Stewart graduated from Melbourne University of Commerce in 1987 and is a member of the Institute of Charted Accountants in 1989. |
 |
| William
F Browder, Founder and CEO William Browder is the founder and CEO of Hermitage Capital Management, the leading international asset management firm specializing in Russian equities. The firm’s clients include high net worth individuals and major financial institutions. Hermitage Capital Management currently has $750 million invested in Russia. Under Mr. Browder’s leadership, The Hermitage Fund has increased in value by 457% compared to 164% for the CSFB ROS Index since its launch in 1996 (to December 31, 2002). It has been ranked the World’s Best Performing Emerging Markets Fund over a five-year period by Nelsons (1996-2001). The Hermitage Fund was also awarded the Best Performing Fund in the World by Micropal (1997) and the Best Russian Fund by Lipper (1997-1998). Mr. Browder’s position on corporate governance practices in Russia has made him a leading shareholder rights activist and outspoken fighter for better corporate governance. He has been credited for a number of breakthroughs in improving corporate standards at major Russian companies, including Unified Energy Systems and Gazprom. He also spearheaded radical changes in the Russian corporate law, which resulted in pre-emptive rights being granted to minority shareholders in all Russian companies. Mr Browder serves as Chairman of the Russia Task Force for the Institute of International Finance, Inc. and a member of the OECD/World Bank roundtable on Corporate Governance in Russia. Mr. Browder often reports on shareholder rights issues to international financial organizations and government agencies. He was named a Global Leader of Tomorrow at the World Economic Forum in Davos 2001, is a regular speaker at Bloomberg, CNBC, Euromoney conferences and serves as a Russia expert to FT, Wall Street Journal and New York Times. Mr. Browder started Hermitage Capital Management in 1996 in partnership with the late Edmond Safra. The firm is now a member of the HSBC group. Prior to starting Hermitage, Mr. Browder was Vice President at Salomon Brothers where he managed the firm’s proprietary investments in Russia. Before that, he was management consultant with the East European practice of the Boston Consulting Group in London. He received an MBA from Stanford Business School and a BA in Economics with highest honors from the University of Chicago. |
 |
| Andrei
A. Slivchenko, Director Corporate Finanace & Investor
Relations Andrei A. Slivchenko has 9 years of experience in financial services and corporate finance area. He has extensive track record in the international capital markets with over 20 transactions totaling about US$3 billion for the leading Russian base materials companies in the course of major growth and restructuring. Mr. Slivchenko joined ILIM early 2000 as Director, Corporate Finance & Investor Relations, responsible for capital markets, project finance, M&A, strategic alliances, investor communications and research. He leads the one share consolidation process in the company and has a broader responsibility of supervising strategic planning and corporate governance, reporting to the company CEO. Previously, he had served as the Country CFO, Russia, for Tate & Lyle Plc., the U.K.-based global sugar market leader. As of 1997, Mr. Slivchenko was the Head of Capital Markets at YUKOS Oil Corp., the undoubted corporate transformation leader in Russia. He started his career back in 1994 at MENATEP Bank, which he left as the Head of Structured Asset Management Products. Mr. Slivchenko holds an MBA degree from International University in Moscow. He is native Russian, fluent in English, with fair knowledge of French and German. |
 |
| Alexandre
Kotcherguine Alexandre Kotcherguine joined MDM Financial Group
in July 2001 and is Executive Director, Head of International Business
Development reporting to the Group CEO Mr. Vladimir Rashevsky. Alexandre
is responsible for MDM’s international strategy, including
Group’s capital raising activities and new business development. |
 |
| Richard
