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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>Because of increasing operating expenses and in
order to maintain AIBEc's high standard of Business Education AIBEc will
increase the regular tuition per course from $400 to $450 beginning in the
Spring semester 2006.</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>This is the first tuition increase since June of
2000 and AIBEc's tuition is still the lowest for any English language MBA
in Moscow.</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>Yours truly,</FONT></DIV>
<DIV><FONT face=Arial size=2>Art Franczek, president</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>Konstantin Kontor,
director</FONT></DIV></BODY></HTML>