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<DIV><FONT face=Arial size=2>DEAR AIBECERS:</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>REGISTRATION WILL BE OPEN EVERY DAY UNTIL
9PM.</FONT></DIV>
<DIV style="FONT: 10pt arial">
<DIV> </DIV></DIV>
<DIV><BR></DIV>
<DIV><FONT face=Arial size=2>DEAR AIBECERS:</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>I WOULD LIKE TO REMIND YOU THAT REGISTRATION FOR
THE SPRING 2005 SEMESTER WILL BE OPEN ON MONDAY JANUARY 10TH. </FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>MERRY (RUSSIAN) CHRISTMAS</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>ART FRANCZEK</FONT></DIV>
<DIV style="FONT: 10pt arial">----- </DIV>
<DIV><BR></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV style="FONT: 10pt arial">
<DIV><B></B> </DIV></DIV>
<DIV> Dear AIBEcers:</DIV>
<DIV style="FONT: 10pt arial">
<DIV> </DIV>
<DIV>Registration is now open for the Spring 2005 Semester that begins on Jan
17, 2005. As you will note Managing People in Organisations will be taught by
Kostya Korotov who recently completed his Phd at INSEAD and has published a new
book entitled THE NEW RUSSIAN BUSINESS LEADERS which is available on Amazon.com.
A NEW course in Strategic Marketing will be taught by Vadim Grigorian. Vadim is
an AIBEc graduate (CBS) and has an MBA from INSEAD. Many of you may recall that
he was a judge for the marketing case competition that was held recently.
Strategic Management will be taught by Gerald Rohan who is currently the
director of Energy Services at Price WaterhouseCoopers. He has extensive
experience in the Russian energy sector and this experience will be most
interesting for AIBEc students.</DIV>
<DIV> </DIV>
<DIV>Yours truly,</DIV>
<DIV>Art Franczek</DIV></DIV>
<DIV><BR></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
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<TD><FONT face=Arial size=2></FONT><FONT face=Arial size=2></FONT><FONT
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size=2></FONT><A href="http://www.aibec.org" target=_blank></A></TD></TR>
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<H3 style="TEXT-ALIGN: center" align=center><FONT color=#ff0000><I><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-ansi-language: EN-US"><FONT
size=4>Course offerings, Spring
Semester</FONT></SPAN></I></FONT></H3>
<H3 style="TEXT-ALIGN: center" align=center><FONT color=#ff0000><I><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-ansi-language: EN-US"></SPAN></I></FONT><FONT
color=#ff0000><FONT size=4><I><SPAN lang=EN-US
style="FONT-SIZE: 12pt; mso-ansi-language: EN-US">January 17 - April
29/ </SPAN></I><st1:date Month="8" Day="21" Year="2003"><I><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-ansi-language: EN-US">2005</SPAN></I></st1:date></FONT></FONT></H3><SPAN
lang=EN-US style="FONT-SIZE: 10pt; mso-ansi-language: EN-US"><FONT
color=#000000><SPAN style="FONT-SIZE: 10pt"><SPAN lang=EN-US
style="mso-ansi-language: EN-US"><SPAN style="FONT-SIZE: 10pt">
<P class=MsoNormal
style="MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 35.7pt; COLOR: #3366ff; TEXT-INDENT: -17.85pt; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; mso-margin-bottom-alt: auto"
align=center><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><o:p><FONT
color=#000000> </FONT></P>
<P class=MsoNormal
style="MARGIN-LEFT: 18pt; COLOR: #3366ff; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; mso-margin-bottom-alt: auto"
align=justify><FONT color=#000000><FONT color=#0000ff><I
style="mso-bidi-font-style: normal"><U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">Financial
Accounting:</SPAN></U></I></FONT><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><FONT
color=#0000ff><SPAN style="mso-spacerun: yes"> </SPAN></FONT>This
course provides students with a thorough review of accounting issues of
importance to most organizations, such as Accrual Accounting, Bad Debts,
Inventories, Investments, Cash Flows and Ratio Analysis. US GAAP and IAS
concepts are emphasized. <U><EM>Wednesdays
</EM></U></SPAN><EM><U><st1:time Hour="19" Minute="0"><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">7
pm to 10 pm</SPAN></st1:time><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">,
Art Franczek, Professor.</SPAN></U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"> <o:p></o:p></SPAN></EM></FONT></P></o:p></SPAN>
<P class=MsoNormal
style="MARGIN-LEFT: 18pt; COLOR: #3366ff; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; mso-margin-bottom-alt: auto"