C. Spikerman He is President of IFACO, LLC., an international financial advisory company. Until January 2000, he was an Executive Vice President and member of the Board of Directors of Republic National Bank of New York; President of Republic National Bank of New York (Luxembourg) S.A. and Chairman of Republic National Bank of New York (Russia). He was a member of the Executive Committees of Republic New York Corporation, New York (NYSE:RNB) and Safra-Republic Holdings S.A., Luxembourg (LSE:SRH), responsible for the international institutional business activities of the Republic Group. Mr. Spikerman has been involved in Russian financial activities since the late 1970's. |
| Maarten
Pronk, First Vice President Before joining Nikoil in mid 2001, Mr. Pronk worked in several South American countries for ING Bank, reaching the general manager position before accepting the posting of opening general director of ING Bank in Moscow in January 1994. Mid 1996, Euromoney awarded ING Bank Moscow with the best foreign bank in Russia award. Prior to joining Nikoil, Mr. Pronk was chairman of the board of Directors of OOO Raboinvest, the operational subsidiary in Russia of Rabobank; the AAA rated co-operative bank from the Netherlands. Raboinvest managed after the crisis of August 1998 to become quite successful in introducing commodity based repo finance to the Russian market. Mr. Pronk holds a Doctorandus degree in economic geography from the University of Utrecht in the Netherlands. The language of Pushkin has, during his years in Russia, become one of his seven languages. |
 |
| Dimitri
K. Simes, President Before becoming President of The Nixon Center, Simes served as Chairman of the Center for Russian and Eurasian Programs at the Carnegie Endowment for International Peace, where he was also a Senior Associate. Earlier, he was the Director of the Soviet and East European Research Program and a Research Professor of Soviet Studies at the Nitze School of Advanced International Studies of the Johns Hopkins University. His most recent book, After the Collapse: Russia Seeks Its Place as a Great Power, was released by Simon & Schuster in March 1999. |
 |
| Vladislav
Soloviov Vladislav Soloviov, RUSAL’s Chief Financial Officer since March 2001, joined the Company after its foundation in March 2000, initially as Chief Controller. As CFO, Mr. Soloviov is responsible for the Group’s financial policy making, corporate planning, treasury management, and financial control. Prior to joining RUSAL, he worked for two years (1998-2000) as advisor to the Tax Minister of the Russian Federation. Before that, Mr. Soloviov spent four years (1994-1998) with UNICON/MS Consulting Group at various senior finance-related positions. Vladislav Soloviov was born in Moscow in 1973. He graduated with honours from the State Academy of Management (Moscow) with a degree in financial management in 1996. He previously studied at the Moscow State Technology University where he received an engineering degree with honors. In 1997 Mr. Soloviov secured his credentials as a Chartered Accountant from the Institute of Chartered Accountants of Scotland. In 1999 he also acquired Qualified Auditor Certification from the Finance Ministry of the Russian Federation. |
 |
| Boris
Nemtsov Boris Nemtsov is the leader of the Union of the
Right Forces faction in the State Duma of the Russian Federation
as well as the Chairman of the Federal Political Council of the
Union of Right Forces Political Party. Prior to this position, he
was Presidential Representative in Nizhny Novgorod, where he was
subsequently elected governor by a popular election. Dr. Nemtsov
served as first deputy Prime Minister of Russia and Minister of
fuel and energy. He was also a member of Russian Security Council.
He is the author of A Provincial. Dr. Nemtsov holds a Ph.D. in physics
and mathematics from the Gorky State University. He was one who
participated in defending democracy together with Yeltsin during
the coup attemps in August 1991. |
 |
| Helena
Hessel Ms. Hessel holds a Ph.D. and M.A. in economics from Columbia University and a B.A. from the City University. |
 |
| Alexander
Lopatin His started his career in 1993 at Unified Energy System (RAO UES). After 5 years he was promoted to the position of Head of Asset Management Department and in 1997 to Head of Treasury of RAO UES. In 1999 he joined Svyazinvest, the telecommunications holding with controlling stakes in virtually all Russian fixed line operators, as CFO and Deputy General Director. |
 |
| H.
