Principals

The Directors of the Company are responsible for monitoring the Company’s performance and for appointing, supervising, directing, and, if necessary, replacing the Investment Manager and the Company’s other service providers. The Directors are further responsible for monitoring and reviewing any conflicts of interest that exist or may arise.

The Company’s Directors are all non-executive and as such have no service contracts. Their address in their capacity as Directors of the Company is the registered office of the Company.

The Company has delegated certain administrative duties to the Administrator and has appointed the Investment Manager to manage the Company and its investments.

The Directors of the Company are:

Peter Boone, aged 43, graduated in 1990 from Harvard University with a PhD in Economics. In 1990-96 he was a director at the Emerging Markets Institute and Centre of Economic Policy at the London School of Economics. In 1996 Mr. Boone joined Brunswick Capital Management as a portfolio manager. In 1997-2004 he was Managing Partner and Head of Research at Brunswick UBS in Moscow.

Denis Rodionov, aged 34, holds a degree in physics and mathematics from the Moscow Institute of Physics and Technology and an MBA degree from International University. He is a CFA charterholder since 2001. Starting his career in 1995 as a quantitative analyst at Brunswick, he advanced to become company’s Chief Economist and Market Strategist. In 2001-2003 Mr. Rodionov was Chief Equity Strategist and Deputy Head of Research at the award-winning Brunswick UBS research department. In 2003-2004 Mr. Rodionov was heading Brunswick Asset Management effort to build the domestic asset management unit and revamp the company’s overall investment strategy.

Oleg Pavlov, aged 33, is a founding partner and Managing Director of Cube Capital, an asset management group focusing on alternative asset classes and financial advisory in relation to Russia and Emerging Europe. Prior to founding Cube Capital in early 2003, he spent over 7 years with UBS Investment Bank in Russia, first as a senior equity research analyst and later as senior investment banking officer. Oleg's primary experience is in corporate restructuring, M&A advisory and equity capital markets. Prior to joining UBS in 1995, he worked as a strategic management consultant with A. T. Kearney in Moscow where he advised a number of multinational conglomerates on market entry strategies. Oleg Pavlov received his degree from The Moscow State University. He is a CFA charter holder since 1998.