Malmö 00 08 20

Dear Sir,

The seminar ”INVESTMENT IN RUSSIA”, will take place in Bor Hotel, Moscow Oblast at September 26 and 27 , 2000. You are expected to arrive to Bor on the evening of September 25 when we will have a welcome dinner for all participants.

The seminar “ Investment in Russia “ is planned to happen for the third time in September 26 and 27. The seminar is done in close cooperation with the Moscow Oblast government and concerned authorities. A new approach for the coming seminar is that we will start to discuss IT in Russia as an addition to earlier program.

The to date participating companies and banks judged the seminars the best they have participated in as regards seminars about direct investments into Russia.

Some of the companies participating in the seminar have urged us to repeat the seminar again in order for other of their top managers to participate.

The seminar is focusing on the areas which so far typically have caused most problems to foreign investors.

The seminar has turned out to be very useful to bring up current problems with operations in Russia as well as to meet companies with similar problems and interests.

If you have any questions don’t hesitate to contact me on + 46 705 25 52 58 or my partner in Moscow Aage V. Nielsen, phone + 7 095 284 42 87 or mobile + 7 095 764 36 64.

Yours Sincerely,

Dan Kjellgren

Man. Director

INVESTMENT IN RUSSIA

How to handle new investments in a practical and efficient way at a minimum cost

Monday, Sept 25, 2000

EveningArrival to Bor Hotel in Domodedovo.

20.00Dinner

Tuesday, Sept 26, 2000

08.30Problems during processes and steps from idea to ready enterprise.Mr. Dan Kjellgren, ex-Gen. Dir. of the PLM Russian investment project in Naro-Fominsk, Mr. Aage V. Nielsen, AV Consulting International Ltd., Moscow, Mr.L. Gildenblatt, Director, Gipropishcheprom 1, Moscow.

09.15A “Greenfield” project. Departure and visit to the Mars Group in Stupino or PLM in Naro Fominsk or Campina in Stupino.

12.00Lunch

14.30Opening of the seminar. Governor Gromov of the Moscow Oblast Government

14.45The situation in Russia for investors, an update since the elections.. To be decided.

15.15Coffee break

15.30Site search. Introduction Mr. Aage V. Nielsen, Director, AV Consulting International Ltd.

PresentationsHeads of regions: Naro-Fominsk & Tchekhov Regions,

Solnechnogorsk, Stupino and/or Lubertsy

16.45Taxation including available benefits. Mr. D. John, Tax Partner, Price Waterhouse Coopers and Head of taxation

from the Moscow Oblast

18.00CustomsMr. A.T. Bychkov, Chairman of Moscow Customs Department

20.00Dinner

Wednesday, Sept 27, 2000

08.30 TEO definitions. TEO practical work and consequences. Mr. L. Gildenblatt, Director, Gipropishcheprom 1

09.00Recommended working procedures and costs.

Fire authoritiesMr. Igor Chernesoff, Chief of the Oblast Fire Authorities

MosenergoMr. Sergei Romanovsky, Chief of Perspective Development

GaspromMr. A. E. Letaev, Chief of Controller's Department

10.00Coffee break

SESMrs. Olga Gavrilenko, Director of Sanitary & Epidemic Department

EnvironmentMr. Arthur Kalinin, Head of Department

12.00Lunch

13.00Which assistance can be expected from the Moscow Oblast Government. Michail M. Amirbigeshvili, Minister of Foreign Economic Relations, Moscow Oblast Government.

13.30The role of authorities in relation to investments in Russia. V. N. Chernov, UGASK.

14.00The IT- market in Russia. What has been done and what is happening just now. A representative from the Ministry of telecommunications.

15.00 Who are the major players in the IT- market of Russia and what is going to happen in the future. To be appointed

16.00 Departure for Rockwool's plant 'ZAO Mineral Wool' in Zheleznodorozhny. The factory was bought by Rockwool, Denmark, in February 1999.

17.00Visit to Rockwool's plant 'ZAO Mineral Wool' in Zheleznodorozhny, Moscow Oblast. "Buying an existing Russian enterprise - issues and problems during the buying phase and after take over", General Director Mr. Steen Oernslund.

19.00Return to Moscow.

20.00Arrival at Radisson Slavyanskaya Hotel, Moscow.

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Conference Languages

The conference languages are English and Russian. Interpretation will be provided for all sessions.

Location

Bor Hotel, Domodedovo. Participants are expected to arrive at the Bor Conference Hotel during the afternoon/evening on April 10, 2000 . A welcome dinner is arranged at 20.00 hrs.

Price for accomodation will be US$ 120 per night.

Transport

On request we will assist to arrange transport between the airport and the Bor Conference Hotel. Instruction on how to find the Bor Conference Hotel will be forwarded.

Visa

If you don't have a Russian visa we will arrange an invitation letter for a fee of USD 80 enabling you to get a visa through the Russian Embassy. Requests for visa assistance must be received before Sept 6, 2000.

Delegate fees

The fee is USD 2,000 including participation fee, lunches and dinners, hand-outs and materials, interpretation, visits to enterprises, but excluding accomodation and breakfast and transfer to and from hotel.

Payments

Payments should be made before Sept 15, 2000. All registrations will be invoiced. Payments may be made by: cheque drawn on a Danish clearing bank or direct bank transfer.

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Names of Russian speakers could change in view of elections and potential organisational changes.

Any requests or questions please fax to: + 46 40 15 83 62 or phone: + 7 095 284 4287 alt. + 46 70 525 52 58.

INVESTMENT IN RUSSIA Registration Form

( In block letters please)

Registration shall be made no later than September 15, 2000.

Participation:

Delegate Name 1: ……………………………………….Position: …………………………………………..

Delegate Name 2: …………………………………….. Position: …………………………………………..

Delegate Name 3: …………………………………….. Position: …………………………………………..

Company Name: ………………………………………………………………………………………………

Company Activity: …………………………………………………………………………………………….

Address: ………………………………………………………………………………………………………..

Tel: …………………………………………………… Fax: ………………………………………………..

e-mail: …………………………………………………Signature: ……………………………………………

Date: ………………………………………

Bank transfers without deduction of bank charges, should be made payable to: Den Danske Bank, 2-12 Holmens Kanal, DK-1092 Copenhagen K, Denmark. Account name: AV Consulting International Ltd USD account No: 4180-3785030184, DKK account No: 4180-3667285909, S.W.I.F.T.: DABADKKK

This form should be sent to fax No: +46 40 158 362

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DEKK AB

Box 16090

S-200 25 Malmö, Sweden

Phone: +46 705 25 52 58

Fax: +46 40 15 83 62