Howard Cooper Mr. Cooper has a finance degree from the University of Colorado and a Master’s Degree from Columbia University in New York City. He has been involved in Russian-American business activities for over 20 years and been working in the oil and gas industry for the past 25 years. Prior to Teton, Mr. Cooper worked for American International Group in New York evaluating potential oil projects in Russia. After leaving AIG, he became a partner of Central Asian Petroleum in 1993, which developed the Karakuduk field in Western Kazakhstan. |
 |
| Joseph
A. Bakaleynik |
 |
| Vyacheslav
Nikolaev Vyacheslav started his career in consulting and finance in 1996 in Moscow by joining the European Public Policy Advisers multinational consultancy, where he went from being a researcher to Senior Adviser. He then worked for telecoms consultancy J’son and Partners as Consultant and later moved to Renaissance Capital investment group as Telecoms Market Analyst. Vyacheslav has been working for Trust and Investment Bank in Moscow since December 2002 as Vice President of the Research Department. |
 |
| Charles
Ryan, Chairman and Chief Executive Officer and one of the founders of United Financial Group. Mr. Ryan has overseen the development of UFG into Russia’s largest independent investment bank. His background combines top-level financial expertise with a special interest in Russia. From 1991 to 1994 Mr. Ryan was an Associate and Principal Banker at the European Bank for Reconstruction and Development in London, where he helped the city of St. Petersburg to develop a plan for privatizing industry and real estate as a member of the privatization and restructuring team. He also worked in the Russia and Poland country divisions of the EBRD, executing private equity investments. From 1989 to 1991 he was a Financial Analyst at Credit Suisse First Boston. Mr. Ryan received a BA with honors in Government, concentrating on Soviet foreign policy, from Harvard University in 1989. |
 |
| Stephen
O’Sullivan, Mr. O’Sullivan has over 20 years experience in the energy industries, the last ten of which have been focused on Russia. Mr. O’Sullivan joined UFG in 1998 from MC Securities, where he was Head of Research covering the oil, gas and utility sectors in Russia, Ukraine and Eastern Europe. He is a regular speaker at conferences and industry gatherings and has advised a number of major oil companies on investment strategies in Russia. Mr. O’Sullivan worked for five years as an energy consultant in Russia, Central Asia, the Far East, the Middle East and Southern Africa. His work involved the valuation and privatization of state oil companies in China, South Africa and Israel, as well as economic evaluations of oil and gas investments in Siberia, the Volga-Urals region and Kazakhstan. He spent three years with the French oil company Total on exploration and natural gas activities in Europe and five years with BP as an oil trader, economist and corporate planner on Asia. Mr. O’Sullivan was ranked the number 2 Emerging Europe oil and gas analyst in 1996, 1997 and 1998, his research team was rated number 3 in Emerging Europe in 1996 and number 1 country team in 1997. Moreover, it was ranked no. 2 in the Extel survey of Russian brokerages in 2001. Since Mr. O’Sullivan joined UFG, the research team has been ranked number 2 in Russia by Extel and by Institutional Investor in 2000, 2001 and 2002. It is also the top-ranked firm in the 2002 NAUFOR Survey of Russian research. He has been ranked the most influential foreign analyst on the Russian market and the number 3 oil and gas analyst across the Emerging Europe, Middle East and Africa region. Mr. O’Sullivan received a BA in Economics from the University of Southampton in 1981. |
 |
| Eugene
K. Lawson, Eugene K. Lawson began as President of the newly-formed U.S.-Russia Business Council on January 11, 1993 following his resignation as Acting Chairman and President of the Export-Import Bank of the United States. For four years, he was Vice Chairman, confirmed by the senate following nomination by President Bush. At Eximbank, Mr. Lawson worked to expand trade links with Russia and other newly independent states in Central and Eastern Europe by structuring trade credits. He was the Bush Administration’s point man in negotiations to conclude a proposed $2 billion oil and gas framework agreement with Russia. From 1988 to 1989, Mr. Lawson was Deputy Under Secretary or Labor for International Affairs. In 1988, he also served as U.S. Ambassador to the International Labor Organization in Geneva, and as a member of the Board of Directors of the Overseas Private Investment Corporation. From 1984 to 1988, he was Executive Director in the Washington office of Russell Reynolds Associates, Inc., an international executive recruiting firm. He was Deputy Assistant Secretary of Commerce for East Asia and the Pacific from 1982 to 1984. From 1981 to 1982, he was Deputy Assistant Secretary of Commerce for East-West Trade, which concerned with former Soviet Union and other Eastern Bloc countries.From 1977 to 1980, he was Director of the Master of Science in Foreign Service Program, Director of the Program for China Studies, and a Professorial Lecturer at Georgetown University. He was Deputy Director of the State Department’s Office of Special Bilateral Affairs from 1975 to 1977. From 1973 to 1974 he was a Guest Fellow at the Brookings Institution. Earlier in his career, he served as a staff assistant and special assistant to the Assistant Secretary of State for East Asia and the Pacific. Mr. Lawson served as an officer in the U.S. Navy in the Pacific from 1961 to 1963. Mr. Lawson graduated cum laude from Princeton University and holds a PhD from Columbia University. He is the author of two books about China. U.S.-China Trade: Problems and Prospects, and The Sino-Vietnamese Conflict. He has also published numerous magazine and newspaper articles about international trade issues. |
 |