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Alexey Savatiugin Elected The Head Of NAUFOR Executive Committee

Date 12/09/2002

At its Thursday, September 12, 2002, meeting, the Board of Directors of the National Association for the Securities Market Participants (NAUFOR) has elected Alexey Savatiugin the Head of NAUFOR Executive Committee.

Since December 2000 Mr. Savatiugin has worked as the Head of the "Index Agency RTS-Interfax"; since July 2002 he has also been holding the position of the RTS Stock Exchange Chief Economist.

Mr. Savatiugin is a member of National Association for Professional Market Participants (NAUFOR) Legislative Committee, a member of NAUFOR Derivatives Committee, the Chairman of Professional Ethics Commission at the Guild o Investment and Financial Analysts, a member of the Commission on Ethics at the European Federation of Financial Analysts Societies (EFAAS), an expert member of the Securities Market Committee at the Federation Council of Russian Federation, the General Director of the Center for the Securities markets study.

From 1994 to 1996 Alexey Savatiugin has served as the Deputy Director of "Orimi-Broker" company in St. Petersburg. From 1996 to 2000 held the position of the First Deputy General Director of 'Energokapital' company in St. Petersburg.

Mr .Savatiugin graduated from St. Petersburg University with a degree in economics. Studied at London School of Economics and Guildhall University (London, UK). Since 1992 has been teaching economics and related subjects at St. Petersburg University.

Mr. Savatiugin is the author and co-author of a number of scientific publications, such as "Introduction to Economic Theory", "50 Lectures on Microeconomics", "Finance Manager Handbook", and others.