align=justify><FONT color=#000000><FONT color=#0000ff><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><EM><U>Managerial
Accounting:</U></EM></SPAN></FONT><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><FONT
color=#0000ff> </FONT><FONT color=#0000ff><SPAN
style="mso-spacerun: yes"> </SPAN></FONT>This course provides
students with a thorough review of most Managerial Accounting issues of
importance to many organizations such as Cost Allocation, Activity Based
Costing, Budgeting, Standard Costing, Just In Time Inventory and many
other topics. <U><EM>Tuesdays </EM></U></SPAN><EM><U><st1:time Hour="19"
Minute="0"><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">7
pm to 10 pm</SPAN></st1:time></U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><U>,
Art Franczek, Professor</U>.</SPAN></EM><SPAN lang=EN-US
style="mso-ansi-language: EN-US"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal
style="MARGIN-LEFT: 18pt; COLOR: #3366ff; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; mso-margin-bottom-alt: auto"
align=justify><FONT color=#000000><FONT color=#0000ff><I
style="mso-bidi-font-style: normal"><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><U>Comparative
Accounting:</U> </SPAN></I></FONT><SPAN>This course <SPAN lang=EN-US
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><FONT
face=Tahoma>covers advanced topics such as Leasing, Valuations,
Consolidated Financial Statements, Foreign Currency Transactions and
Translation. Also Russia’s transition to IAS will be discussed in detail
as the professor is working on a project with the World Bank dealing with
this issue. </FONT></SPAN><EM><U>Mondays </U></EM></SPAN><EM><st1:time
Hour="19" Minute="0"><U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">7
pm to 10 pm</SPAN></U></st1:time><U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">,
Art Franczek, Professor.</SPAN></U></EM></FONT></P><FONT
color=#000000><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">
<P class=MsoNormal
style="MARGIN-LEFT: 18pt; COLOR: #3366ff; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; mso-margin-bottom-alt: auto"
align=justify><FONT color=#000000><EM><U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><FONT
color=#0000ff>Corporate Finance</FONT>:</SPAN></U></EM><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><U><EM>
</EM></U>This course is an introduction to allocation of capital over
time, capital budgeting, financial management and other topics using basic
mathematical models. </SPAN><U><EM><st1:time Hour="19"
Minute="0"><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">Thursdays
7 pm to 10 pm</SPAN></st1:time><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">,
Konstantin Kontor</SPAN></EM></U></FONT></P></SPAN></FONT>
<P class=MsoNormal
style="MARGIN-LEFT: 18pt; COLOR: #3366ff; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; mso-margin-bottom-alt: auto"
align=justify><FONT color=#000000><I
style="mso-bidi-font-style: normal"><U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><FONT
color=#0000ff>International Finance and Risk
Management</FONT>:</SPAN></U></I><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">
<SPAN lang=EN-US
style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-ansi-language: EN-US; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><FONT
face=Tahoma>This course discusses the priciples of international finance
(economics of the international environment, purchasing power parity, and
sources of risk in the international financial markets) and the
theoretical background on which the practices of operation of the
international financial markets are
based. </FONT></SPAN></SPAN></FONT><FONT color=#000000><EM><U><SPAN
lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">Tuesdays
</SPAN><st1:time Hour="19" Minute="0"><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">7
pm to 10 pm</SPAN></st1:time><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">,
Konstantin Kontor, Professor.</SPAN></U></EM></FONT></P><FONT
color=#000000><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">
<P class=MsoNormal
style="MARGIN-LEFT: 18pt; COLOR: #3366ff; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; mso-margin-bottom-alt: auto"
align=justify><FONT color=#000000><SPAN><EM><U><FONT color=#0000ff><FONT
color=#ff0000>New! </FONT></FONT></U></EM><FONT
color=#0000ff><U><EM>Business Planning in the Russian
Environment:</EM></U></FONT><FONT color=#000000> </FONT><SPAN
lang=EN-US style="FONT-SIZE: 10pt">This course is not only NEW at AIBEc.
