Experience, Credentials & Affiliations

U.S. Small Business Administration

Mr. Peter J. Palms, IV, president Palms & Company, Inc.

Dear Mr. Palms

In 1981 and 1982 you served as consultant to the U.S. Small Business Administration. I am also aware that you served as a venture capital consultant to the U.S. Department of Commerce Minority Business Development Agency in 1982 and 1983 for a total payment of $162,000. In conection with these services you reported securing in excess of $4 million in equity financing, $3 million in debt financing and providing marketing assistance which generated over $5 million in new sales for client companies.

In my opinion, you have demonstrated a successful track record of generating venture capital and considerable expertise in business management in general.

Sincerely

William Wade

Assistant District Director Management Assistance

U.S. Small Business Administration

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FROM SECRETARY OF STATE OF WASHINGTON

February 4, 1991

I am pleased to wrtie you about Peter Palms and his corporation Palms & Company, Inc. Palms & Company, Inc. is chartered under Washington State law. As you might know, Washington State has had numerous business relationships with the Union of Socialist Republics for many decades.

It is my understanding that Palms & Company, Inc. is authorized to be the founder and sharholder in Soviet finance and banking businesses including Vostokinvestbank. Our state has no laws which prohibit this type of activity or any other lawful import, export, manufacturing, buying or selling activity within the Soviet Union by an American chartered corporation or company.

Over a period of the last several months, I have had an opportunity to get to know Mr. Peter Palms, the founder of Palms & Company, Inc. On a recent trip to the Soviet Union, he conducted himself extremely well and appeared to be doing an excellent job in developing relationships between the businesses of our state and the programs of the Union of Soviet Socialist Republics.

My very best wishes to you

Sincerely

Ralph Monro

Secretary of State

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Clinton - Yeltsin Summit FROM PRIME MINISTER OF CANADA Le 3 avril 1993

Dear Delegate Dr. Palms

On behalf of the people and Government of Canada I am happy to welcome you to Vancouver on the occasion of the first meeting between U.S. President Bill Clinton and Russian President Boris Yeltsin.

I am hopeful that your discussions will help to shape the evolving relations between the United States and Russia and contribute substantially to building international peace and security.

With my best wishes for a memorable visit

Brian Mulrooney

Prime Minister of Canada

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FROM U. S. AMBASSADOR TO RUSSIA - ARTHUR HARTMAN & NEW YOUR STOCK EXCHANGE

March 11, 1993

Dr. Peter John Palms IV Palms & Company , Investment Bankers

Dear Dr. Palms

The New York Stock Exchange Chairman and CEO William H. Donaldson has agreed to host a breakfast in honor of Russian Deputy Prime Minister Chubais at 11 Wall Street on Thurday march 18.

In his capacity as Chairman of the State Committee for the Management of State Property, Mr. Chubais, a fluent English speaker, will discuss the latest policies and issues surrounding the country's privatization program and the many opportunities for foreign investment in Russia. Mr. Chubais' visit to new York is being sponsored by the European Bank for Reconstruction and Development and the British Know How Fund.

The breakfast will be held at 11 Wall Street, in the Board Room. We will begin at 8:15 and should conclude no later than 9:30. A small group of your fellow industry leaders also will be present for this occasion, which is informal and off-the-record.

Please respond to Robin Liebewitz at (202) 778-1040

Sincerely

Arthur A. Hartman

Ambassador to the Former Soviet Union

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UNITED STATES DEPARTMENT OF COMMERCE, INTERNAITONAL TRADE ADMINISTRATION

Sept. 12, 1991

I have know Peter Palms professionally for about 8 years. My office has assisted him in a number of projects that he has been engaged in around the world. My impression is that he possesses high business ethics, creative intelligence, and reliable business habits. I have found him to be a worthy business contact and would not hesitate to refer him to others.

Over the past 5 years, or so, Mr. Palms has been making inroads in the U.S.S.R. via numerous business trips throughout that country. During these trips, he has established quality business contacts in many republics and in many industries. He has lectured on western management practices, researched business opportunities, facilitated western investmens, and has, on numerous occasions, met with Soviet businesspeople visiting the U.S..

I feel confident in Dr. Palms' ability to identify your potential and to further your effort and goals in the U.S.S.R.

Sincerely

James Helwig

Trade Specialist

United States Department of Commerce

International Trade Administration

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U.S. Bank Corporation

March 2, 1993

Dear Dr. Palms

I am very appreciative of the information and contacts you faxed to me. I hope that we are able to initiate contact with these individuals and the companies they represent during future trips to Russia. Developing productive relations with these individuals and entities will enable our bank to better serve our customers (such as Palms & Company) with their dealings in Russia

Again, thank you for all your assistance.

Sincerely

Spiro J Papadimos

Vice President

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Moscow - McDonald's

The Moscow-McDonald's Joint Venture expresses its gratitude for the highly qualified training of our specialists using the Zusman and Studennikina method of Palms & Company.

We look foward to cooperating in the future.

Sincerely

Marc A. Winer

General Director Russia

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