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To: Aggie who wrote (42554)	4/18/1999 9:13:00 PM
From: diana g	Respond to of 95453

Re: LUKOY Well put, Aggie! I challenge those who think LUKOY a great opportunity to find One, just One, Russian expatriate living in the West who is a knowledgeable investor and would consider investing in Russia. regards, diana

To: Aggie who wrote (42554)	4/18/1999 9:36:00 PM
From: Rob Shilling	Read Replies (1) \| Respond to of 95453

OT- Aggie, actually Russia has only really started its march towards a market economy for 8 years. LUKOY actually was only created in the early 1990's with its stock being around since 1995. LUKOY is kind of like an option on Russia with no expiration date. Yes there have been transparency issues, but the blue chips in Russia like LUKOY have better track records here. I think Russia has been wary of PSAs (production sharing agreements) because they view them as the west plundering Russia's assets. After the financial crisis in 1998, that some think was exacerbated by an artificially strong ruble endorsed by the IMF, one could argue that Russians may have had a point. Since the ruble has weakened dramatically, Russia's domestic industry has been energized and there is less reliance on western imports. In the final analysis, where Russia is is less important than their direction. With 8 years of capitalism behind them, they will be no where near western standards on everything. Remember the U.S. has had 220 years to get used to capitalism.