It is a prototype of the long-prepared format of Field Study –<SPAN
style="mso-spacerun: yes"> </SPAN>a standard and mandatory course at
all business schools. In a Field Study the students in a group analyze a
real project at a real company.</SPAN></SPAN></FONT></P>
<P class=MsoNormal
style="MARGIN-LEFT: 18pt; COLOR: #3366ff; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; mso-margin-bottom-alt: auto"
align=justify><FONT color=#000000><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US"><SPAN lang=EN-US
style="FONT-SIZE: 10pt"></SPAN><SPAN lang=EN-US
style="FONT-SIZE: 10pt">Class sessions will be arranged at a special
flexible schedule. Special assistance in the preparation of the business
plan will be provided. For best performers, the course may be credited as
AIBEc’s mandatory course at the ultimate discretion of the instructor.
</SPAN><U><EM>To be announced</EM></U></SPAN><U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><EM>, Konstantin
Kontor, Professor</EM>.</SPAN></U><I
style="mso-bidi-font-style: normal"><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"> <o:p></o:p></SPAN></I></FONT></SPAN></FONT><FONT
color=#000000><SPAN><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal
style="MARGIN-LEFT: 18pt; COLOR: #3366ff; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; mso-margin-bottom-alt: auto"
align=justify><FONT color=#000000><FONT color=#0000ff><I
style="mso-bidi-font-style: normal"><U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">Principles
of Marketing:</SPAN></U></I></FONT><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><FONT
color=#0000ff> </FONT>This course provides students with an overview of
marketing in a modern international business. The latest materials and
case studies are used in this course. <EM><U>Mondays
</U></EM></SPAN><EM><st1:time Hour="19" Minute="0"><U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">7
pm to 10 pm</SPAN></U></st1:time><U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">,
Tom Nastas, Professor.</SPAN></U></EM><SPAN lang=EN-US
style="mso-ansi-language: EN-US"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal
style="MARGIN-LEFT: 18pt; COLOR: #3366ff; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; mso-margin-bottom-alt: auto"
align=justify><FONT color=#000000><FONT color=#0000ff><I
style="mso-bidi-font-style: normal"><U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">Sales
Management: </SPAN></U></I></FONT><SPAN>This course <SPAN lang=EN-US
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><FONT
face=Tahoma>covers both theoretical and practical aspects of sales
management, including topics such as sales forecasting, demand
forecasting, types of sales and other sales issues. It is planned that
this course will have some highly qualified guest speakers on this
topic.</FONT></SPAN> <EM><U>Wednesdays </U></EM></SPAN><EM><st1:time
Hour="19" Minute="0"><U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">7
pm to 10 pm</SPAN></U></st1:time><U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">,
Tom Nastas, Professor.</SPAN></U><SPAN lang=EN-US
style="mso-ansi-language: EN-US"> <o:p></o:p></SPAN></EM></FONT></P>
<P class=MsoNormal
style="MARGIN-LEFT: 18pt; COLOR: #3366ff; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; mso-margin-bottom-alt: auto"
align=justify><FONT color=#000000><FONT color=#0000ff><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><U><EM>Strategic
Management:</EM></U> </SPAN></FONT><FONT face=Tahoma><SPAN
lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><FONT
face=Tahoma><SPAN lang=EN-US
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><FONT
face=Tahoma>Recent topics in Strategy as they</FONT> <FONT face=Tahoma>are
applied internationally and in </FONT></SPAN></FONT><FONT
face=Tahoma><st1:country-region><st1:place><SPAN lang=EN-US
