AAM has established an Advisory Board composed of distinguished businessmen with extensive experience in Russia, the CIS, fund management and operations.

The primary tasks of the Advisory Board are to provide AAM with general advice and feedback regarding:

1. General fund strategy;
2. Investments in and divestments from underlying funds;
3. Allocation of assets among funds;
4. Cash management;
5. Approach to leveraging (Tera is currently not leveraged);
6. IR/PR; and
7. Raising additional investment capital.

The following individuals are currently members of the Advisory Board:

• Mr. Mikael Wallenberg, Senior Vice President for Client Relations and shareholder of EFG Bank, Geneva, with focus on origination and servicing of high net worth individuals (emphasis on entrepreneurs and company owners), previously worked for Credit Suisse Group and NatWest Capital Markets;
  
  
• Mr. Bruce Bean, Professor, Lecturer in Global Corporate Law, Michigan State University Law School, East Lansing, Michigan, Co-Chair of the Russian-Eurasian Law Committee, American Bar Association, Section of International Law, independent Consultant on Doing Business in Russia, former Chairman of the Board of The American Chamber of Commerce in Russia; numerous publications on Russia, in particular the Yukos affair and its impact on doing business in Russia; he was active on the Gore-Chernomyrdin Commission and was the Head of Corporate and Foreign Direct Investment at Clifford Chance in Moscow;
  
  
• Mr. David Wisher, CFO, KCura Corporation, former CFO of Golden Telecom, Inc. (NASDAQ: GLDN), the largest independent integrated telecommunications and internet service provider in Russian with revenue of over $500m; extensive experience in public and private fund-raising efforts (both debt and equity);
  
  
• Mr. Gerry Grace, CFO, GTS Central Europe, the largest telecommunications provider in Central Europe; more than 12 years' business and investing experience in that area.