Hermitage Capital Management Ltd. is a member of various organizations involved in efforts to improve corporate governance and promote ethical conduct:

• World Economic Forum. Global Leaders for Tommorow.
  The World Economic Forum, based in Geneva, Switzerland, is an independent organization committed to improving communication between businesses and political organizations worldwide. Funded by the contributions of 1,000 of the world's foremost corporations, the Forum acts in the spirit of entrepreneurship in the global public interest to further economic growth and social progress. The Forum serves its members and society by creating partnerships between and among business, political, intellectual and other leaders of society to define, discuss and advance key issues on the global agenda.
  
  
• OECD. The Russian Corporate Governance Roundtable.
  Established in June 1999, the Russian Corporate Governance Roundtable brings together an informal but highly influential network of Russian and international policy makers and private sector decision-makers who seek to guide future corporate governance reforms.
  
  
• International Institute of Finance..
  The Institute of International Finance, Inc. (IIF), is the world's only global association of financial institutions. Created in 1983 in response to the international debt crisis, the IIF has evolved to meet the changing needs of the financial community. Members include most of the world's largest commercial banks and investment banks, as well as a growing number of insurance companies and investment management firms.
  
  
• Investor Protection Association (IPA).
  The Investor Protection Association is a non-profit organization designed to protect rights of investors and improve corporate governance in Russia. Established in April 2000, the Association unites Russian and international investors with sizeable investments and considerable experience in Russia.
  
  
• Independent committee on restructuring of RAO "UES".
  The UES Restructuring Committee is an independent body uniting members of the Russian government, Russian parliament, presidential administration, UES management and minority shareholders. The primary objective of the Committee is to develop an acceptable plan for restructuring UES holdings and to prevent asset stripping in the restructuring process.