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: EN-US; mso-bidi-language: AR-SA">Russia</SPAN></st1:place></st1:country-region></FONT><SPAN
lang=EN-US
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><FONT
face=Tahoma> will be discussed. Many recent cases will be used and there
will be a special focus on implementation of
strategies</FONT>. </SPAN> <U><EM>Thursdays
</EM></U></SPAN><U><EM><st1:time Hour="19" Minute="0"><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">7</SPAN></st1:time><SPAN
lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">
to </SPAN><st1:time Hour="22" Minute="0"><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt">10
PM</SPAN></st1:time></EM></U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><U><EM>,
Gerald Rohan, Professor</EM>.</U><SPAN
style="mso-spacerun: yes">
</SPAN><o:p></o:p></SPAN></FONT></FONT></P><FONT color=#000000><SPAN
lang=EN-US
style="FONT-SIZE: 10pt; mso-ansi-language: EN-US; mso-bidi-font-size: 12.0pt"><SPAN
style="mso-spacerun: yes">
<P class=MsoNormal
style="MARGIN: 0cm 0cm 0pt 18pt; TEXT-ALIGN: justify; mso-margin-top-alt: auto; tab-stops: list 36.0pt; mso-margin-bottom-alt: auto"><EM><U><SPAN
lang=EN-US
style="FONT-SIZE: 10pt; COLOR: blue; mso-bidi-font-size: 12.0pt">Managing
People in Organizations</SPAN></U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 12.0pt">:
</SPAN></EM><SPAN lang=EN-US
style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 12.0pt">This
course provides students with the application of Social Sciences to
problems of managing individuals and teams in large and small
businesses<EM>. <U>Special schedule on Saturdays will be announced,
Konstantin Korotov</U></EM></SPAN></P>
<P class=MsoNormal
style="MARGIN: 0cm 0cm 0pt 18pt; TEXT-ALIGN: justify; mso-margin-top-alt: auto; tab-stops: list 36.0pt; mso-margin-bottom-alt: auto"><SPAN
lang=EN-US
style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 12.0pt"><FONT
face="Times New Roman"><EM><SPAN lang=EN-US
style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><SPAN
style="mso-spacerun: yes"></SPAN></SPAN></EM></FONT></SPAN> </P>
<P class=MsoNormal
style="MARGIN: 0cm 0cm 0pt 18pt; TEXT-ALIGN: justify; mso-margin-top-alt: auto; tab-stops: list 36.0pt; mso-margin-bottom-alt: auto"><SPAN><EM><SPAN
lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT
color=#0000ff><FONT color=#ff0000>NEW!</FONT> <U>Strategic Marketing
2:</U></FONT> </SPAN></EM><EM><SPAN lang=EN-US
style="FONT-SIZE: 10pt; FONT-STYLE: normal; mso-bidi-font-size: 12.0pt; mso-bidi-font-style: italic"><SPAN
style="mso-spacerun: yes"> </SPAN>This will be a course for advanced
marketing students that will discuss INSEAD and Harvard cases related to
the marketing environment in Russia. The professor for this course will be
an AIBEc and INSEAD graduate <U><EM>Vadim Grigoryan, Saturdays
</EM></U></SPAN></EM><EM><st1:time Hour="22" Minute="0"><U><SPAN
lang=EN-US
style="FONT-SIZE: 10pt; FONT-STYLE: normal; mso-bidi-font-size: 12.0pt; mso-bidi-font-style: italic">10
pm to 1 pm</SPAN></U></st1:time><U><SPAN lang=EN-US
style="FONT-SIZE: 10pt; FONT-STYLE: normal; mso-bidi-font-size: 12.0pt; mso-bidi-font-style: italic">.</SPAN><SPAN
lang=EN-US
style="COLOR: #3366ff"><o:p></o:p></SPAN></U></EM></P><o:p></o:p></SPAN>
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lang=EN-US style="FONT-SIZE: 10pt; mso-ansi-language: EN-US"><FONT
color=#000000><SPAN style="FONT-SIZE: 10pt"><SPAN lang=EN-US
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<TD class=t3><B>Call at</B> 438-1439, 438-0830; <BR><B>E-mail:</B> <A
href="mailto:info@aibec@co.ru" target=_blank>info@aibec@co.ru</A>, <BR>or
check out AIBEc's web-site <A href="http://www.aibec.org"
target=_blank>www.aibec.org</A> for further details. </TD></TR></TBODY></TABLE>
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<P></P>_______________________________________________<BR>Aibec-l mailing
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