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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>ON WED APRIL 19TH AT 7PM JULIA KOCHEKOVA OF
STANDARD AND POORS WILL DO A PRESENTATION ON THE CORPORATE GOVERNANCE
RANKINGS OF MAJOR RUSSIAN COMPANIES.</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>THIS WILL BE A VERY INTERESTING PRESENTATION FOR
THOSE OF YOU WHO ARE INTERESTED IN FINANCE, ACCOUNTING OR CORPORATE GOVERNANCE
ISSUES.</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>ALL AIBEC STUDENTS ARE INVITED. PLEASE SEND ME AN
E-MAIL IF YOU PLAN TO ATTEND(<A
href="mailto:artf@online.ru">artf@online.ru</A>)</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>FOLLOWING THE S&P PRESENTATION SAP WILL DO A
PRESENTATION ON THE COVERSION OF RUSSIAN ACCOUNTING STANDARDS TO US
GAAP.</FONT></DIV>
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<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
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