In a special ceremony presided by the Hon. Igor Ivanov, Foreign Minister of Russia, Procter & Gamble received the prestigious Award for Excellence in Foreign Investment presented by Alfa-Bank and the Lauder Institute. This award honors a foreign firm that is conducting business successfully in Russia, while at the same time contributing to a broader improvement of Russia's business culture and society as a whole. Mr. Pepper who served as Procter & Gamble's President and CEO from 1986 to 2000 accepted the Award.

In presenting the Award Alfa-Bank Chairman Mikhail Fridman spoke of the motivation and rationale behind the event. “We hope that this award will not just draw attention to the outstanding performance of the winner, but also help to convince companies world wide that Russia is an increasingly attractive market in which to invest”.

The Award is offered to the foreign company operating in Russia which best combines successful business operation with a strong sense of social interest and attention to training and preparing Russian workers and managers. Procter & Gamble, one of the leading international investors and producers in the Russian market, has established an impressive business record and an equally impressive record on social issues, training and education.

The Award is presented by a distinguished jury appointed by Alfa-Bank and the Lauder Institute. Jury members for the 2003 Award are: Peter Aven (President of Alfa-Bank), Richard Burt (Former US Ambassador to Germany), Yegor Gaidar (Director, Institute for the Economy in Transition), Richard Herring (Director of the Lauder Institute), Shiv Khemka (Board of Governors, Lauder Institute), Paul Fribourg (Board of Governors, Lauder Institute), Leonard Lauder (Chairman, Estee Lauder Companies), Raf Shakirov (Editor in Chief, Gazeta Newspaper), Bernie Sucher (Chairman, Alfa Capital).