William F. Browder

WILLIAM F. BROWDER is the Managing Director and founder of Hermitage
Capital Management, a fund management company that specializes in the
Russian and C.I.S. equity market. Republic National Bank of New York is
a major shareholder and partner in Hermitage Capital Management.
Hermitage Capital Management currently has approximately $1 billion
under management. Mr. Browder was featured in such publications as
Financial Times and Business Week as one of the world’s most successful
fund managers over the past year. Net Asset Value per share of The
Hermitage Fund, launched in April of 1996, increased 665% as of December
31, 1997. The Hermitage Fund was ranked number one in the world by such
International rating and information firms as Lipper Analytical
Services, Managed Emerging Market Fund Monitor, Nelson Information and
Managed Account Report. Clients of Hermitage Capital Management consist
primarily of investment institutions and high net worth individuals.
Prior to joining Hermitage, Mr. Browder was a Vice President at Salomon
Brothers from 1992-1995 where he co-managed the Salomon Brothers’
Russian equity portfolio. In 1991, Mr. Browder served as a Vice
President of the Maxwell Central & East European Partnership where he
was responsible for a portfolio of private equity investments in Eastern
Europe and the C.I.S. From 1989-1991, Mr. Browder was a Management
Consultant within the east European practice of the Boston Consulting
Group in London. Mr. Browder received his M.B.A. from Stanford Business
School, and his B.A. in Economics with highest honors from the
University of Chicago. Mr. Browder currently resides in Moscow.

MICHELLE KELNER is the Portfolio Manager with Hermitage Capital
Management. Her responsibilities include managing the portfolio,
analyzing Russian companies, and trading on behalf of the Hermitage
Funds. Prior to joining Hermitage, Ms. Kelner spent one year with
Brunswick Brokerage, one of the main broker dealers in the Russian
equity market, where she traded on behalf of the firm and spoke with the
firm’s institutional clients on the Russian market. She also helped open
the New York office of Brunswick Securities, Inc., a subsidiary of
Brunswick Brokerage. From 1993-1996, Ms. Kelner was a mortgage backed
securities trader with J.P. Morgan Securities in New York where she
managed a $500 million Adjustable Rate Mortgage Portfolio. Ms. Kelner
received her B.S. in Finance and Economics with honors from the
University of Virginia. She is fully bi-lingual and is of Russian
descent.