24 th November 2005 the International Executive Search Federation (IESF), represented by its Italian partner Kilpatrick Executive Search and the Russian partner CONSORT Consulting Group, organized a conference in Palazzo delle Stelline with the Title «Russian Roulette or Business Opportunity»

The meeting was opened by Mr. J. Hoekstra , Vice President of the IESF and CEO of Kilpatrick Executive Search in Italy, who welcomed the guests speakers ; 1. Mr. Pavel Dorokhin ( Italian — Russian Chamber of Commerce ) 2. Mr. Yuri Kobaladze ( Managing Director of Renaissance Capital Investment Company ) 3. Mr. Vittorio Loi ( Pavia e Ansaldo ) 4. Mr. Marco Scippa ( HR director Indesit Russia ) 5. Mr. Julio Gonzales ( HR Director Tenaris ) 6. Mr. Michael Bogdanov ( President IESF Russia ).

A special welcome was given to Mr. Andrew Walker, President of the IESF.

There were about 50 companies present at the meeting with either on-going investments in Russia or those who are pro-positive of investing there. Mr. Pavel Dorokhin introduced Russia by explaining the macro economic situation in his country and the latest update on the possibility to obtain an investor finance for foreign companies, as well as possible tax- holidays.

Mr. Yuri Kobaladze who, besides his post of Managing Director of Renaissance Capital, is a famous opinion leader in Russia and often asked for television shows, introduced the guests to the investment climate and talked about the Russian politics, with a personal comment on the elections in 2008.

Mr. Vittorio Loi, representing the Law Office Pavia e Ansaldo Mosca, introduced the audience to the legal structure in Russia and the main differences with the EEC. Most of the Italian companies that have invested in Russia were taken care of by this studio.

Mr. Marco Scippa (see attached presentation) presented the success story of Indesit in Russia , their on-going investments and the way Indesit obtained the leading market share they have today in Russia. The key factor to this success has been the HR development, training programs and the sensibility to adapt global knowledge in a local market. The IESF has assisted several times searching the right Human Resources for Indesit.

Mr. Julio Gonzales explained the importance of a global partner in HR. In countries like China and Russia finding, hiring and retention of professionals is extremely complicated.The life of Italian expatriates was illuminated, as well as advantages of local recruitment and local resources versus international expatriates. Mr.Julio Gonzales is also co-auditor of the book «I manager viaggiatori. Nuovi nomadi nella globalizzazione».

The local key to success and the introduction to the Russian HR market was covered by Mr. Michael Bogdanov, with an excellent presentation about labor costs, availability of blue and white collar resources and a view on the present structure of employment in Russia. Remarkable is the investment in Moscow, where Human Resources have similar costs or sometimes above the Italian labor costs.
( see attached presentation )

After the meeting there was time to have face to face encounters with the speakers and the possibility to deepen the different subjects. New appointments were made and the first Italian — Russian business opportunity, with a large prospective investment in Russia, was scheduled for beginning of December in Moscow.

IESF Kilpatrick is the exclusive Italian partner of the International Executive Search Federation, one of the largest Executive Search networks worldwide ( see attached article ) with leading presence in Asia. Kilpatrick has its office in Milano, Via Visconte di Modrone, tel. 02 / 76394121.

Next appointment : INDIA , march 2006